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PHILIP M. HAWLEY ELECTED TO CYBER MERCHANTS EXCHANGE BOARD OF DIRECTORS PASADENA, CA -February 7, 2000 - Cyber Merchants Exchange, d.b.a. C-ME.com (OTC-BB: CMEE), a business-to-business service provider to the retail industry, today announced that Philip M. Hawley, was elected to its board of directors. For the past three years, Hawley has been chairman and CEO of Krause's Furniture Inc., (AMEX: KFI), a leading manufacturer and retailer of custom-crafted furniture. Prior to joining Krause's, he served as chairman and CEO of the former Carter Hawley Hale Stores, Inc., the multi-billion dollar department and specialty holding company which operated under the names: The Broadway, Neiman Marcus, Contempo Casuals, Emporium, Weinstock's, Bergdorf Goodman, Holt Renfrew - Canada, Waldenbooks, John Wanamaker, Thalhimers, and Sunset House. Hawley is a member of the board of directors of Weyerhaeuser Company, and has retired from positions on the board of directors for AT&T, Atlantic Richfield Company, BankAmerica Corporation and Bank of America, NT&SA, Johnson & Johnson, and The Walt Disney Company. In addition, he is a life trustee for the Huntington Library and Art Gallery and the University of Notre Dame, and a trustee for the California Institute of Technology. "After working closely with Phil Hawley for more than 20 years, I have enormous respect for his leadership skills, intellect and experience," said John F. Busey, president of Cyber Merchants Exchange. "I believe his unique understanding of the Internet's implication and potential in retail will significantly add to our strategic planning. He's demonstrating that vision by applying Internet technology to the home furniture industry with Krause's new business-to-business initiative." "We're thrilled to welcome Philip Hawley to our board of directors," said Frank Yuan, chairman and CEO of Cyber Merchants Exchange. "The depth and breadth of his retail industry knowledge promises to serve us well as we expand our service to more retailers. In addition, his experience as a director for Fortune 100 companies will be invaluable as we push our business to the next level. To have a director of Philip Hawley's stature and experience join us is to have unequivocal validation of our business model." "Cyber Merchants Exchange recognizes the merchandise sourcing challenges that retailing is facing," said Philip Hawley. "The rapid changes in retailing and the extreme price pressure that retail buyers face makes more efficient and direct merchandise sourcing mandatory. Cyber Merchants Exchange is providing retailers with new opportunities to source merchandise, and I am enthusiastic about this opportunity to work with former colleagues to shape the future." Hawley holds a B.S. from the University of California, Berkeley, and completed the Advanced Management Program at Harvard University's Graduate School of Business Administration. Cyber Merchants Exchange, Inc. d.b.a C-ME.com's (www.C-ME.com) mission is to create the retail industry's solution for global merchandise sourcing activities. The company builds and maintains Internet Sourcing Networks, private extranets that enable retail buyers to streamline front-end merchandise sourcing activities from their desktops. C-ME.com's current retail partners include Factory 2-U Stores (NASDAQ: FTUS) and Burlington Coat Factory (NYSE: BCF). The Company also provides its subscribing vendors custom web design and hosting and the Virtual Trade Show™ ("VTS"), a vertical marketplace for vendors to display their product in an open environment. Certain of the statements made herein constitute forward-looking statements that involve risks and uncertainties. In such instances, actual results could differ materially as a result of a variety of factors including the risks associated with the effect of changing economic conditions at home and abroad, variations in cash flow, reliance on collaborative retail customers, reliance on intellectual property legislation, use of proprietary un-patented technology, dependence on the Internet and on new product development, variations in new product and service development, risks associated with rapid technological change, and potential of introduced or undetected flaws and defects in products and services and other risk factors detailed in forms filed with the Securities and Exchange Commission from time to time. |
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