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C-ME.com APPOINTS NEW PRESIDENT -- Former Carter Hawley Hale Vice President and Treasurer Joins Business-to-Business E-Commerce Company PASADENA, Calif., October 26, 1999 -- 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 John F. Busey has been named President. He was also elected to the Board of Directors. Busey brings more than two decades of experience in strategic, operational and financial planning and management with the former Carter Hawley Hale Stores, Inc. As president of the finance subsidiary and vice president and treasurer of Carter Hawley Hale Stores, Inc. Busey was responsible for all finance, banking and investment functions including mergers, acquisitions and divestitures, an initial public offering, and corporate restructuring and recapitalization including spining-off several divisions. He was also an integral part of the company's growth from an $800 million dollar California-based department store chain into a multi-billion dollar department and specialty store holding company which operated under the names: The Broadway, Neiman Marcus, Contempo Casuals, Emporium, Weinstock's, Bergdorf Goodman, Holt Renfrew in Canada, Waldenbooks, John Wanamaker, Thalhimers, Sunset House, and at one time owned a 30 percent interest in House of Fraser, which owned Harrods Department Store in England. Since leaving Carter Hawley Hale (subsequently known as Broadway Department Stores) in 1994, Busey has focused his energy on the non-profit efforts of the Southern California Housing Development Corporation, creating affordable housing in Southern California. "John's well-rounded background and financial acumen including merger and acquisitions experience will be invaluable to C-ME.com as we fulfill our growth strategy." said Frank Yuan, chairman and CEO of C-ME.com. "In addition, his first-hand dealings with major U.S. retailers will give us tremendous insight into merchandise sourcing challenges. We're delighted to welcome a gentleman with his impressive professional stature and personal character and believe that this addition to our management team underscores the validity of our business model." "C-ME.com's focus on providing Internet-based merchandise sourcing opportunities for the retail community while improving and expanding on their vendor relationships, will produce a win-win situation," said John F. Busey, C-Me.com's president. "I'm excited about this opportunity to create the future of retailing." Busey received a B.S. in finance and economics from the Menlo School of Business, and his M.B.A. from the University of Southern California. He also completed the Executive Financial Management Program at the Stanford University Graduate School of Business. Formed in 1996, 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 ("ISNs"), 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 SEC from time to time. |