Sep 07, 2000 7:27 PM ET
HOUSTON, Sept. 7 /PRNewswire/ -- CYNET,
Inc. (OTC Bulletin Board: CYNE - news) announced that NRGline.com
(NRGline) began active trading on its electronic trading marketplace
on Tuesday September 5, 2000. NRGline captured over 400,000
barrels of live postings, closing their first transaction
worth nearly $1.9 million, and concluded what is believed
to be the first ever online feedstock transaction complete
with full production specifications.
CYNET, Inc.'s Internet division designed and developed the
site in collaboration with oil industry specialist and NRGline
president, Steve Leahy. The NRGline platform includes four
trading ``pits'' for refined products, commodity petrochemicals,
gas liquids and chemical/refinery feedstocks. The feedstock
pit allows users to post, archive/catalog and transmit individual
product specifications with a click of the mouse. CYNET's
unique design allows NRGline to conduct transactions live
and send out confirmations via CYNET powered, Web-based, highly
secured fax, e-mail and/or voice messages.
``We are obviously very pleased with our first day results,
not to mention the ground swell of support for our platform,''
said Steve Leahy, CEO of NRGline. ``This allows a fully standardized
mechanism to electronically trade the huge feedstocks market
for resid, vgo, naphtha and the other products which are so
important to refiners and petrochemical plant operations and
the global trading community who service them.''
``Our partnership with NRGline has allowed us to demonstrate
the power of our convergent messaging and Internet technologies
in a live trading environment,'' said Bernard Beale, CYNET
chief operating officer. ``CYNET congratulates the NRGline
team for their smashing success and we look forward to implementing
more Web-based business automation with other industries in
the near future.''
About NRGline
NRGline.com is a third party, online brokerage service for
energy products, feedstocks, LPG and petrochemicals trading.
About CYNET
CYNET, Inc. is an application service provider (ASP) specializing
in convergent communications. The company creates customized
solutions by integrating convergent messaging with Internet
applications and wireless tools to maximize the efficiency
of business communications. CYNET convergent messaging simplifies
business communications by using a single desktop interface
to control e-mail, fax, data, and voice messaging. To learn
more about CYNET, contact the corporate offices at 800.964.2963
or visit: www.cynetinc.com.
CYNET, Inc., with executive offices in Houston, is a provider
of convergent messaging solutions with integrated e-business,
wireless data and messaging service offerings. The Company's
Class A and Class B common stock are traded on the Nasdaq
OTC Bulletin Board under the symbols ``CYNE'' and ``CYNEB''.
This press release may contain forward-looking statements
with respect to operations, assumptions, the financial condition
and future performance of the Company. Additional information
on risk factors that could potentially have a material impact
on the Company's operations and financial position, as well
as risk factors relating to the management of the Company,
is contained in the Company's filings with the Securities
and Exchange Commission.
SOURCE: CYNET, Inc.
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