Interactive Buyers to Buy Wpg.Net in Stock Deal

Interactive Buyers Network International Ltd. in Ventura has signed a letter of intent to purchase Seattle-based Wpg.Net Inc.

Interactive Buyers will use 500,000 newly issued shares of the company’s common stock to buy all the outstanding capital stock of Wpg.Net. In April, Interactive Buyers said it was working with Wpg.Net on a browser version of its Virtual SOURCE network software, previously available only in Windows interface.

Last December, certain principal shareholders agreed to surrender 1 million shares of Interactive Buyers’ common stock back to the company. Company officials said the stock was surrendered on a voluntary basis in anticipation of transactions such as this acquisition.

“Through the acquisition, we are acquiring a new product along with Web-based programming skills, both of which are vital to our future growth,” said Robert McShirley, Interactive Buyers president.