Sharp Technology Announces Letter of Intent to Purchase WorldByNet, Inc.

Apr 12, 2001, 01:00 ET from Sharp Technology, Inc.

    HOUSTON, April 12 /PRNewswire/ -- Sharp Technology, Inc., a wholly-owned
 subsidiary of Celebrity Entertainment Group, Inc. (OTC Bulletin Board:   CLNG),
 announced today it has entered into a non-binding letter of intent for a stock
 purchase of all substantial assets of WorldByNet.
     This non-binding letter of intent is subject to normal closing conditions
 for a transaction of this kind including due-diligence review by the parties
 and the negotiation and execution of definitive documents and receipt by Sharp
 of a fairness opinion.  If a Definitive Agreement is not executed by June 1,
 2001 then the letter of intent will terminate and the transactions
 contemplated thereby will not be consummated.
     WorldByNet, an enterprise software company, markets multilingual content
 management and e-commerce platforms for companies who compete in the global
 market place.  WorldByNet recently licensed its platform to Halliburton's
 wholly-owned subsidiary Grand Basin.  This software license and other assets
 are part of the purchase.
     "Businesses today are interested in deploying our multilingual-enabled
 software infrastructure platform to touch their customers globally," said
 Matthew Flemming, CEO of WorldByNet.  "Being acquired by Sharp gives us a
 stronger presence in the marketplace and the opportunity to distribute our
 software to Sharp's customers."
     "This is a classic strategic acquisition," said George Sharp, CEO of Sharp
 Technology.  "Along with major accounts and revenue, we believe that
 WorldByNet provides us with cutting-edge e-commerce software that we can push
 through our distribution channels."
     WorldByNet is currently deployed in thirteen countries as a community
 platform for corporations and individuals.  An example is "Irelandbynet.com",
 which allows people with Irish heritage or people doing business in Ireland to
 maintain contact and do e-commerce in a secure environment.  WorldByNet can be
 used in English or in the native language of the country site.
     WorldByNet is one of the only web sites approved to send money
 internationally via the Internet.  "We believe the "moneybynet" feature has
 the potential to be the standard for delivering money on the web both
 nationally and internationally," said Mr. Sharp.
     Sharp Technology, Inc. specializes in developing Internet security,
 content management and e-commerce software products.  The company creates
 products that are easy-to-use and are targeted at areas in which demand will
 grow as the Internet expands.  Sharp's business strategy focuses on
 establishing collaborative relationships with many of the nation's largest
 corporations.  In addition to its Houston headquarters, Sharp Technology, Inc.
 has offices in Phoenix, Arizona.
     Except for the historical information contained herein, this press release
 contains forward-looking statements, including statements containing the words
 "planned," "expects," "believes," "strategy," "opportunity," "anticipates" and
 similar words.  Such forward-looking statements are subject to known and
 unknown risks, uncertainties or other factors that may cause the company's
 actual results to be materially different from historical results or any
 results expressed or implied by such forward-looking statements.  The company
 assumes no obligation to update any forward-looking statements to reflect
 events or circumstances arising after the date hereof.  The potential risks
 and uncertainties which could cause actual growth and results to differ
 materially include but are not limited to, the volatile and competitive nature
 of the Internet industry, changes in domestic and international market
 conditions, foreign exchange rates, the success of the company's product
 development efforts, and customer acceptance of the company's services,
 products and fee structures.  Further information on the factors and risks
 that could affect Sharp Technology's business, financial condition and results
 of operations are included under the "Risk Factors" sections of Sharp
 Technology's public filings with the Securities and Exchange Commission,
 available at http://www.sec.gov/.  For more information on the company, please
 visit its web site at http://www.sharptechnology.com/.
 
 

SOURCE Sharp Technology, Inc.
    HOUSTON, April 12 /PRNewswire/ -- Sharp Technology, Inc., a wholly-owned
 subsidiary of Celebrity Entertainment Group, Inc. (OTC Bulletin Board:   CLNG),
 announced today it has entered into a non-binding letter of intent for a stock
 purchase of all substantial assets of WorldByNet.
     This non-binding letter of intent is subject to normal closing conditions
 for a transaction of this kind including due-diligence review by the parties
 and the negotiation and execution of definitive documents and receipt by Sharp
 of a fairness opinion.  If a Definitive Agreement is not executed by June 1,
 2001 then the letter of intent will terminate and the transactions
 contemplated thereby will not be consummated.
     WorldByNet, an enterprise software company, markets multilingual content
 management and e-commerce platforms for companies who compete in the global
 market place.  WorldByNet recently licensed its platform to Halliburton's
 wholly-owned subsidiary Grand Basin.  This software license and other assets
 are part of the purchase.
     "Businesses today are interested in deploying our multilingual-enabled
 software infrastructure platform to touch their customers globally," said
 Matthew Flemming, CEO of WorldByNet.  "Being acquired by Sharp gives us a
 stronger presence in the marketplace and the opportunity to distribute our
 software to Sharp's customers."
     "This is a classic strategic acquisition," said George Sharp, CEO of Sharp
 Technology.  "Along with major accounts and revenue, we believe that
 WorldByNet provides us with cutting-edge e-commerce software that we can push
 through our distribution channels."
     WorldByNet is currently deployed in thirteen countries as a community
 platform for corporations and individuals.  An example is "Irelandbynet.com",
 which allows people with Irish heritage or people doing business in Ireland to
 maintain contact and do e-commerce in a secure environment.  WorldByNet can be
 used in English or in the native language of the country site.
     WorldByNet is one of the only web sites approved to send money
 internationally via the Internet.  "We believe the "moneybynet" feature has
 the potential to be the standard for delivering money on the web both
 nationally and internationally," said Mr. Sharp.
     Sharp Technology, Inc. specializes in developing Internet security,
 content management and e-commerce software products.  The company creates
 products that are easy-to-use and are targeted at areas in which demand will
 grow as the Internet expands.  Sharp's business strategy focuses on
 establishing collaborative relationships with many of the nation's largest
 corporations.  In addition to its Houston headquarters, Sharp Technology, Inc.
 has offices in Phoenix, Arizona.
     Except for the historical information contained herein, this press release
 contains forward-looking statements, including statements containing the words
 "planned," "expects," "believes," "strategy," "opportunity," "anticipates" and
 similar words.  Such forward-looking statements are subject to known and
 unknown risks, uncertainties or other factors that may cause the company's
 actual results to be materially different from historical results or any
 results expressed or implied by such forward-looking statements.  The company
 assumes no obligation to update any forward-looking statements to reflect
 events or circumstances arising after the date hereof.  The potential risks
 and uncertainties which could cause actual growth and results to differ
 materially include but are not limited to, the volatile and competitive nature
 of the Internet industry, changes in domestic and international market
 conditions, foreign exchange rates, the success of the company's product
 development efforts, and customer acceptance of the company's services,
 products and fee structures.  Further information on the factors and risks
 that could affect Sharp Technology's business, financial condition and results
 of operations are included under the "Risk Factors" sections of Sharp
 Technology's public filings with the Securities and Exchange Commission,
 available at http://www.sec.gov/.  For more information on the company, please
 visit its web site at http://www.sharptechnology.com/.
 
 SOURCE  Sharp Technology, Inc.