Progressive Telecommunications Corporation Announces
Acquisition of CorpHQ Inc.
BusinessMall.com to Integrate B2B Pioneer
CLEARWATER, Fla. -- (BUSINESS WIRE) -- Dec. 30, 1999 -- Progressive
 Telecommunications Corporation (OTCBB:PTCI - news), an emerging
 communications and Internet company, today announced that it had entered
 into a letter of intent to acquire CorpHQ Inc. (OTC:COHQ) in an all stock
 transaction valued at $6.6 million.
CorpHQ Inc. is a pioneer in the Internet's business-to-business segment,
 having operated an online business marketplace since 1993. CorpHQ provides
 an online "corporate headquarters'' at www.corphq.com for independent
 professionals and service providers, where it aggregates their collective
 capabilities into a cohesive line of services which are marketed at
 extremely high value points. CorpHQ's award winning "virtual organization"
 allows small business and enterprise clients to receive the innovation,
 quality and pricing of a freelance relationship with the assurances,
 security and quality control of a major vendor.
``This is another major step in the development of BusinessMall.com into a
 top-tier business-to-business portal on the Internet. CorpHQ's virtual
 organization and brick and mortar distributor network creates a powerful
 competitive advantage for BusinessMall.com,'' said Progressive's CEO Barry
 L. Shevlin. ``For the first time, enterprise-level clients will be able to
 purchase business and professional services on the Internet with the same
 degree of confidence as they would have with a major vendor in their local
 area."
The BusinessMall.com is an integral piece of Progressive's ongoing business
strategy to capitalize on the business-to-business e-commerce revolution. As
an Internet portal and e-commerce site, BusinessMall.com will provide a
single point of contact for all business needs. It is expected that the large
CorpHQ.com site will be integrated into BusinessMall.com, and that the
combined site will launch during the first quarter of 2000.
About Progressive Telecommunications: Progressive Telecommunications is an
integrated telecommunications company with a commitment to achieving new
horizons through integrated technology and the Internet. Progressive offers
a complete array of communications and enhanced computer telephony services
for small to medium sized businesses.
About CorpHQ: CorpHQ operates a portal and series of vertical communities for
small office / home office businesses and independent professionals at
http://www.corphq.com, "the bridge between the Entrepreneur and the
Enterprise." CorpHQ's unique, virtual business model aggregates the
capabilities of its diverse subscribers into a virtual corporation that
provides numerous services to larger organizations through the Internet and
independent distributors.
This press release contains forward-looking statements. The words
``estimates'', ``pursuing'' and ``seeking'' and similar expressions identify
forward-looking statements, which speak only as to the date of the statement
was made. The Company undertakes no obligation to publicly update or revise
any forward-looking statements, whether because of new information, future
events or otherwise. Forward-looking statements are inherently subject to
risks and uncertainties, some of which cannot be predicted or quantified.
Future events and actual results could differ materially from those set forth
in, contemplated by, or underlying the forward-looking statements. The risks
and uncertainties to which forward-looking statements are subject to include,
but not limited to, the effect of government regulation, competition and
other material risks.