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Worldbid Appoints New Director
FOR IMMEDIATE RELEASE
BLAINE, WA -- (MARKET WIRE) -- 19/06/2006 -- WORLDBID CORPORATION (the "Company") (OTC BB: WBID) announced today the appointment of Dr. William (Bill) Charles Tao to the board of directors of the Company. Mr. Tao's appointment will assist the Company in assessing and completing the proposed acquisition of Royalite Petroleum Corp. ("Royalite"), a Nevada Corporation engaged in the exploration and development of oil and gas properties in the State of Utah in the USA. Royalite has leased 10,127 acres for oil and gas exploration in the Sanpete and Piute Counties of Utah and has plans to acquire additional properties in the Sevier Valley of Utah. Royalite holds the exclusive right to use all information relating to minerals and hydrocarbons in the State of Utah derived from a proprietary sensing technology know as the "Moore Radiometer." Royalite has utilized this technology along with traditional methods to acquire its property interests.
The Company sees the appointment of Dr. Tao as a strategic step in the evaluation of the technology and activities of Royalite because of his extensive background in the energy and technology field.
Dr. Tao holds two Bachelor of Science degrees in Chemical Engineering and Nuclear Engineering from the University of California at Berkeley, an M.S. degree in Chemical Engineering and Ph.D. degrees in Chemical Physics and Chemical Engineering from Stanford University. He served as the Director of International Program Development at Lawrence Livermore National Laboratory and as the Chief Technology Officer at Clean Fuels Technology, Inc. He has consulted with the Department of Energy, the Department of Defense, and the Environmental Protection Agency and served as the Chief Technologist for the Global Environment and Technology Foundation, which facilitates technology transactions between the government and commercial sectors.
The Company also announced that, assuming the completion of the acquisition of Royalite, it intends to spin off the current internet business operations (which are held in its wholly owned subsidiary Worldbid Canada Inc.) to its existing shareholders.
The Company also announced that its directors have approved a private placement of 4,000,000 units at a price of $0.75 per unit, for gross proceeds of $3,000,000.00. Each unit will consist of one common share one half of one warrant. Each whole warrant will entitle the holder to acquire an additional share at $0.85 within one year of the closing of the private placement.
This Press Release may contain, in addition, to historical information, forward-looking statements. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein, including, but not limited to, risks and uncertainties related to the Company's due diligence investigations and with the negotiation of a definitive agreement with Royalite. There is no assurance that the Company will be able to reach an agreement to acquire Royalite. There is no assurance that the Company will be able to complete the private placement described above.
Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.
For more information please Contact:
Logan B. Anderson
Telephone: (360) 201-0400