WorldWideWeb Institute.com, creating a company hosting more than 1.1 million web sites and generating estimated revenues of more than $100 million annually.

WorldWideWeb Institute.com announced yesterday that it has signed a letter of intent to merge with privately-held SkyBiz International Ltd. SkyBiz, founded in December 1998, is one of the largest sellers of web sites to first-time users, home-based businesses and other customers. Primary operations are in Tulsa, Oklahoma.

"Our proprietary technology and unique approach to building an effective web presence has the potential to turn each of the one million plus web sites into successful businesses,'' said Smiley J. Sansoni, chairman of WorldWideWeb Institute.com.

"This merger fulfils a vision that this company has had for two years and creates one of the industry's largest hosting and development companies with great mutual synergies.'' Jim Brown, president of SkyBiz.com, subsidiary of SkyBiz International, said: "Cutting-edge technology will be the key factor in the thrust that will accelerate SkyBiz.com forward in our global market.

"This enhanced relationship provides us with customer support tools. No doubt our customers will make great use of the WorldWideWeb Institute educational programmes, including the certified Microsoft technology courses. Our global reach will be greatly enhanced through the leveraging of the existing offices in Australia, Brazil, Canada and the US.

"The synergies created through the fusion of the combined companies will accelerate the vision that we had since the beginning, that is to be the largest web hosting and Internet education provider in the world.'' WorldWideWeb Institute.com said it hoped to have the merger completed within the next 60 to 90 days, subject to final board and shareholder approval.

During that time, the two companies would work out how management and operations would be integrated into the combined company.

The companies plan to apply to have post-merger shares listed on the NASDAQ National Market.

FRONTLINE FILES PLAN FOR GOLDEN OCEAN SHI BUC Frontline files plan for Golden Ocean The world's largest tanker company, Bermuda-based Frontline Ltd., has filed a financial restructuring plan for Golden Ocean Ltd., currently under Chapter XI bankruptcy administration.

A disclosure hearing in court is scheduled for July 28, when the contents of Frontline's and two competing plans will be evaluated and the approved plans will be distributed to the creditors for solicitation of votes.

Frontline proposes that all assets and senior loans will be absorbed by the reorganised Golden Ocean Group. Unsecured creditors will receive a cash dividend of up to 17 percent of face amount. In Frontline's plan, total unsecured claims are capped to maximum $305 million.

A press release said that after an initial review of the two alternative proposals, Frontline's board is confident that their plan offers the best value to Golden Ocean's creditors.

Yesteday (July 11), Frontline announced that it had adquired control of more than 1/3 of Golden Ocean's outstanding bond issue, giving Frontline negative voting control in the Chapter XI restructuring.

PANGEA IN NETWORL SERVICE DEAL BUC Pangea in network service deal Telecommunications network provider Pangea Ltd. has entered into a deal with network service provider Infonet Services Corporation to provide additional network capacity on the PANGEA1 cable system being constructed to serve Northern Europe and Scandanaiva.

Bermuda-based Pangea will initate service in the fourth quarter of this year and will provide Infonet, a communications services company, with additional European network capacity in the UK, Holland, Germany, Denmark, Sweden Norway and Finland.

John Yates, Infonet's manager of network communications, noted that the Baltic /North Sea region serviced by PANGEA1 "represents one of the fastest-growing sectors of the European marketplace for corss-border managed data and Internet services''.

"Pangea...positions Infonet to deliver on its promise to satisfy client exectations of reliable, secure and seamless communications,'' he said.

Applied Power Inc., a diversified electronics manufacturer, announced yesterday that it would spin off its Bermuda-based subsidiary, APW Ltd. APW is a provider of electronics systems design and manufacturing services focused on the communications, computing and Internet markets.

SEA CONTAINERS MAY LOSE FRANCHISE SHI Sea Containers may lose franchise Bermuda-based Sea Containers Limited may lose its franchise offering rail services between London and Scotland.

The service, operated through the Great North Eastern Railway unit, is under threat after Virgin Rail entered a bid to speed up train services by one-third to Edinburgh.

The 7.4 billion ($11.8 billion) proposal, presented with Stagecoach Holdings plc, involves the construction of a 119 mile-long high speed section on the route and the introduction of 54 "Super Vitesse'' electric trains capable of travelling at 330 kilometres per hour.