SOURCE: 800 Commerce, Inc.

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March 07, 2016 08:30 ET

800 Commerce Inc. Announces 8K Filing and Completion of Acquisition of Oil and Liquid Natural Gas Company Petrogres Co. Limited

Company Completes Definitive Agreement to Acquire Petrogres and Wholly Owned Subsidiaries With Over $20 Million in Revenues (Unaudited) in Oil and Gas Trading and Transport

LOS ANGELES, CA--(Marketwired - March 07, 2016) - 800 Commerce Inc. (OTC PINK: ETHG), (www.800Commerce.com) a fully reporting company and provider of merchant processing and mobile commerce solutions, today announced that the Company has completed the acquisition and acquired 100% of Petrogres Co. Limited, (www.petrogres.com) and all subsidiaries and its assets. Petrogres is an oil and liquid natural gas shipping Company with operations in the Marshall Islands, Greece and new subsidiaries within the United States. Full details of the acquisition may be found within the Company's filing and 8K at www.SEC.gov.

Founded in 2009, Petrogres has become a majority player as a shipping and oil trading company in West Africa. The company presently owns and operates four vessels in separate subsidiaries operating as a merchant of crude oil and oil products. By combining regional market knowledge and excellence with over 25 years of shipping experience, Petrogres has earned a reputation for reliably marketing and moving petroleum products primarily in West Africa with immediate plans for expansion through new LNG (Liquid Natural Gas) vessel builds.

Physical trading and logistics of petroleum products is the core business of Petrogres and through organic growth the Company will continue to make strategic investments to develop assets and relationships that strengthen trading operations in present business regions and expansion to additional regions in the future. The Company sources crude oil and refined oil products between West African countries utilizing vessels owned by Petrogres.

Presently, discussions are underway with several new potential customers, some who have already confirmed that they intend to acquire liquefied natural gas from Petrogres for Maritime transport. In addition, Petrogres is under negotiations to charter/lease with the right to purchase three LNG vessels with 126,000 CBM capacity allowing Petrogres to become the first marine freight transport company based in Greece and the United States. This will further allow the company to negotiate Liquefied Natural Gas contracts between US suppliers and European buyers.

A worldwide oil glut, caused by overproduction from the Middle East and the shale boom in the U.S., has driven down the price of crude oil per barrel for nearly two years as demand from emerging markets has shrunk, as reported by Rueters. Petrogres seeks to become more competitive in the liquefied natural gas market, as consumers increasingly look to more environmentally friendly fuel sources than oil. 

"Petrogres with our almost monopoly in our regional business, investments, and wholly-owned assets will provide us greater control over the oil sourcing and shipping of our petroleum products, which in turn, create a foundation for diversified income streams, and give us a significant competitive advantage in the West Africa market place. Thanks to low natural gas prices and technological advances through specialized ship builds, we can now serve new customers that are remote from the natural gas network, as well as customers in need of transport within our sector. Access to natural gas will make our businesses extremely more competitive while reducing our environmental footprint. Being acquired by 800 Commerce at this time gives us the perfect opportunity to leverage our multi-million dollar business and assets within the natural gas and oil sector and access the capital market place to expand our business," stated Christos Traios, new CEO of the Company.

Mr. Traios, has been in the maritime industry for more than twenty-five (25) years and has been in the oil business for eight (8) years. Mr. Traios attended Master Mariner & Law Maritime School for three years and served as second captain in the shipping industry for three years. Mr. Traios is a citizen of Greece.

B. Michael Friedman, former CEO of 800 Commerce stated: "As the CEO of 800 commerce since the spin off and issuance of the dividend to our shareholders of Agritek Holdings, I have always sought to turn this company into something spectacular that would reward our shareholders overtime. I have worked extremely hard to keep the company free of large toxic debt financings, fully reporting and the structure that would allow an uplisting of the right Company to a higher exchange such as the small cap Nasdaq. After two attempts and Letters of Intent which after deeper review and due diligence did not meet the standards of our auditors and board, nor had the upward trend in revenue and growth potential we found Petrogres and Mr. Traios. I believe this company consistently showing growth year over year with over $20,000,000 in revenue now being audited, we have found the right partner to reward our valued shareholders. I have formerly served my resignation as your CEO as of February 29th, and will continue to advise Mr. Traios throughout the name change and manage existing relationships. It has been my pleasure to serve as your CEO for so many years and this opportunity will not only allow me the opportunity to leave office giving all shareholders of record a tremendous investment opportunity in a rapidly growing Company, but allow me to completely focus on rebuilding my other company Agritek Holdings of which I remain as CEO."

About Petrogres Co Limited

Founded in 2009, Petrogres www.Petrogres.com has become a majority player as a shipping and oil trading company in West Africa. The company presently owns and operates four vessels in separate subsidiaries operating as a merchant of crude oil and oil products. By combining regional market knowledge and excellence with over 25 years of shipping experience the Company has earned a reputation for reliably marketing and moving petroleum products primarily in West Africa with immediate plans for expansion through new LNG (Liquid Natural Gas) vessel builds.

About 800 Commerce

800 Commerce, Inc. (www.800commerce.com) was founded for the purpose of marketing credit card processing services on behalf of merchant payment processing service providers. The Company generates revenue from the marketing of credit processing services by way of fees received from merchant payment processing service providers on whose behalf the Company brokers their processing services.

FORWARD-LOOKING DISCLAIMER: This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of 800 Commerce, Inc. to be materially different from the statements made herein.

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