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September 28, 2000 13:28
Verida's E-Commerce Hub, AgriPlace, Acquires AgValue, the Largest Independent Grain Brokerage Business in Western Canada
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Acquisition continues trend as traditional brokers and brick-and-mortar
businesses embrace the Internet to speed growth and increase customer
satisfaction
SAN FRANCISCO, Sept. 28 /PRNewswire/ -- Verida Internet Corp. (OTC Bulletin Board: VERY), the builder of next generation business-to- business e-commerce markets, announced today that its net market, AgriPlace (www.agriplace.com), the first full-service agricultural business-to-business e-commerce hub has agreed to acquire AgValue Group, Inc. AgValue is western Canada's largest independent broker for grain and related agricultural products and also specializes in freight and fulfillment management services related to the exchange of agriculture goods.
According to Dave Guichon, President of AgValue, "The fit between E- commerce, AgriPlace and AgValue is a natural one. As we've continued to grow our business through a deep understanding of our customers and their needs, we have looked at efficient ways to keep all our customers fully informed during every step of a transaction. Each transaction has its own unique issues that are typically handled by continuous personal contact with a broker. By using the Internet to make information on pricing, availability and delivery available online, we actually increase the quality of information and service to each customer. And, we have the ability to do it in less time with fewer person-hours."
The Internet poses a significant opportunity in agriculture for e- commerce, and for Net market makers such as AgriPlace. In Canada alone, 60,000 producers generate agricultural sector transactions in inputs and primary product sales of $28 billion (Canadian). Combined U.S. and Canadian potential transactional agricultural markets total just over $400 billion. AgriPlace management expects that up to 30% of this buying will move online in the next few years. According to GartnerGroup analysts, Net market makers will account for 37% of the overall business-to-business (B2B) market by 2004.
Greg Lore, President of AgriPlace, stated "This partnership is a perfect fit with AgriPlace's strategy of "evolution, not revolution." Each of our online markets work within the existing supply channel to solve inefficiencies as opposed to cutting out existing brokers and intermediaries."
AgValue Group will take over management of GrainPlace (www.grainplace.com), AgriPlace's Net market for trading grains and freight. The grain trading site uses proprietary, real time exchange software, with trading rules and performance benchmarks modeled after a formal commodities exchange. Management believes that it is operating the only Internet-based exchange boasting daily grain trading activity. The grain trading system currently has 2,400 registered producers, as well as large end users and grain companies, and trades an average of 60,000 metric tonnes of grain per month. With the addition of the brokerage staff of AgValue, and the launch of AgriPlace's new web-enabled exchange, trading volume on the site is expected to increase up to 300% next year.
About AgValue Group:
AgValue Group has been providing independent cash grain and freight services brokerage, price risk management, and unbiased market information services to feed lots, feed mills, hog and poultry producers, dairies, resellers, and grain companies to Western Canada since 1993. Currently, AgValue Group brokers in excess of 50,000 tonnes of feed grains and freight a month among its over 200 customers.
About AgriPlace:
AgriPlace is a Verida Internet Corp. (www.verida.com) e-commerce hub, serving the North American agricultural market. The AgriPlace hub provides strategic information, timely, industry-specific news and supporting business services to its e-commerce markets. AgriPlace online markets include GrainPlace(TM) (www.grainplace.com), which serves grain market customers with a proven real time exchange trading system, and InputPlace(TM) (www.inputplace.com), a crop input supply marketplace.
About Verida:
Verida Internet Corp. develops and operates next-generation business-to- business net markets by using the power of the Internet to expedite customer transactions, solve costly supply chain inefficiencies, and streamline business processes. Verida combines its extensive technical and market development expertise with knowledgeable industry partners to create fully functional marketplaces for vertical industry segments. The company is focused on the agriculture and energy industries. Verida's net markets can be accessed by visiting the company's website at www.verida.com.
Safe Harbor:
This announcement contains forward-looking statements that involve risks and uncertainties, including information contained in this document where statements are preceded by, followed by or include the words 'believes,' 'plans', 'intends', 'expects', 'anticipates' or similar expressions. For such statements, the Company claims the protection of the safe harbor for forward- looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Factors that could cause actual results to differ from those contained in the forward-looking statements are set forth in filings that the Company has made with the SEC, including the Company's most recent reports on Forms 10-KSB, 10-QSB and 8K.
For additional information please visit Verida's website at www.verida.com or contact:
Loveena Chera Alan Gold
Director, Media & Investor Relations VP, Marketing & Public Relations
415-464-8647 415-925-2370 ext 104
lchera@verida.com agold@verida.com
SOURCE Verida Internet Corp.
/NOTE TO EDITORS: Verida Internet Corp. is appreciative of the recent
coverage by the National Post ("Farming Moving to the Net," September 27,
2000) but would like to take this opportunity to correct some inaccuracies
pertaining to the above stated acquisition. Currently the grain trading
system has 2,400 registered producers and trades an average of 60,000 metric
tonnes of grain per month. This information is reflected in the news release
above./
/CONTACT: Loveena Chera, Director, Media & Investor Relations,
415-464-8647 or lchera@verida.com, or Alan Gold, VP, Marketing & Public
Relations, 415-925-2370, ext. 104, or agold@verida.com, both of Verida/
/Web site: verida.com
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