Oriole launches preview of e-commerce Web site
Oriole Systems Inc OOL
Shares issued 20,740,597 Jul 14 close $0.39
Thu 15 Jul 99 News Release
Mr. Al Gerenser reports
The company is launching a preview of the English language version of its
e-commerce Web site, mymart.net. The launch of a production
version of the site is expected by Monday, July 26, 1999. Mymart.net is
being developed in collaboration between Oriole and Succeed Technologies
Ltd. of Hong Kong (Stockwatch June 11, 1999).
Initially, Mymart.net will showcase a selection of high-quality products
from China. As announced in Stockwatch May 20, 1999, Oriole's first
customer is the Beijing International Gem Trading Centre (IGTC). This is a
consortium of approximately 100 Chinese wholesale businesses selling
high-end jewellery products, including gold, jade, silver, emeralds,
rubies, sapphires, pearls and other precious and semi-precious stones.
Current sales for IGTC exceed $1-million (U.S.) per day. In Stockwatch June
16, 1999, Stephen Ip, president of Succeed Technology Ltd. commented,
"Although no one can predict the impact of the Internet on sales, if we
assume a modest 5-per-cent increase in sales for IGTC, the revenue for this
project for STL and Oriole over two years would be approximately
$36.5-million (U.S.)."
Currently, Oriole continues to discuss e-commerce projects with other
potential customers worldwide. In Stockwatch June 24, 1999, Oriole
announced the signing of a memorandum of understanding (MOU) with
Bangladesh Internet Mall Limited, to provide a full range of high-quality
products to the global Internet e-commerce markets. The initial MOU
includes Bangladesh, India and Pakistan. Frank Stama, chief executive
officer of OrioleSystems.com, notes that: "We are currently on schedule and
expect revenues to build quickly as we move into production. These
specialty products offered by Oriole from these Asian countries are rarely
available in North America or anywhere in the world at less than storefront
prices. With the interests shown by investors in the China.com IPO this
week, we are very excited with the potential of our own E-China project."
As of today, Mymart.net is hosting a preview Web site open for window
shopping with a display of custom designed jewellery. The site is expected
to be fully functional by July 26, 1999, at which time it will offer a full
selection of high-quality products from the Beijing International Gem
Trading Centre.
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