Elcom International, Inc. Engages Wit Capital as its Investment Bank
PR Newswire - July 19, 1999 12:43
Wit Capital to Evaluate Options for elcom.com, Elcom's Internet Subsidiary
NORWOOD, Mass., July 19 /PRNewswire/ -- Elcom International, Inc. (Nasdaq: ELCO) today announced that it has engaged Wit Capital Corporation (Nasdaq: WITC) as its investment bank and strategic advisor for the purposes of assisting the Company in evaluating strategic options for elcom.com, inc., the Company's wholly-owned eBusiness subsidiary. Wit Capital Corporation ("Wit Capital") will review strategic financing options, potential strategic partners, and possible financing alternatives including an initial public offering of elcom.com. Wit Capital is a leading Internet-oriented, on-line investment banking firm that electronically distributes offered shares over the Internet to its customers. Wit Capital has participated in over 50 equity underwritings in 1999. "Wit Capital is looking forward to working with Elcom International," said Robert Lessin, Chairman and Co-CEO of Wit Capital.
"As the premier Internet-focused investment bank, we are extremely excited about working with Wit Capital. As a proven leader in their field, they bring a wealth of unique Internet experience, knowledge and success to assist us in realizing elcom.com's potential value," said Robert J. Crowell, the Company's Chairman and CEO. Since elcom.com intends to become the global leader in remotely-hosted automated procurement systems as well as the premier Internet storefront for businesses, we can leverage the expertise of Wit Capital to evaluate elcom.com's financing options, including the potential of an IPO. With the emergence of automated procurement systems, combined with the recent successful IPOs of Ariba, Inc. and Commerce One, the Company, with the assistance of Wit Capital, intends to position itself to take advantage of the various potential financing options available to elcom.com."
About Elcom International, Inc.
Elcom International, Inc. ( www.elcominternational.com ), through its wholly-owned subsidiaries, develops and licenses Internet-based eBusiness systems, including PECOS Internet Procurement Manager, elcom.com's remotely hosted automated procurement system. elcom.com, inc., ( www.elcom.com ), the Company's technology and eBusiness subsidiary, licenses its PECOS technologies to Elcom Services Group's customers and to other companies and competes against companies like Ariba, Inc., Commerce One, and Concur Technologies. elcom.com also operates an Internet storefront through which it offers PC-oriented and office products using the Company's electronic commerce and automated procurement and sourcing technology. In this market sector, elcom.com competes against companies like Value America, Cyberian Outpost, Inc., and Insight Enterprises, Inc. elcom.com's Internet storefront also has an auction site capability and competes against such companies as eBay Inc., uBid Inc., and Multiple Zones International, Inc.
Statement Under the Private Securities Litigation Reform Act
This press release includes statements that may constitute forward-looking statements. All statements other than statements of historical fact, including, without limitation, those with respect to the Company's objectives, plans and strategies set forth herein and those preceded by or that include the words "believes," "intends," "expects," "will," "plans," "anticipates," or similar expressions, are forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Such risks and uncertainties include: customers' acceptance and usage of the Company's electronic commerce software systems, viability of capital markets, the terms and availability of potential financing, the volatility of Internet-oriented companies, and the impact of competitive technology products as well as factors and other risks detailed in the Company's 1998 Annual Report on Form 10-K and from time to time in the Company's other reports filed with the SEC.
SOURCE Elcom International, Inc.
/CONTACT: Investor Relations of Elcom International, Inc., Voicemail,
781-501-4094, or e-mail, invrel@elcom.com; or General Info, Michael Lawson, Analyst Info, Elisa Mailman, or Media Info, Claudine Cornelis, of The Financial Relations Board, 212-661-8030/
/Web site: elcom.com / |
