(BTOB) VerticalNet and First Sierra to Provide Online Financing to VerticalNet's Business to Business Communities
HORSHAM, PA, Oct 12, 1999 (BUSINESS WIRE) --
*Buyers Will Be Able To Finance Purchases Without
Using Existing Lines of Credit
VerticalNet, Inc. (Nasdaq: VERT), the Internet leader and first mover
in business-to-business vertical communities of commerce, and First
Sierra (Nasdaq: BTOB), the Internet leader in business-to-business
e-finance, today jointly announced that they have entered into an
agreement whereby First Sierra will offer "instant credit" to
VerticalNet's online customers. Through this revenue-sharing agreement,
VerticalNet's users will be offered First Sierra's Working Capital
Financing and LeasingOnline products, giving them the ability to obtain
capital for general business purposes and leases for specific equipment
purchases without using existing lines of credit.
"Offering online credit extends VerticalNet's commitment to help our
customers move more of their business online," said Mike Hagan,
executive vice president of VerticalNet(R). "Our agreement with First
Sierra offers one of the most comprehensive business loan fulfillment
solutions that will serve buyers and sellers in all of our 47
communities. With this agreement, VerticalNet continues to widen our
lead as the Internet's first mover in business-to-business e-commerce."
As part of the agreement, First Sierra also announced the rollout of
its Working Capital Financing program, a significant addition to First
Sierra's LeasingOnline product that will enable businesses to obtain
capital for general business purposes, not limited to a specific
equipment purchase. The service will go live across all of
VerticalNet's online communities within the next 60 days. Qualified
applicants will be approved in as little as 2 minutes and funds will be
dispersed as quickly as 24 hours from time of approval. Customers can
use their First Sierra credit throughout the VerticalNet communities as
well as for offline transactions.
"This is an exciting opportunity to accelerate the delivery of our
financing programs to the business-to-business market throughout the
United States," said Michael Sabel, First Sierra's executive vice
president and chief E-commerce officer. "This partnership with a
winning aggregator of business-to-business e-commerce traffic further
strengthens our position as the market leader in delivering on-line
financing solutions to business customers."
First Sierra's expanding family of financial products and services
allows qualified businesses to use the Internet to obtain financing
quickly and efficiently. The Company's Web-based application and
processing system provides credit approval decisions within minutes,
on-line tracking and reporting of transactions, and on-line access to
other customer data.
About VerticalNet,Inc.
VerticalNet, Inc. (www.verticalnet.com), owns and operates 47
industry-specific Web sites designed as online business-to-business
communities, known as vertical trade communities. These vertical trade
communities provide users with comprehensive sources of information,
interaction and e-commerce.
They are grouped into 10 sectors: ADVANCED TECHNOLOGIES: Aerospace
Online, ComputerOEM Online, Embedded Technology.com; Medical Design
Online, PlantAutomation.com, Test and Measurement.com; COMMUNICATIONS:
Digital Broadcasting.com, Fiber Optics Online, Photonics Online,
Premises Networks.com, RF Globalnet, Wireless Design Online;
ENVIRONMENTAL: ElectricNet.com, Pollution Online, Power Online,
PublicWorks Online, Pulp and Paper Online, Safety Online, Solid Waste
Online, Water Online; FOOD AND PACKAGING: Bakery Online, Beverage
Online, Dairy Network.com, Food Ingredients Online, Food Online, Meat
and Poultry Online, Packaging Network.com; FOODSERVICE/ HOSPITALITY:
Foodservice Central.com; HEALTHCARE: E-Dental.com, Hospital
Network.com, Nurses.com; MANUFACTURING AND METALS: Machine Tools
Online, Metrology World.com, Surface Finishing.com, Tooling Online;
PROCESS: Adhesives and Sealants.com, Chemical Online, Hydrocarbon
Online, Paint and Coatings.com, Pharmaceutical Online, Semiconductor
Online, Oil and Gas Online; SCIENCE: Bioresearch Online, Drug Discovery
Online, Laboratory Network.com; SERVICE: HR Hub.com, Property and
Casualty.com.
About First Sierra
First Sierra, headquartered in Houston, Texas, is an e-commerce
technology and services provider to small businesses. The Company
customizes financing products and offers servicing, consulting and
technology solutions via on-line connections to its e-commerce software
system. The Company acquires, originates, sells and services equipment
leases on a wide range of computers and peripherals, software,
telecommunications, and diagnostic equipment as well as other
specialized equipment for the health care, automotive, food and
hospitality industries. For more information please visit our Web site
at www.firstsierra.com
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-K and 10-Q and its Prospectus dated Feb. 10, 1999.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not constitute
an offer, solicitation or sale of any securities in any jurisdiction in
which such offering sold would be unlawful.
VerticalNet is the registered trademark of VerticalNet, Inc. All other
names are trademarks and/or registered trademarks of their respective
owners. |
