Tuesday November 2, 11:38 am Eastern Time
Company Press Release
E-Sync Networks, Inc. Raises $10 Million in Capital
TRW, CECAP, and ViVentures Invest in E-Sync Networks
TRUMBULL, Conn.--(BUSINESS WIRE)--Nov. 2, 1999-- E-Sync Networks, Inc. (OTC BB: ESNI - news; www.e-syncnet.com), a leading global provider of managed e-business-to-business applications and services, today declared it has completed its Series B funding round. During this round, the company raised $10 million in capital from TRW, Commercial Electronics Capital Partnership, Inc. (CECAP), and a new investment from ViVentures. The investments will support new applications, products, and business expansion in the United States and Europe.
``We are very excited because this funding allows us to forge ahead without delay - in the business-to-business e-commerce market,' says John C. Maxwell, Chairman and CEO of E-Sync Networks. ``Our e-business-to-business portal, based on a 'hub-and-spoke' model, is a prime example of what E-Sync Networks can deliver. Organizations employing our offering can set up automated procurement, replenishment, and distribution operations to significantly reduce costs through well-integrated business-to-business supply chain management. This funding will also help us emerge as an expert and leader in web-based e-business applications and supply chain support.'
He continues, ``Our objective is to fully exploit the power of the Internet to ensure Fortune 1000 companies using our applications gain competitive advantage and realize a significant return on investment.'
TRW is a $20 billion global technology, manufacturing, and service company strategically focused on supplying advanced technology products and services to the automotive, space, defense, and information systems markets. CECAP is a New York-based venture fund, established solely to create businesses founded on TRW technologies in markets outside of TRW strategic interests.
ViVentures, an Internet venture fund with offices in Paris, France and San Francisco, California, also joined this round as a new investor in E-Sync Networks. ViVentures was established to provide capital for innovative telecommunications and Internet businesses. Created by the Vivendi Group, the Fund's largest investor, it now counts 16 leading financial and industrial corporations with substantial interests in the high-tech industry, including BT, Cisco, and Nokia. The Fund provides seed capital and supports these newly founded companies to ensure their long-term development in Europe, as well as in the United States.
About E-Sync Networks, Inc.
Headquartered in Trumbull, CT with offices in New York and the UK, E-Sync Networks, Inc. (OTC BB: ESNI - news) is a Managed E-business Service Provider that offers leading web-based e-business applications, web supply-chain expertise, IT support, and high-performance hosting capabilities to link business partners on the Internet. E-Sync Networks has an extensive Fortune 1000 client base, including Traveler's Insurance, FordT, IBMT, PepsiT, and ESPN. The Company is majority owned by Commercial Electronics Capital Partnership, LP (www.cellc.com), an exclusive partner of TRW, Inc. (NYSE: TRW - news) established solely to create independent businesses founded on TRW technologies in markets outside of TRW's strategic interests. More information can be found on the Internet at www.e-syncnet.com.
Certain of the above statements contained in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act:). Actual results, events, and circumstances (including future performance, results, and trends) could differ materially from those set forth in such statements due to various factors, risks, and uncertainties, including, but not limited to, risks associated with the Company's future growth and operating results, the uncertainty of market acceptance of the Company's products, technological change, competitive factors, and general economic conditions. Except as otherwise required to be disclosed in periodic reports required to be filed by companies registered under the Exchange Act by rules of the Securities and Exchange Commission, the Company has no duty and undertakes no obligation to update such statements.
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Contact:
Environics Communications
Wendy Hodgson
203/325-8772, ext. 27
whodgson@environics-usa.com
or
E-Sync Networks
Frank Connolly
203/601-3175
fconnolly@e-syncnet.com
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Related News Categories: computers, internet, networking, publishing, telecom
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