Re: Teflon's ETA, here's an old press release.
asseTrade.com Announces $11.5 Million Acquisition of Interest by Internet Capital Group, Inc.
PR Newswire - September 28, 1999 12:40
ST. LOUIS, Sept. 28 /PRNewswire/ -- asseTrade.com, Inc., a transaction fee-based business-to-business Internet provider of corporate and industrial asset management and recovery services and on-line auctions, announced today that Internet Capital Group (Nasdaq: ICGE), has entered into an agreement to make a strategic equity investment of approximately $11.5 million in asseTrade.com. Upon achievement of certain performance criteria, Internet Capital Group will own approximately 25.3% of asseTrade.com.
Robert D. Kohn, President and CEO of asseTrade said, "Internet Capital's acquisition of an interest in asseTrade.com significantly increases our financial, operational and strategic capabilities as we pursue our growth strategy of joint venturing with market leaders in vertical portal industries including high-tech; machine tools; leasing; aerospace; utilities and others. In addition, this investment further validates our business model and the growth potential of the business-to-business e-commerce market.
"asseTrade.com is the first to market and most comprehensive Internet business-to-business asset management and disposition/auction service. As such, we are well positioned to facilitate and enhance relationships within our existing sales channels. Furthermore, by using customized Internet-based e-commerce software applications to meet traditional business needs, we have created strategic solutions and value-added services for many industrial and commercial companies. As we continue our evolution as a company, we are confident that asseTrade.com will quickly grow into a leading provider of asset based management, re-deployment, on-line auctions, disposition and recovery solutions," said Mr. Kohn.
"We acquired an interest in asseTrade because of its pioneering e-business model and potential to lead the asset management and recovery market," said Bill Haskell, Managing Director at Internet Capital Group. "Because of the uniquely synergistic environment at Internet Capital, asseTrade's addition to our network will provide a competitive advantage for asseTrade as well as for the rest of our partner companies.
About asseTrade.com
asseTrade.com seeks to provide an organized, targeted and comprehensive asset/inventory recovery, disposal and management solution for its clients. The Company's on-line auction and off-line remarketing capabilities offer asseTrade.com clients the ability to identify, evaluate, appraise and resell industrial machinery, equipment, inventories and other corporate assets by private treaty liquidation, sealed bid auction, open bid public auction, consignment or other similar means. All asseTrade.com Internet services are customized for real-time on-line sales and internal transfers of plant, equipment and inventory.
assetTrade.com was formed by Henry Butcher International Limited, Michael Fox International Inc., and a predecessor to WorldWide Web NetworX Corporation (OTC Bulletin Board: WWWX) to combine WWWX's Internet expertise with Butcher's and Fox's 175 years of experience and worldwide reputation in the industrial and commercial asset management and recovery field. WWWX recently sold the majority of its interest in asseTrade.com to Entrade, Inc. (NYSE: ETA).
About the Companies
Henry Butcher, with its global headquarters in London, is widely recognized as the world's largest industrial and commercial asset recovery, disposal and consulting company, with an international network which includes over 24 offices and over 180 employees located in many of the world's major commercial centers. For well over a century, Henry Butcher has been providing local, regional and international clients, in every industrial and commercial field, with a full range of asset recovery, disposal and consulting services. Client's assets are typically disposed of through sealed bid auctions, public open bid auctions, orderly liquidations, negotiated private sales and public tenders. Henry Butcher's clients include many of the world's largest companies, including Sunoco, Inc. (R&M), Matsushita Semiconductor (Panasonic) and General Motors.
Michael Fox International, Inc., with offices throughout the United States as well as London, Hamburg and Mexico City, is one of the country's largest auction and asset disposition companies. It is a recognized leader in the auction industry, marketing and appraising commercial and industrial assets throughout the world. The company sells diverse types of assets for maximum value, including manufacturing machinery and equipment of all types, and commercial and industrial real estate. The company's client list includes many Fortune 1000 companies, including Exxon Corp., Campbell Soup Company, American National Can Company, Sara Lee Corp. and many of the country's largest financial institutions.
Internet Capital Group is an Internet holding company actively engaged in business-to-business e-commerce through a network of partner companies. It provides operational assistance, capital support, industry expertise, and a strategic network of business relationships intended to maximize the long-term market potential of more than 35 business-to-business e-commerce partner companies.
Entrade, Inc., based in Chicago, is a business-to-business Internet group of companies that migrates traditional business transactions onto the Internet. Entrade, Inc. owns all or part of entrade.com, utiliparts.com and assetrade.com. entrade.com uses proprietary e-commerce software to market, sell and purchase products and services over the Internet. Entrade, Inc. is 15% owned by WorldWide Web NetworX (OTC Bulletin Board: WWWX).
Statements contained in this press release, which are not historical facts, are forward-looking statements. Such forward-looking statements are necessary estimates regarding the best judgement of the party making such statements based upon current information and involve a number of risks and uncertainties. Forward-looking statements contained in this press release or in other public statements of the parties should be considered in light of those factors. There can be no assurances that such factors or other factors will affect the accuracy of such forward-looking statements.
SOURCE asseTrade.com |
