eB2B Commerce, Inc. Completes $33 Million
Private Financing
NEW YORK--(BUSINESS WIRE)--Dec. 21, 1999--eB2B Commerce, Inc. and DynamicWeb Enterprises, Inc.
(OTCBB: DWEB - news) today announced that eB2B Commerce, Inc. had completed a $33 million private financing.
The private financing was increased by eB2B from $15 million to $33 million. Previously, DynamicWeb had announced
that it had entered into a formal agreement to merge with eB2B, subject to shareholder approval and certain other
conditions. eB2B is a privately held company that is an Internet business-to-business e-commerce enabler. DynamicWeb is
also engaged in business-to-business e-commerce.
As a result of the private offering, and upon closing of the merger, DynamicWeb will issue the equivalent of approximately
40 million shares of its common stock, in exchange for all of the outstanding securities of eB2B. Also, upon completion of
the merger DynamicWeb will change its name to eB2B Commerce, Inc. Peter J. Fiorillo, Chief Executive Officer and
President of eB2B, will become Chief Executive Officer of the merged company while Steve Vanechanos, current Chief
Executive Officer of DynamicWeb, will become the Chief Technology Officer.
About eB2B
eB2B is an internet-based business-to-business e-commerce service provider offering manufacturers and retailers the
capability to conduct cost-effective electronic commerce transactions utilizing the internet. Through its eB2B.com portal,
retailers and manufacturers can conduct real-time interactive business transactions such as product ordering, merchandising,
inventory management, shipping and billing, and customer service.
For more information on eB2B, visit their website at eb2b.com, eb2b.com, or contact Michael
Jacobsen, Director of Corporate Communications, at 212-868-0920 or mike@eB2B.com.
About DynamicWeb Enterprises, Inc.
DynamicWeb Enterprises, Inc., is a leading provider of Internet business-to-business e-commerce services that
electronically link buyers and sellers of direct goods. The company's Internet and outsource e-commerce services are
focused on trading partner connectivity and buyer/seller productivity solutions. These services facilitate e-business
transactions, increase customer satisfaction, and improve productivity within a business trading community. DynamicWeb
corporate headquarters is based in Fairfield, New Jersey. For more corporate and product information, visit the company's
Web site at dynamicweb.com www.dynamicweb.com.
This press release contains forward-looking statements. All such statements involve risks and uncertainties, including,
without limitation, the risks included and set forth in DynamicWeb's filings and reports with the Securities and Exchange
Commission. Such statements are only predictions and actual events or results may differ materially. Steve Vanechanos, Jr.
CCP/CDP CEO, DynamicWeb Enterprises, Inc (DWEB) 271 Rt 46 West Building F, Fairfield NJ 07004. Voice:
973-276-3107. Fax: 973-575-9830. dynamicweb.com
This release and prior releases are available on the KCSA Public Relations Worldwide Web site at www.kcsa.com. |
