JDX.T
ordex Invests in Bizfon, The Small Business Telephony Solution
VANCOUVER, BRITISH COLUMBIA--Jordex Resources Inc. (Jordex), adding to its portfolio of B2B e-commerce and
telecommunications companies, has made an equity investment of US$500,000 in Bizfon Inc., a leader in small business phone systems. Advent International and
MF Private Capital Inc. are the primary investors in this US$13,000,000 financing. Bizfon Inc. is a developer of integrated communications hardware and software.
The Company's primary product is a communications switch that incorporates call management, voice mail, and automated attendant in a single, low cost package.
Bizfon Inc., founded in November 1996, and headquartered in Salem, NH, is led by CEO David Grabrielsen who has successfully managed publicly traded
companies. The Company's products provide an easy to use communications solution for a potential market of more than 10 million small businesses (less than 20
employees) in the United States and Canada by providing them with a full featured phone system at a price point (under $2,000 for complete system) that is more
affordable than the $5,000 to $20,000 cost of a typical full featured phone system. Unlike traditional phone systems that are too complicated and expensive for small
businesses to install and maintain, Bizfon's easy to install ''plug and play'' phone system provides a turnkey communications solution. In as little as fifteen minutes,
customers can call the Bizfon customer care center to set up the system remotely over the phone or utilize the voice prompts in the system to get their phone system
up and running. According to International Data Corporation, more than 85% of the 10 million small businesses (less than 20 employees) have historically been
forced to run their business using archaic one or two line phones and answering machines. The absence of advanced features of one or and two-line phones have
adversely impacted small business by contributing to reduced responsiveness to customers, low satisfaction and ultimately lost customers.
Bizfon has entered into a distributing agreement with Bell Canada to distribute their products on a co-brand basis. After extensive research of all products targeting
small businesses and rigorous testing of Bizfon's products, Bell Canada has purported that Bizfon's products provide the most features at the lowest cost. Bizfon is in
discussions with several additional North American based telephony companies regarding a similar distribution agreement. In addition, it is developing a direct sales
force to sell direct to corporations with hundreds of remote locations. The Company is working on upgrades to its current model Bizfon 680, a six telephone line
system, that will eventually enable 24 telephone lines and 32 extensions. Bizfon is also working on a DSL interface to be field tested in the fourth quarter of the year
2000.
''Our investment in Bizfon gives Jordex the opportunity to participate in the rapidly changing and fast growing telecommunications sector,'' said Brian Hinchcliffe,
Chairman of Jordex. ''Bell Canada's contractual relationship with Bizfon, validates the quality of their phone systems, and the need for such a product in the small
business market.''
About Bizfon
Bizfon Inc., a privately held company located in Salem, NH, is a developer of integrated communications hardware and software. The Company's customer base is
the small business office to which Bizfon markets a full featured phone system at a cost more affordable than typical competitive full featured phone systems. The
Company sells direct to corporate clients and through distribution agreements including an agreement to co-brand Bizfon products with Bell Canada.
bizfon.com
About Jordex
Jordex, trading under the symbol JDX on the Toronto Stock Exchange, is developing a portfolio of B2B e-commerce and telecommunications companies. Jordex
seeks to build shareholder value by making investments in the early financing rounds of high-growth opportunities. Jordex announced last year its investment in
Medsite.com, a B2B medical Internet community for physicians. Through an additional investment, the Company recently increased its number of preferred class B
shares in Medsite to maintain its proportionate ownership in the lastest round. Recently Jordex invested in HorizonLive.com, a leading provider of online
presentations. Additionally, the Company has signed a letter of intent to acquire 100% of Enviromation, Inc. which is in the business of designing, manufacturing,
installing and servicing control systems for water treatment facilities. Jordex intends to expand Enviromation's markets by expanding its distribution channels, including
utilizing the power of marketing over the Internet. Jordex has also announced strategic alliances with two venture capital firms, The Argentum Group and MF Private
Capital, Inc., the latter agreement which is subject to regulatory approval. jordex.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Brian A. Hinchcliffe, Chairman & co-CEO
Contact:
Jordex Resources Inc.
Jim Graham
Vice President, Investor Relations
1-800-675-1749 or (516) 922-6404
E-mail: jimgraham@jordex.com
Web site: jordex.com |
