Mr. Zagoren, do we need to worry? We need some substance here not hot air! Dammit!
biz.yahoo.com
Wednesday January 5, 5:42 pm Eastern Time
Company Press Release
Banacci and Commerce One Sign Agreement to
Form Joint Venture for Business-to-Business
e-Commerce
MEXICO CITY and WALNUT CREEK, Calif.--(BUSINESS WIRE)--Jan. 5, 2000--
New Company Will Establish First B2B Electronic Marketplace in
Latin America
Grupo Financiero Banamex-Accival (``Banacci'), Mexico's main financial group, and Commerce One (Nasdaq:CMRC -
news), the leading provider of global business-to-business (``B2B') e-commerce solutions, today announced that they
have signed a definitive agreement to form a joint venture that will offer a B2B electronic marketplace for Latin America.
Through direct efforts as well as partnerships, the new company will link buyers and sellers throughout Latin America
including Mexico and the rest of the world. Banacci and Commerce One formally announced their plans on December
14, 1999.
The new company will operate a commerce portal in Mexico based on the Commerce One MarketSite portal solution to
provide B2B e-commerce capabilities to a broad customer base including the corporate customers of Banco Nacional de
Mexico (``Banamex,' Banacci's commercial banking subsidiary). Additional portals in other Latin American countries,
beginning with Argentina, Brazil, and Chile, will be created through strategic partnerships with regional market makers.
The new company and its regional partners intend to actively market and sell the Commerce One Solution in their
respective markets. The new company will also take a seat on the Commerce One Global Trading Web Advisory
Council.
Under the agreement, Banacci will license the Commerce One Solution for the development of a B2B e-commerce
platform based in Mexico and Latin America, and Commerce One will provide technical, marketing and deployment
expertise to accelerate the launch of the Banacci services. As part of the equity partnership between the companies,
Commerce One will grant Banacci an option to purchase up to 4.5 million post-split Commerce One shares of Common
Stock at $116.15 per share, in exchange for the right to receive shares in the new company. The exchange of these
options is contingent upon certain events, including a U.S. Exchange or Nasdaq listed IPO by the new company.
Banacci leads the Mexican financial sector in the Internet banking business. The Bank's portal (www.banamex.com)
offers a wide array of financial products and services, that range from retail and investment banking to insurance and
telecommunication services. In addition, through Avantel, the joint venture with MCI Worldcom, it also holds a leading
position in the Mexican ISP and data transmission markets. As the first bank to tap the B2B e-commerce market,
Banamex leverages its close ties with a wide collection of Mexican companies in order to develop an electronic
marketplace. The interaction between Banamex's e-banking and e-commerce activities will give rise to important
synergies.
Commerce One is delivering a Global Trading Web for B2B e-commerce, allowing trading partners around the world to
do business through vertical and regional portals running on the Commerce One MarketSite portal solution. Commerce
One operates its flagship portal, Commerce One MarketSite, in North America. Current regional MarketSite operating
partners include British Telecommunications (BT) in the United Kingdom, NTT Communications in Japan, Cable &
Wireless Optus in Australia; SESAMi.com in Southeast Asia; and TD Bank in Canada. Recently, Commerce One
entered into a non-binding memorandum of understanding with General Motors Corp. to launch GM TradeXchange, a
MarketSite portal for the automotive industry.
About Banacci
Banacci is Mexico's leading financial group. Following a universal banking strategy, the Group offers a variety of financial
services to companies and individuals, which include commercial and investment banking, insurance and fund
management. Banamex, founded in 1884, is Mexico's largest commercial bank in terms of assets, loans, deposits, and
equity. The Bank, which has always been at the forefront of innovation and product development in the Mexican financial
market, has an extensive distribution network of more than 1,200 branches and 3,000 ATMs located throughout the
country.
About Commerce One
Commerce One is the leading provider of electronic commerce solutions that dynamically link buying and supplying
organizations into real-time trading communities. The Commerce One Solution, comprised of Commerce One BuySite
and Commerce One MarketSite, enables companies to significantly reduce operational costs and increase efficiency by
automating the entire indirect goods and services supply chain. As a result, enterprise organizations are able to realize a
strategic competitive advantage as well as a rapid return on investment. Commerce One is located in Walnut Creek and
can be reached by phone at 800/308-3838 or 925/941-6000 or via the Internet at commerceone.com or
marketsite.net.
Forward Looking Statements
Certain statements made in this press release by Commerce One are not historical facts but are ``forward looking
statements' and may involve risks and uncertainties which could cause actual future results to differ materially and
adversely from those anticipated by such statements. Included among the factors that could affect Commerce One's
performance are: general economic conditions; fluctuations in operating results; its ability to effectively manage future
growth, to retain and efficiently integrate our executive management team, and to identify, hire, train and retain, in a highly
competitive market, individuals highly skilled in the Internet and its rapidly changing technology; significant revenue
concentration in a limited number of clients; the lack of long-term contracts; its ability to enter into, and retain its existing,
strategic relationships; market acceptance, rapid technological change, a decline in Internet usage, and intense competition
in its market; its ability to effectively integrate the operational, managerial and financial aspects of future acquisitions; Year
2000 issues including those affecting Commerce One and its clients; and its ability to obtain financing when required. For
a discussion of these and other risk factors that could affect Commerce One's business, see ``Risk Factors' in Commerce
One's filings with the Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarter
ended September 30, 1999.
Note to Editors: Commerce One, BuySite, BuySite Enterprise Edition, BuySite Hosted Edition and MarketSite are either
trademarks or registered trademarks of Commerce One. Other product and company names mentioned herein might be
the trademarks of their respective owners.
Contact:
Commerce One
Julie Clark, 925/941-5970
julie.clark@commerceone.com
or
The Horn Group for Commerce One
Erik Curren, 415/905-4014 (Press)
ecurren@horngroup.com
or
Banacci
Luis M. Rodriguez, 525/225-6755
Juan Partida, 525/225-4095
investor@banamex.com
Jose Ortiz Izquierdo, 525/225-4498 (Press)
jortiz@banamex.com |
