And this News too: En Pointe's SupplyAccess Subsidiary Completes Private Placement First Closing of $26.5 Million
LOS ANGELES, Feb. 25 /PRNewswire/ -- En Pointe Technologies, Inc. (Nasdaq: ENPT - news) announced that its subsidiary, SupplyAccess, Inc., has completed a first closing of a $26.5 million investment in SupplyAccess(TM) Series A Preferred Stock. The financing included investment from TMCT Ventures, Peregrine Systems, Inc. (Nasdaq: PRGN - news), American Aircarriers Support (Nasdaq: AIRS - news), and Avalon Investments. Roth Capital Partners, Inc. acted as placement agent for the offering.
''The proceeds of this offering will be used to fund accelerated product development, to assist in adding other verticals, and to rapidly augment an organization and operational infrastructure to support the growth that this new company intends to achieve. We believe that the SupplyAccess(TM) no-customer-fee model will be a clear differentiator for the company as it deploys global solutions,'' said Bob Din, CEO and Chairman of En Pointe.
SupplyAccess.com(TM) maintains a hosted business-to-business web application using Microsoft's Site Server, Commerce Edition, and integrated to a customized SAP-based enterprise fulfillment engine. The combination of these two powerful platforms provides a scalable e-business procurement solution. SupplyAccess.com(TM) also integrates to a powerful workflow tool built on Peregrine Systems technology which allows the lifecycle management of all MRO products procured through the SupplyAccess.com(TM) site. Its application design offers customers practical IT standards configuration and publishing, as well as effective automated requisition approval workflow routing.
Mark Menell, Partner of TMCT Ventures, remarked, ''We are very impressed with SupplyAccess' hosted business model and with its management team. Our investment is an indication of our firm belief that the company can become a significant competitor in the two fastest-growing B2B Internet market segments today, e-procurement automation for Fortune-class companies and the e-enablement of inefficient existing vertical global marketplaces.''
Steve Gardner, president and CEO of Peregrine Systems, was enthusiastic about the synergies between the two software companies. ''Peregrine Systems is the leading provider of Infrastructure Management software and e-Infrastructure solutions, and we are looking forward to ground-breaking co-development efforts with SupplyAccess, in addition to our investment position. We believe the developing strategic partnership between the two companies will produce a new class of procurement and infrastructure management systems that will bring enormous productivity gains to our customers.''
Bill Woodward, Managing Partner of Avalon Investments, said ''SupplyAccess presented a compelling opportunity to us, beyond what we see in the typical range of Internet companies today. The company has been created with a mix of vision, strategic positioning, and deep back-end e-commerce experience that is quite unique. That makes a strong case for SupplyAccess becoming a major player in the enterprise e-commerce development that will take place over the next two or three years. Significant share of a projected $2 trillion market is a very interesting proposition to Avalon.''
Karl Brown, Chairman and CEO of AAS Technologies (a wholly-owned subsidiary of American Aircarriers Support, Inc. - Nasdaq: AIRS), a leading aircraft parts and service provider to commercial airlines around the world said, ''AAST and SupplyAccess will work together in the coming months to create a global trading exchange for aircraft maintenance parts that we believe can revolutionize the way airlines procure and maintain their maintenance operations in the future. SupplyAccess' international multi-language, multi-currency capabilities will allow us to create a networked marketplace that will serve over 120 countries around the world. We are very excited to partner in this important new strategic venture with SupplyAccess.''
About En Pointe Technologies, Inc.
En Pointe Technologies, Inc. is a national business-to-business e-commerce provider of IT products and value-added services, using proprietary software and systems to drop-ship MRO products to its customers through an electronically linked network of the largest allied distributors in the U.S. This software allows En Pointe to serve as an electronic clearinghouse of computers and computer-related products without many of the risks and costs associated with maintaining inventory. En Pointe offers its customers direct on-line access to 70% of the mainstream PC distribution product, and will soon provide mainline office supplies, furniture, equipment and facilities products. En Pointe Professional Services offers ''total solution'' system consulting services such as: pre-sale consulting, design, training, customization and integration.
En Pointe has 19 sales locations throughout the United States, as well as a value-added ISO 9002 certified integration facility in Ontario, California. Visit En Pointe and its subsidiaries on the Internet at www.enpointe.com, and www.firstsource.com. Visit SupplyAccess(TM) on the Internet at www.supplyaccess.com.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from management's projections, estimates and expectations include, but are not limited to:
1. Changing economic influences in the industry including, but not
limited to, those related to the Internet and those related to
distribution of information technology and business products and
services
2. The development by competitors of new or superior delivery
technologies, or entry in the market by new competitors
3. Dependence on intellectual property rights
4. Delays in product development or disruptions in the functioning of
key software.
5. The company's and its subsidiaries' dependence on key personnel, and
potential influence by executive officers and principal stockholders
6. Any delay in execution of the company's and its subsidiaries' system
development plans
7. Planned or unplanned changes in the quantity and/or quality of the
suppliers available for the company's and its subsidiaries' products
8. The actions of suppliers of the company's and its subsidiaries'
products
9. Changes in the costs or availability of products
10. General business conditions in the economy and other factors referred
to in the company's Securities and Exchange Commission filings.
For more information contact Mac McConnell, VP Marketing of En Pointe Technologies, Inc., 310-725-9757, E-mail: MMcConnell@supplyaccess.com.
SupplyAccess(TM) and SupplyAccess.com(TM) are trademarks of SupplyAccess, Inc. Peregrine Systems is a registered trademark and Weblications is a trademark of Peregrine Systems, Inc. All other trademarks are the property of their respective owners.
SOURCE: En Pointe Technologies, Inc.
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