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Wednesday March 1, 7:00 am Eastern Time
Company Press Release
McGlen Internet Group Forms Partnership to Develop e-Commerce Initiatives in Asia Pacific
TUSTIN, Calif.--(BUSINESS WIRE)--March 1, 2000--McGlen Internet Group Inc. (``MIG'), (Nasdaq:MIGS - news), an e-commerce focused Internet Operating Company (IOC), today announced the formation of a strategic partnership with PacRim Access Group Inc. (``PRAG'), a leading management consulting and venture investment firm focused on international business development.
Under the terms of the agreement, PRAG will assist MIG in pursuing new business opportunities to provide consulting and e-commerce solutions for companies seeking to establish or expand their services in the Asia Pacific (APAC) region.
MIG and PRAG will deploy their combined resources to conduct market opportunity assessments, partnership candidate identification, entry strategies, business model development and agreement negotiations for their clients with a presence in the Pacific Rim. These efforts will target high-tech companies and large corporations currently conducting business in the APAC region and seeking to establish e-commerce capabilities in their current markets.
MIG will support these initiatives by supplying technology products and services to support clients' internal systems and online infrastructure, as well as by offering customized Web hosting and site development services. MIG will pursue business opportunities that foster revenue sharing, hosting and development services, and syndication and affinity programs.
``Our relationship with PRAG is another step forward in expanding McGlen's footprint in the Asia Pacific region and beyond,' said George Lee, chief executive officer of McGlen Internet Group.
``Through this partnership, we will be able to service a greater number of APAC companies directly via our B2B and B2C storefront exchanges, providing the latest in technology products to directly improve the internal and online operations of PRAG's existing clientele.
``Additionally, we will offer customized and scalable back-end hosting services to assist these businesses in e-commerce development and international market entry.'
MIG's e-commerce infrastructure leverages its key strategic partnerships with a unique Value Chain Management (VCM) business model. The VCM business model provides a single source point for millions of technology-based products and services from thousands of providers including distributors, manufacturers, vendors, suppliers, aggregators and resellers.
The model facilitates the rapid creation and deployment of unique and specialized storefront exchanges for targeted customer groups with specific technology needs. In addition to operating its own business and consumer-targeted storefronts, MIG utilizes its VCM business model to establish localized storefronts for customers and strategic partners.
``The offshore business opportunities for MIG and for e-commerce as a whole are very exciting,' said Robert Brown, MIG's chief marketing officer. ``The U.S. has seen the most rapid and aggressive adaptation of e-commerce to date. Comparatively, the market for e-commerce services in emerging regions has been largely under-served.
``We believe we have a tremendous opportunity to capitalize on the fast-growth Pacific Rim region. By leveraging our previously established relationships with technology product distributors in Asia with our own e-commerce infrastructure, MIG is poised to enable entry for APAC companies seeking to build an e-commerce presence in Asian-Pacific markets.'
According to The Boston Consulting Group's recently published NetBizAsia Strategy Report, titled ``E-tail of the Tiger: Retail E-commerce in Asia-Pacific,' online retailing is gaining significant momentum in Japan, Korea and Australia.
Online retail revenue totaled US$1.5 billion in Japan and US$720 million in Korea in 1999, and the online retail market in the Asia-Pacific region is currently growing faster than in the U.S. The leading Asian online retail categories are computer hardware and software, and financial services, accounting for US$780 million and US$700 million in revenue, respectively, or 53 percent of the market.
About PacRim Access Group Inc.
PacRim Access Group (PRAG) is a management consulting and venture investment management firm, focused on international business development. Established in December, 1995, PRAG has offered many emerging growth companies its contacts and expertise for entry into the Pacific Rim marketplace including investment of PRAG's own capital, as deemed necessary. The firm introduces U.S. clients to Japanese and other Asian companies in order to obtain capital for growth, distribution channel and strategic partnerships. The company's proximity to Silicon Valley enables it to build strong, working alliances with high-level technology professionals in the region. PRAG's corporate headquarters are located in Menlo Park, California. For more information on the PacRim Access Group, please e-mail miyagawa@pacrimaccess.com.
About McGlen Internet Group Inc.
McGlen Internet Group (Nasdaq:MIGS - news) is a leading e-commerce based Internet Operating Company (IOC) focused on creating branded, Internet storefront exchanges, providing unlimited global access to technology oriented products and services for business-to-business (B2B) and business-to-consumer (B2C) marketplaces. MIG has developed a unique distributed network enterprise and distribution system mated to an array of unique storefront exchanges that are popular with business and consumer oriented customers. MIG's corporate offices are located in Tustin, California. For more information about McGlen Internet Group, visit the corporate Web site at www.mcglen.net or call 714/838-1240.
The statements set forth above with respect to McGlen Internet Group, traded as MIGS, the benefits thereof and the potential growth of the company are forward-looking statements within the meaning of that term in the Private Securities Litigation Reform Act of 1995. As such, they are inherently uncertain and should not be unduly relied upon. As to potential future growth, uncertainties include the ability to successfully manage the companies' businesses, technologies and operations, the availability of sufficient capital to expand the businesses, customer acceptance on new products, competition and other uncertainties associated with introducing new businesses.
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Contact:
McGlen Internet Group
Robert Brown, 714/838-2633
or
The Financial Relations Board, 310/442-0599
Kristen Kopay (General Information)
Ed McNally (Investor/Analyst Contact)
Ashley Piggott (Media Contact)
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