iTech Invests in WholesalePortal.com
Thursday June 1, 3:05 pm Eastern Time
Press Release
SOURCE: iTech Capital Corp.
iTech Capital Invests in WholesalePortal.com
TSE Trading Symbol: ITE
TORONTO, June 1 /CNW/ - iTech Capital Corp. (iTech), has made an equity investment of US$500,000 in WholesalePortal.com, Inc., as part of a $4.4 million Series A financing led by New York City-based venture capital firm The Argentum Group. Based in Seattle, Washington, Wholesale Portal.com is a vertical B2B online marketplace and information portal for the wholesale specialty food industry.
WholesalePortal.com's WPMarket is an Internet-based B2B market place, transaction service, and information portal targeting the $100+ billion wholesale specialty food industry. The Company facilitates transactions between suppliers and buyers in the wholesale trade. WPMarket's services provide an effective alternative to the fragmented independent product representatives and brokers, thus saving time and increasing market reach. In addition, WPMarket's services benefit small, specialty retail buyers by increasing their selection of goods and services and improving customer service.
WholesalePortal.com has a strong management team led by CEO Paula Lukoff, who has had experience in both the specialty food and the technology industries. Ms. Lukoff has built a management team with an extensive base of technology and operational talent. Numerous members of the Company's team have in-depth experience in technology development and eBusiness having worked for companies including Microsoft Corporation, Amazon.com and Nordstrom.
The specialty food market is highly fragmented and inefficient, with many independent specialty retailers and suppliers. Intermediaries, such as food brokers and specialty food distributors, facilitate transactions between suppliers and buyers. The Company's business model expands the level of services and products that are currently available through traditional brokerage. WPMarket's services provide both a cost and time advantage over traditional wholesale commerce, freeing suppliers to concentrate on manufacturing and buyers to expand their offerings while reducing costs. WholesalePortal.com buyers and suppliers should achieve significant savings in the areas of accounts receivable, customer service and sales expense.
"The WholesalePortal.com management team with its broad range of experience in technology and the food business, has structured a compelling business model in a marketplace with enormous potential", said Brian Hinchcliffe, Chairman of iTech Capital. "We believe the wholesale specialty foods is a natural for a viable B2B e-commerce strategy."
To learn more about WholesalePortal.com, visit their Web site at wholesaleportal.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Brian A. Hinchcliffe, Chairman & Co-CEO
For further information
Jim Graham, Vice President, Investor Relations 1-800-675-1749 or (516) 922-6404
E-mail: jimgraham@itechcapital.com, Web site: itechcapital.com |
