This is the news we are waiting for! biz.yahoo.com
I figure some time in the fall of 2000.
Friday July 14,
10:06 am Eastern Time
Company Press Release
SOURCE: elcom.com, inc.
Elcom Services Group Moves to New Facility
elcom.com and Elcom Services Group now Physically Separate to Support Potential IPO Spin-Off
NORWOOD, Mass., July 14 /PRNewswire/ -- Elcom International, Inc. (Nasdaq: ELCO - news), today announced that Elcom Services Group, Inc. (``ESG'') has completed its relocation to a separate facility located in Canton, Massachusetts.
Robert J. Crowell, Elcom International, Inc.'s Chairman and CEO, said, ``Moving ESG to a separate facility is part of our plan to physically separate our two subsidiaries to facilitate the potential of an elcom.com, inc., spin- off. And although ESG outsources it's IT Services from elcom.com, inc., the rest of ESG is now standalone and in a better position to market its products and services to its customers. We are very pleased with the re-engineering of ESG over the past year and a half and believe it is well positioned to return to profitability over the next several quarters. We look forward to a bright future for ESG.''
The Company further stated that it continues to position elcom.com for a potential IPO and possible subsequent spin-off to shareholders. The NASDAQ index has risen significantly over the past several months, the category of eProcurement companies are recovering in value, and some Internet-oriented IPO's are receiving positive attention. Although there can be no assurance as to the timing or consummation of a possible IPO and/or subsequent spin-off of elcom.com, inc. to Elcom International's shareholders, the Company believes that market conditions are improving.
Regarding elcom.com, inc., Mr. Crowell also stated, ``We are very pleased with the progress of elcom.com and the reception of its remotely-hosted PECOS Internet Procurement Manager and PECOS Internet Exchange Manager (Digital Marketplace) technology. We are in the proposal stages with multiple brand name companies, our customer pipeline continues to expand, and we look forward to some new major clients in the near term.''
PECOS Internet Procurement Manager (``PECOS.ipm'') is a remotely-hosted automated procurement system which can optionally ``standalone'' and operate without an ERP system in place allowing immediate benefits to be realized through rapid deployment using only a web browser. PECOS.ipm is hosted by elcom.com and provides clients with browser-based self-service purchasing functions from the desktop, including multi-vendor electronic catalogs that support standard or negotiated custom pricing with preferred suppliers. PECOS.ipm's full-circle functionality improves service at multiple levels, including support for order status inquiries, automated email authorization, and time-stamped audit trails throughout the entire transaction cycle. PECOS.ipm reduces a customer's administrative costs associated with core procurement activities including order and invoice processing costs through automation of the traditional manual processing and inventory and related activities. With its customizable controls, PECOS.ipm can also minimize maverick spending by channeling spending purchases to strategic suppliers thus generating increased contract compliance and volume discounts. PECOS.ipm also captures and reports on important purchasing data and on supplier performance for timely and easy-to-understand metrics to aid in supply management decisions.
About Elcom International, Inc.
Elcom International, Inc. (www.elcominternational.com), through its wholly owned subsidiaries, develops, licenses, and uses Internet-based eProcurement systems including PECOS Internet Procurement Manager, elcom.com's remotely- hosted automated procurement system and digital marketplace enabling technologies. elcom.com operates Starbuyer.com, its B2B Digital Marketplace through which it offers business products including PC-oriented and office products which are automatically sourced using the Company's electronic commerce and automated procurement and sourcing technology. elcom.com, inc., (www.elcom.com), the Company's technology and eProcurement subsidiary, licenses its PECOS technologies to Elcom Services Group's customers and to other companies and competes against companies like Ariba, Inc., Commerce One, PurchasePro.com, and Clarus Corporation.
Statement Under the Private Securities Litigation Reform Act.
This press release includes statements that may constitute forward-looking statements. All statements other than statements of historical fact, including, without limitation, those with respect to the Company's objectives, plans and strategies set forth herein and those preceded by or that include the words ``believes,'' ``intends,'' ``expects,'' ``will,'' ``plans,'' ``anticipates,'' or similar expressions, are forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Such risks and uncertainties include: the overall markets' and individual customers' acceptance and usage of the Company's electronic commerce software systems and the impact of competitive technology products as well as factors and other risks detailed in the Company's Registration Statement on Form S-3 and from time to time in the Company's other reports filed with the SEC. The Company assumes no obligation to update any of the format of, or information contained or referenced, in this announcement.
SOURCE: elcom.com, inc. |
