Techwave Release: Je accuse! What does the "jury" find??
(Mel: skip down to "the GOOD stuff" !!)
Electronic Commerce Leader TechWave Inc. Closes $25 Million
In PrivateEquity Funding; Equity Placement To Fund S
ignificant Growth of Burgeoning Electronic Commerce Company
SEATTLE--(BUSINESS WIRE)--April 27, 1998--TechWave Inc., a
leading electronic commerce software and distribution
company, today announced it has closed a $25 million
private equity placement offered by Chicago-based
investment banking firm Madison Securities.
This equity funding will enable TechWave to make
technology andcorporate acquisitions, expand its
management team, increase its salesand marketing staff,
form additional strategic alliances with key
industry players and enhance the company's opportunity
to position itselectronic commerce technology and
distribution as the standard platform for exchanging
goods and services over the Internet. International Data
Corporation suggests that by the end of 1998, the Web will
have around 100 million users, and Web commerce will
exceed $20 billion. This rapid increase is expected to
be fueled by demand for a wide variety goods, with an
emphasis on computer-related products. TechWave continues
to expand its business rapidly and has experienced
significant growth. The company has relationships with over
2,000 companies, including over 100 exclusive agreements
toutilize TechWave's e-commerce platform.
During the last 90 days, TechWave executed strategic
agreements with Yahoo!,
PC World Magazine, InstallShield Corporation and RSA Data
Securities. TechWave's OnlineStore Distribution Network
(OSDN) encompasses over 200 storefronts reaching millions
of consumers.
"TechWave's Online Stores Distribution Network utilizes
our full suite of electronic commerce technologies and represents
one of the Internet's fast growing distribution channels,"
said Dwayne Walker,president and CEO of TechWave Inc.
"We have been able to build a highly scalable, turnkey solution
for a wide variety of companies. With our new financial backing,
we will have the resources available to accelerate our development
and sales efforts while expanding our infrastructure."
"I believe that this investment reflects investor
confidence in both the market for electronic commerce
and TechWave's unique offerings," said Jim Bidzos,
president and CEO of RSA Data Security.
"TechWave provides a complete soup to nuts solution for
selling products and services online. RSA's partnership
with TechWave ensures that TechWave's distribution technologies
will continue to be the most secure and scalable solutions
available online."
"TechWave is an exciting electronic commerce company
that has developed unique electronic commerce platform and
distribution solutions for its commercial partners and the
new generation of online consumers," said Tom Alberg, a
principal of the Madrona Investment Group and Amazon.com
board member.
(Mel: Getting hotter !)
"TechWave has proven itself to be a top innovator in
electronic commerce technology and services," said Viresh
Bhatia, president and CEO of InstallShield Software Corporation,
the leading provider of software distribution products and solutions.
(Mel: here we go !):
"With the recent partnership between InstallShield and TechWave,
more than 100,000 software publishers will be able to easily and
securely enable their software titles for electronic distribution
over the Internet. "TechWave's Online Stores Distribution Network
At the heart of TechWave's business strategy is its Online Stores
Distribution Network, a powerful network of more than 200 co-branded
sites across the Internet that have partnered with TechWave to build
their own online superstores. These sites are powered by TechWave's
patent-pending Electronic Commerce Software Platform that includes
TechWave's Digital Container and TechWave secure electronic commerce
servers. In addition, TechWave's Internet Data Centers-built for
non-stop Internet operations with T3 lines, redundant connections,
co-location facilities, fire suppression systems and 24-hour
security-provide full service operations for all online stores.
About TechWave Inc.
Established in 1994, TechWave Inc. techwave.com
is a leading electronic commerce software and distribution
company. Through its cutting edge electronic commerce
technologies, TechWave helps customers and companies safely
and easily buy and sell more products and digital content
over the Internet. Privately held and headquartered in
Seattle, TechWave provides electronic commerce
technology and services to more than 2,000 companies.
(Mel: END of "good stuff")
About Madison Securities, Inc. Madison Securities,
Inc., based in Chicago, is a full service
investment banking firm with a primary focus on
emerging technologies in telecommunications computers
and life sciences. --30--eb/sf*
CONTACT: TechWave Inc.
Robert Nachbar, 206/389-6497
robertn@techwave.com
or
Imagio PR
Howard Bourakis, 206/625-0252
howard@imagio.com |
