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Wednesday November 25, 8:15 am Eastern Time
Company Press Release
SOURCE: Navidec Inc.
Navidec Completes $1.4 Million Private Placement; Funds Will Support Continued Growth of USWheels.com and NetSolutions Group
DENVER, Nov. 25 /PRNewswire/ -- Navidec Inc. (Nasdaq: NVDC - news), a leading provider of Internet-based products and solutions, today announced it has completed an equity private placement that brought $1.4 million in proceeds to the company. The funds will support the continued national rollout of the USWheels.com network of regional automotive sales web sites as well as the NetSolutions Group-Navidec's Internet development team.
Navidec partners with Bank One and one local media outlet per market to produce USWheels.com sites nationwide. With active Wheels sites in Dallas- Fort Worth, Denver, Portland, Phoenix and Salt Lake City and sites being developed in Los Angeles, San Francisco and York, Pa., Navidec expects to have USWheels.com sites in 40 markets by the end of 1999. The company recently announced a partnership with CBS New Media to develop a national automotive research and advice site.
Navidec Inc., based in Englewood, Colorado, is a leading national provider of products and solutions that use web-based technologies to achieve its customers' business objectives. From commercial web site development to the design and implementation of intranet and extranet applications and tools, Navidec helps customers develop successful online solutions. Navidec's premier vertical market focus is on the automotive industry with its USWheels.com online automotive sales solution. Navidec partners with Bank One and regional media outlets to produce USWheels.com web sites in markets nationwide. The company's web site address is www.navidec.com.
All statements in this press release, other than historical facts, are forward looking statements. These statements are based on certain assumptions and analyses made by Navidec in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Such statements are subject to a number of risks and uncertainties, including general and economic business conditions, demand for automobiles, competition from other automotive online services, market acceptance of the Wheels solutions, the ability of Navidec to reach agreements with local media partners and other risk factors indicated from time to time in Navidec's filings with the Securities and Exchange Commission. Those filings are available online at www.sec.gov.
SOURCE: Navidec Inc.
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