Hey, GCAT. A little more news on nut auctions, this one's for commodities, tho' (cattle):
NEW YORK--(BUSINESS WIRE)--March 1, 1999--KAZARI INTERNATIONAL INC.
(NASDAQ:KZAR)("KAZARI") TODAY ANNOUNCED THAT IT HAS ACQUIRED ALL OF THE ISSUED
AND OUTSTANDING COMMON SHARES OF E-AUCTION GLOBAL TRADING INC. ("E-AUCTION") IN
A ONE-FOR-ONE SHARE EXCHANGE.
KAZARI WILL ISSUE 34.5 MILLION RESTRICTED COMMON SHARES AND CHANGE ITS NAME
TO E-AUCTION GLOBAL TRADING INC.
e-Auction and its affiliates conducted over $200 million in electronic
cattle auction trades in 1998, making them one of the world leaders in the
business-to-business Internet auction market. Forrester Research predicts strong
growth in business auctions to USD 52.6 billion by 2002, driven primarily by
commodity auctions (March 1998). e-Auction and its affiliates are profitable
and are expected to sustain high growth consistent with the growth of this
market.
e-Auction is leveraging its worldwide partnership with Sanga International
Inc., a global provider of e-Business technology, to extend its auctioning
solutions from North America to customers in Europe and Australia/NZ. "We are
extremely pleased that e-Auction has formed a worldwide alliance to be Sanga's
global auction partner," commented John Andrews, CEO of Sanga International
Inc. "Sanga and its partners fully support e-Auction's aggressive expansion
plans as we believe that our initiatives could dramatically affect the way
commodity industries conduct business internationally."
About e-Auction Global Trading Inc.
e-Auction, through operations in New York, Toronto, London and Barbados,
combines real time, electronic auction systems with integrated financial
services including foreign exchange, hedging and financial settlement services.
These are vital components to the overall auction process, and allow e-Auction
to benefit form multiple revenue streams. e-Auction provides unprecedented value
added services to auction houses, buyers and sellers in all industries that
conduct commodity based trading, resulting in new markets, lower costs and
more efficient cost saving transactions for all parties. For more information on
e-Auction please visit their Web site at eauctioninc.com.
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