Com eCom.com, Inc. Secures $30 Million Funding Commitment
PR Newswire - May 13, 1999 21:06
RIVIERA BEACH, Fla., May 13 /PRNewswire/ -- eCom eCom.com, Inc. (OTC
Bulletin Board: ECEC), developers of Internet e-commerce enterprises, today
announced that it has secured a $30 million agreement from Swartz Private Equity, LLC
of Roswell, Georgia. "We are extremely delighted to have entered into a financial
partnership with Swartz. The addition of this capital allows us to aggressively pursue our
e-commerce opportunities," said CEO David J. Panaia.
The financial agreement calls for a private equity line for the purchase of common stock,
subject to registration and certain conditions, in an aggregate amount equal to $30
million. The equity line has options to expand up to $50 million upon a mutual agreement
of both parties. The new capital will be used for acquisitions and to launch a national
multimedia advertising campaign for the ECEC Trading Club
(http://www.ececauction.com) and US Amateur Sports Company
(http://www.usas.com).
"Now that our auction site is live, our primary goal is to reach out to consumers and
potential customers and introduce them to the Trading Club's unique concept," said
Panaia. "The Swartz deal provides us with the resources needed to get our message out
to the public and to concentrate on acquisition opportunities that will expand our
products and services."
Eric Swartz, Manager of Swartz Private Equity, LLC commented, "Our partnership
with eCom eCom.com Inc. illustrates the commitment we bring to our small-cap clients.
With the equity line ECEC has the financial resources to become a leader in the
e-commerce industry."
eCom eCom.com, Inc. pioneered the trading club concept for the online auction
industry. The Trading Club charges a $36 annual seller fee to sell an unlimited number of
items through ECEC's auction.
About eCom eCom.com, Inc.
ECom eCom.com, Inc. develops Internet e-commerce enterprises. The company is the
parent of the ECEC Trading Club which is carving its niche in an Internet auction
industry that has been projected to reach $52 billion in sales by 2002.
This press release contains certain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Actual events or results may differ
materially from those discussed in such forward-looking statements.
SOURCE eCom eCom.com, Inc. |
