Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : NVDC -- Ignore unavailable to you. Want to Upgrade?

To: fiberman who wrote (151)	7/22/1999 10:17:00 AM
From: Rollcast...	Respond to of 198

Great concept - a step higher from the Autobytel/Autoweb models. Could see NVDC being snapped up by a larger player some day.

To: fiberman who wrote (151)	7/26/1999 7:32:00 AM
From: 2MAR$	Read Replies (2) \| Respond to of 198

Wells Fargo Commits to $25 Million Strategic Investment In Navidec and DriveOff.com Investments of $10 Million in Navidec and $15 Million in DriveOff.com to Fund Growth of Both Companies DENVER and SAN FRANCISCO, July 26 /PRNewswire/ -- Wells Fargo & Company (NYSE: WFC - news), today announced that it made a strategic investment of $25 million in Navidec Inc. (Nasdaq: NVDC - news) and its wholly owned subsidiary, DriveOff.com Inc. ''Wells Fargo's commitment will help Navidec continue expanding its business of consulting, building and managing leading-edge e-business solutions,'' said Ralph Armijo, president and CEO of Navidec. ''Our goal is to incubate new e-commerce businesses and help other companies transform their business with Internet technology.'' For its $10 million investment in Navidec, Wells Fargo will receive 380,000 shares of Navidec's common stock, approximately 4.9 percent of its outstanding common stock, and a $6,200,000 promissory note convertible into 620,000 shares of non-voting common stock of Navidec. For its $15 million investment in DriveOff.com, Wells Fargo will receive a note convertible into 20 percent of DriveOff.com's capital stock outstanding as of the closing of the transaction. Wells Fargo will also receive a five-year warrant for an additional one-percent of DriveOff.com, exercisable one year after the transaction's closing at a premium of the initial per-share price. The parties expect to close both transactions in early August. ''The strategic alliance with Navidec supports Wells Fargo's vision of providing our online customers with a ''trusted online gateway'' that brings together all of the tools, financial products, and related goods and services that our customers need to realize their financial goals and make their lives easier,'' said Sharon Osberg, executive vice president, Wells Fargo Online Financial Services. ''These alliances will provide new features and value-added services to our customers.'' Navidec, DriveOff.com and Wells Fargo are also discussing co-marketing and long term consulting agreements under which Navidec and DriveOff.com would provide additional services to Wells Fargo. Wells Fargo's $15 million investment in DriveOff.com will help fund the growth and expansion of the automotive e-commerce company's next-generation auto buying service slated to launch later in the third quarter of this year. DriveOff.com will allow consumers to obtain binding online price and monthly payment quotes while completing the entire purchase transaction, including financing, by visiting the site.