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To: Mephisto who wrote (27850)	2/17/2000 4:20:00 PM
From: Mephisto	Respond to of 64865

WellNet unveils WorldMetal.com Sun Micro, BroadVision help build online metals exchange By Bill Clifford, CBS MarketWatch Last Update: 12:01 PM ET Feb 17, 2000 HONG KONG (CBS.MW) -- WellNet Holdings Ltd. has formed a strategic alliance with Sun Microsystems Inc., BroadVision, Inc. and UNI-Tech Technologies Ltd. to develop a "one-stop" metal exchange portal called WorldMetal.com. Metal manufacturers and traders around the world will be able to participate in auctions and procure supplies once the exchange is officially launched in March. Web sites initially in English and Chinese anguages will give registered members access to industry news and online trading services. The goal is nothing short of building "abusiness-to-business portal that will eventually evolve into the largest online metal trading platform," said David Chan, chairman of WellNet, a Hong Kongfirm engaged in metals, software and investment businesses. Sun Microsystems (SUNW: news, msgs) and Uni-Tech will contribute system design, infrastructure and technical expertise to support "the long-term development of a comprehensive WorldMetal.com." BroadVision managing director Danny Lo said the company (BVSN: news, msgs) will provide its "One-to-One" software suite for managing online transactions, billing and customer service. But it wasn't clear from WellNet's press release how much financial support, if any, the partners would contribute to the venture. Chan said WorldMetal.com will be developed in phases, beginning with a focus on the metal markets in Europe and Asia-Pacific countries, which have accounted for over 65 percent of worldwide metal consumption. Trading turnover in the two regions amount to over $90 million a year, according to WellNet. The online exchange will launch trading next month in ferrous products, including steel, and expand by end of the year into non-ferrous metals such as copper and aluminum. There are no immediate plans to set up e-trading in precious metals. WorldMetal.com aims to break even by the end of 2002. Chan said the venture will generate revenues "mainly from membership fees, advertising, trading commission and other value-added services." Members will be classified as honorary founding members, founding members, consultative members and ordinary members. WellNet and about 20 internationally renowned industry players will be among the founding members and shareholders. The initial investment on WorldMetal.com is expected to be $15 million to $20 million. In addition to a worldwide network of metal manufacturers and metal traders, other participants providing services will include banking, insurance, shipping and inspection companies as well as energy suppliers.