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Technology Stocks : Internet Capital Group Inc. (ICGE) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (1403)	3/8/2000 10:49:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 4187

ICGE and Hutchison Whampoa Form Two New Companies to Tap Tremendous B-2-B E-Commerce Potential in Asia HONG KONG--(BUSINESS WIRE)--March 8, 2000--Internet Capital Group (Nasdaq:ICGE - news), the leading business-to-business e-commerce company, and Hutchison Whampoa Ltd. (Hutchison), a US$ 65 billion Hong Kong based multi-national conglomerate, today announced that they have joined forces to sharply accelerate the pace of B-2-B e-commerce in Asia. Together, they will launch two businesses, ICG AsiaWorks, which will incubate, acquire and build e-commerce market makers and B-2-B infrastructure companies, and an e-procurement services joint venture that will become a leading e-commerce buying and selling portal for companies in the Asia region. Both of these companies will leverage the brand, visionary leadership, business networks, assets, and technology of Internet Capital Group (ICG) and Hutchison to encourage the growth of B-2-B e-commerce businesses. Both companies will be headquartered in Hong Kong. ``We believe there is enormous potential in Asia and we are honored to be partnering with Hutchison Whampoa to help Asian businesses tap into the world-wide power of the Internet,' said Kenneth Fox, co-founder and managing director of ICG. ``Together through the formation of our e-procurement services joint venture, we will create the leading portal for entrepreneurs and large corporations to buy and sell products and services globally, reducing their procurement costs and growing their revenues. In addition, the formation of ICG AsiaWorks will bring the knowledge and resources of ICG to Asian companies and provide a platform for our US and European based companies to expand to Asia.' According to Gartner Group, worldwide B-2-B e-commerce will experience explosive growth, totaling US$7.3 trillion by 2004. Approximately US$1 trillion will be generated in Asia. ``We are very excited about our new partnership with Internet Capital Group, the clear leader in the B-2-B Internet space in the United States,' said Canning Fok, Hutchison Whampoa group managing director. ``We believe ICG's success and impressive market capitalization of US$37 billion, is indicative of the tremendous potential of B-2-B e-commerce in Asia. With the powerful combination of Hutchison's extensive network and resources, and ICG's management and technical expertise, I am confident that we can repeat this success here in Asia.' ICG AsiaWorks ICG, Hutchison, and Li Ka Shing Foundation Limited are acquiring a combined controlling stake in a listed company on the Hong Kong Stock Exchange, Harbour Ring International Holdings (HK: 715), and renaming it ICG AsiaWorks Limited. ICG will be the majority shareholder. Closing is conditional upon the approval of the transaction by the shareholders of Harbour Ring (if required by the Hong Kong Stock Exchange or the Securities and Futures Commission, the independent shareholders,) listing approval from the Hong Kong Stock Exchange and the granting of a whitewash waiver from the Securities and Futures Commission, as well as certain other conditions. ICG AsiaWorks will acquire and build leading Asian-based B-2-B market makers and infrastructure companies, such as digital exchanges, consulting firms, software companies, and outsourced service providers. In addition, ICG AsiaWorks will operate several business incubation centers in Hong Kong and Greater China that will serve as a platform for bringing Internet Capital Group's market makers and partner companies to Hong Kong and Greater China. The incubation centers will also start new Asian-based companies. ICG AsiaWorks will accelerate the development of these companies by providing strategy, technology and executive recruiting, in addition to the global operational expertise of ICG's executive team and 55 partner companies. biz.yahoo.com