For Immediate Release
San Francisco, CA and Hong Kong - May 2, 2000 - VLINX, the Next-Generation B2B D2DTM e-commerce portal that enables turnkey, seamless Door-to-Door (D2D) international trading of consumer products, today announced it has obtained a second round of financing from Madrona Venture Group, Hutchison Whampoa Limited and iBusiness Corporation (iBusiness).
The B2B D2D VLINX e-commerce portal has closed US$10 million in second round financing from the three groups. The financing will support VLINX as it continues to expand its pre-qualified Buyer and Supplier network and adds more partners to its current roster of ten Program Partners.
Tom Alberg, Madrona Managing Director said "VLINX's online e-marketplace and partnered fulfillment system has created a seamless international online trading model that is efficient, cost-effective, and facilitates ease of trade. Moreover, its knowledge of key Asian supplier markets provides competitive market advantage in the new global Economy."
"Hutchison Whampoa's commitment to investing in high-growth e-commerce sites reflects our desire to back new enterprises with significant growth and market leadership potential," said Frank Sixt, Group Finance Director of Hutchison Whampoa Limited. "To VLINX's expertise in Asian Supplier markets, Hutchison Whampoa brings knowledge and presence in growing, Internet-based Asian markets."
Hutchison Whampoa recently announced the formation of joint venture alliances with several key US Internet companies, including Priceline.com, Internet Capital Group, and DLJDirect.
Tim Kwok, Chief Operating and Technology Officer of iBusiness, commented, "Set out to be a leading facilitator of e-commerce, iBusiness is interested in launching and investing in B2B Internet companies with great business potential; we are confident that VLINX will be one of the companies which will excel in this arena."
"The support and backing of Madrona, Hutchison Whampoa and iBusiness is a confirmation that the VLINX business model, depth in Asian Suppliers and Program Partners, and global execution capabilities contribute to our unique proposition - the next-generation B2B D2D e-commerce portal for international trade," said Kombiz Eghadmi, VLINX CEO and Chairman.
VLINX facilitates a global, web-based, competitive bidding process and turnkey, Door-to-Door delivery of goods from anywhere in the world to North America. VLINX also facilitates the secure flow of information for all tasks associated with global trade, including payments, appraisals, inspections, insurance, samples and logistics.
Strategic alliances with global leaders in international trade enable a seamless, worldwide network by utilizing real-time data transfer and interfaces with the VLINX Program Partners. VLINX does not just refer Buyers and Suppliers to other service providers. The VLINX Program Partners, working within the VLINX system, actually do all the work for the VLINX Buyers and Suppliers.
About Hutchison Whampoa
Hutchison Whampoa is a Hong Kong-based multinational conglomerate with a market capitalisation of over US$54 billion. With origins dating back to the 1800s, Hutchison is also part of the Li Ka-shing group of companies, which together represent 18% of the total market capitalisation of the Hong Kong stock market. In 1999, consolidated turnover was over US$7.1 billion, and earnings after tax and exceptional items were approximately US$15.1 billion.
With over 80,000 employees worldwide, Hutchison operates five core businesses in 24 countries: ports and related services; telecommunications and e-commerce; property and hotels; retail and manufacturing; and energy and infrastructure. Worldwide, the Group is one of the leading owners and operators of Internet and telecommunications infrastructure, offering a wide range of related services. These include fixed-line services, ISP and ICP services, Web hosing services, fiber optics broadband networks, mobile telephony (voice and data), paging, trunked mobile radio, VSAT and radio broadcasting services.
About iBusiness Corporation
Formed in January 2000, iBusiness Corporation (iBusiness) is the Internet joint venture of four leading Hong Kong-based multi-national corporations, namely Cheung Kong (Holdings) Limited, The Hongkong and Shanghai Banking Corporation Ltd, Hutchison Whampoa Ltd and Hang Seng Bank. Capitalising on the resources, network and customer base of the shareholders, iBusiness is committed to become a major player in the internet arena and a leading facilitator of e-commerce business by offering B2B and B2C on-line solutions for different market segments. In addition, iBusiness will explore and develop new business ventures with strategic partners to provide a wider and fuller range of Internet service offerings to Hong Kong and Asia. The shareholders have committed an initial amount up to HK$3 billion for the development of the company.
Website: http://www.ibusinesscorporation.com/
About Madrona Venture Group
Madrona Venture Group LLC is an early-stage venture capital firm focused on the Internet economy in the Northwest. Based in Seattle, the firm has a US$250 million venture fund directed at emerging Internet, wireless, telecom and software businesses. Some of Madrona's early-stage investments include Amazon.com, HomeGrocer.com, Fishmonger.com, TeraBeam and Ignition.
Website: http://www.madrona.com/
About VLINX
VLINX is the Next-Generation B2B D2DTM e-commerce portal for seamless international trade via the Internet. Through its solution and partnerships with recognized worldwide providers of trading services, VLINX automates all aspects of the international trading process. The VLINX group of Program Partners includes FedEx, HSBC Group (HSBC Holdings plc), LLOYD'S, Maynards Industries, NNR (NNR Aircargo Service (USA) Inc.), OEC (Overseas Express Consolidators), Royal Bank of Canada, SGSonSITE (a division of The SGS Group), TradeSafe.com and Wells Fargo & Company. The VLINX online solution benefits Buyers, Suppliers, and End customers with better prices, worldwide access and ease of trade. VLINX is a founding member of the Forum for Trust, a consortium dedicated to building confidence in B2B e-commerce by certifying sellers through a third party trust provider, SGSonSITE. The company has operational headquarters in San Francisco and Vancouver, British Columbia with offices in Los Angeles; Orlando, FLA; Chicago; Kuala Lumpur, Beijing, Bangkok and Tokyo. VLINX can be contacted at 877-868-5469 or at www.vlinx.com. VLINX is privately held.
CONTACT:
Susan Hewitt
415-664-7788
smhewitt@vlinx.com
Laura Cheung
852 2128 1289
laurac@hwl.com.hk
Wendy Tong Barnes
852 2122 2150
wendytb@ckh.com.hk
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