April 4, 2001
PinnFund/Leasing USA "Out of Money""/Millions Are Gone", says San Diego Union-Tribune
Broker also reports "bounced check" from PinnFund Leasing
Robert New---Most Readers Have Little Good to Say
Comdisco Takes Big Hit in Stock as Investors Fear Their Investment Portfolio
Orix Issues Press Release/Revealing Part of What Insider Has Told Leasing News
GE Capital Picks Up NCR Leasing
PDS Gets Action Gaming
Internet Capital Lists Their Successes, including Mellon On Line Leasing
Meet Kit Menkin and Leasing News Advisory Board at the New Orleans Conference in May
National Association of Equipment Leasing Brokers Special Workshop
All association members can obtain the "member" conference price, plus if fax,
telephone, or check dated April 5, "Early Bird Special"
We have been writing about this for several months, and trying to confirm things,
as we do want to be accurate. It is the "insider" that gives us the great majority
of our news here, such as:
"JDR has laid of 90% of their employees with NO notice and NO severance. All Medical and Dental
insurance being cut off at time of dismissal. (The day of termination!)
Pretty low blow for the dedicated employees that have stuck it out with them through thick and
thin for a number of years to be cut out with no severance or a 30 day medical window."
This year's Saturday night event at the Spring Education Conference is
going to make the history books! Join in the fun at Rawhide, an 1880's
Western Town. You'll feel as though you've taken a step back in time to
the rough-and-tumble days of the Old West!
Main Street bustles with the excitement of thrilling shootouts and zany
street shows (you never know......you may just know some of the
characters!) For supper, UAEL attendees will enjoy steaks cooked over a
mesquite fire while experiencing the splendor of an Arizona sunset as the
campfires pop and whistle. Start practicing the 2-step and line dancing
because after a hearty Wild West meal we are going to dance to a live band
'til the cows come home. Or, you can simply enjoy the twinkling stars of
the night sky.
So don't forget to bring your Western gear to this year's conference. You
may just win the "Best Dressed Cowboy or Cowgirl" contest!
Call today to make your room reservations at the Doubletree Paradise Valley
Resort at(480) 947-5400 and don't forget to ask for the UAEL group rate!
Register online at www.uael.org!
See you in Scottsdale!
Joanie Dalton - Managing Director
UAEL - United Association of Equipment Leasing
520 Third Street, #201
Oakland, CA 94607
(510) 444-9235 x27 or (510) 444-1346 fax
PinnFund millions are 'all gone'
By Mike Freeman
UNION-TRIBUNE STAFF WRITER
More than $300 million in investor money is missing in an alleged eight-year Ponzi scheme run out of PinnFund USA in Carlsbad, according to a court-appointed receiver trying to hunt down assets.
The amount came to light in the past week as officials investigated what they are describing as one of the largest cases of securities fraud in Southern California history.
While federal regulators initially alleged that at least $107 million had been improperly
diverted, and possibly millions more, they did not know the full extent of the loss until now.
In a hearing yesterday in U.S. District Court, an attorney for the receiver said about $1.5
million remains in a PinnFund trust account that investors hoped held at least part of the $300 million they had paid in over the years.
"It's all gone," said Thomas Zaccaro, a regional trial lawyer with the Securities and Exchange Commission. "There are some assets we're chasing. There may be some receivables in the pipeline, but all in all, we're not going to recover more than a fraction of this."
On March 21, the SEC filed civil litigation in U.S. District Court accusing PinnFund, its
founder Michael J. Fanghella, Oakland lawyer James L. Hillman, Oakland-based Peregrine Funding and other companies controlled by Hillman of bilking investors.
Promised 17 percent returns, investors were told that their money would be put into a trust account to fund mortgages made by PinnFund.
PinnFund specialized in so-called sub-prime mortgages, lending to people with poor credit. PinnFund said it would sell the mortgages at a profit, which in turn would provide returns to investors.
Instead of funding mortgages, the SEC contends that more than $100 million went to support Fanghella's lavish lifestyle, including $10 million in gifts to his ex-girlfriend, Kelly Cook, a former porn star.
In addition, the SEC estimates that $95 million went to cover ongoing losses at PinnFund, which had a gym, on-site athletic trainers and a wine cellar at its 95,000-square-foot headquarters in Carlsbad.
The remainder of the $300 million, the SEC speculates, was used to make interest payments to investors as part of the Ponzi scheme. (In a Ponzi scheme, money paid in by later investors is used to pay abnormally high returns to the original investors, thereby attracting more money.)
Last month, U.S. District Judge Marilyn Huff froze the assets of PinnFund, Fanghella, Hillman, Peregrine and the other companies. She also appointed Charles La Bella, former San Diego U.S. Attorney, as receiver to oversee PinnFund.
Fanghella's lawyer quit on March 23, and federal regulators have been unable to contact him. Fanghella did not have a lawyer in court yesterday, according the SEC.
Also yesterday, the SEC asked Judge Huff to hold Hillman in contempt. The SEC has accused Hillman of making a wire transfer of $1 million to the Los Angeles law firm representing him after the March 23 order that froze his assets.
Judge Huff scheduled a contempt hearing for this Friday, but also indicated that if the law firm returns $750,000 to Hillman, the matter would be dropped.
Efforts to reach Hillman's lawyer were unsuccessful.
+ + +
PINN LEASE USA - NSF CHECK
"We recently had a customer who tried to obtain a lease through PinnLease USA in Carlsbad, CA. PinnLease structured a proposal for approval and required the customer to forward an advance payment check to them to process the deal. It turned out they did not approve the deal. Our customer requested a prompt refund in full. PinnLease, USA did return the check to our customer, and when they deposited the check back into their bank account, they received notification shortly thereafter from their bank that the check was returned for non-sufficient funds. They cashed the customer's check and prepared one of their own which they returned to the customer and this check bounced. Our sales rep was immediately contacted and we were informed he no longer works for the company. We tried to contact corporate in Carlsbad, CA and there appears to be a message from the U.S. District Count. S. District of CA regarding business activity; unable to reach anyone direct at corporate; not sure if anyone still works there. We just want to warn any PinnFund Brokers left. We request that our name not be mentioned in this
Michigan arena: Monroe Bank &
Trust has announced today that they will quit doing leasing/discounting as
of May 7, 2001. Monroe B&T has provided small ticket discounting to
Michigan lessors and brokers for years.
Kit- I hope you're enjoying Hawaii while it's still about 40 degrees and
cloudy here in the Northeast. I'd trade this past winter for planning a
wedding any day.
On another note: To the anonymous, callous writer who couldn't wait until
Mr. New was buried before using him as an example of bad business practices,
(unsubstantiated, no doubt) shame on you. Why you found it necessary to
mention Mr. New in your letter escapes me. The same point could have been
gotten across without his name. Your one line disclaimer at the start of the
letter is not sufficient. You should publicly apologize to his family,
friends, partners and co-workers. You are a coward for signing "Anonymous".
I did not know the man, still I find what you did reprehensible.
PO Box 471
North Grafton, MA 01536
Please visit us http://RM1.homestead.com/Home.html
+ + +
Sorry to hear when someone dies; however it is amazing, as the earlier
writer stated, that even after the UCP debacle and the major losses by
banks, the loss of jobs and the bankruptcy of previously well-established
companies, Robert New would still be out chartering a private plane to take
friends to a party in Aspen.
Steven B. Geller, CLP
( I think there was one other person than John Kenny who expressed a similar opinion, however there were at least three dozen, and as a matter of fact, some were quite angry,strong, even named others who they wished were on the airplane. You read about PinnUSA,NewEra,Metrolease,Unicaptal,Linc Capital, and a host of others living high on the hog. I think Steve Geller said it best. There also is the fact is there were 18 fatalities in the Aspen plane crash,including Robert New, founder of UniCapital. Yes, many walk away and start new leasing companies. Some have done this twice. Robert New had been working in high-end vehicle leasing in Los Angeles and was flying with a friend and his family to Robert's Aspen home to celebrate the friend's birthday. The FAA is crticizing the Aspen Control Tower for not making public they do not have radar access and did not inform the pilot prior to his arriving in the area they did not havenight radar. editor )
Drawing on credit line sends Comdisco down
BY HOWARD WOLINSKY BUSINESS REPORTER Dow Jones
Shares of Comdisco Inc., one of the Chicago area's largest and most established tech companies, plunged Tuesday as the company tapped into its credit line and hired a pair of heavyweight consultants to help set a new course.
Comdisco, the Rosemont company that leases computer equipment and provides technical services, was hammered after it drew down $880 million from its credit line, mostly to offset $825 million on commercial paper loans that were coming due.
Comdisco stock lost more than 60 percent of its value Tuesday, closing at $2.55 a share, down $4.53, its lowest point in more than a decade. It topped $46 a share in March 2000.
"The market was responding to Comdisco drawing down its loans," said T.K. MacKay, a stock analyst with Morningstar in Chicago. "It's not productive for shareholders. (Comdisco is) simply treading water while carrying $6 billion (in debt) on its back. You can't stay afloat for long that way."
Moody's Investors Service downgraded the ratings of Comdisco and an affiliated company because of Comdisco's "sharply reduced financial flexibility." Moody's also said it has left Comdisco's long-term ratings on review for possible further downgrades.
At the same time, Comdisco announced it hired Goldman Sachs Group Inc. and McKinsey & Co. as advisers. Mary Moster, vice president of corporate communications at Comdisco, said the new chief executive, Norman P. Blake Jr., 59, who was hired in February when Nick Pontikes, 36, stepped aside, had previously announced the company would be going through "a comprehensive review to put together the game plan."
Mark C. Jordan, an analyst with A.G. Edwards & Sons in St. Louis, portrayed it as a routine matter to help Blake, a General Electric Corp. alumnus, plan the company's future."It's an issue of looking at all of the strategic alternatives," he said. "A new CEO needs a top-to-bottom analysis to decide if they're in the right businesses."
MacKay said Comdisco likely will narrow its focus to its more successful businesses, such as its traditional computer equipment leasing business and its data recovery unit, while possibly shedding its more troubled operations.
Jordan said Comdisco's unit that leased computers to start-ups was hit hard by the downturn in the tech economy and subsequent shutdown of the initial public offering market."Comdisco could benefit from more focus," he said.
"It is premature to comment or speculate what actions will be taken," Comdisco's Moster said. "Our advisers have been charged with looking at all the alternatives."
MacKay said Comdisco is fundamentally sound, but the company, which was an early investor in Internet stocks, has been infected with Internet fever. "This isn't a fly-by-night company that came to market in November 1999. They've been around forever. (Comdisco was founded in 1969).
Their attempts to diversify have been very risky."
The company last year wrote off $322 million on its investment in Prism, a high-speed data service. As a result, Comdisco lost $67 million in fiscal 2000 compared with earnings of $70 million in fiscal 1999.
As Comdisco's stock hit a 52-week low, MacKay said some investors might be tempted to "bottom fish" because the company has a solid business and has been in business so long."It may be trading at $2.50 per share, but that doesn't mean it won't go to zero. It's a very risky situation," he said. "The stock has become a penny stock and is extremely volatile. It's too volatile for institutions to touch it. Blake may work things out, but it's anybody's guess whether shareholders will come out ahead."
Full Story on Orix Still NOT Told
Yesterday, we reported:
"We had a meeting of many of the top personnel and learned that we will be
closing most offices, including the Secaucus, New Jersey home office and
consolidating all functions in Atlanta. The reorganized company will be
engaged in asset based financing, structured deals, and other financing. No
mention was made of the Equipment Group (the original orix). It appears
that the closing will occur by October of this year. Please do not mention
Name With Held
their press release
Orix Financial Will Consolidate Operations in Atlanta
ORIX Financial Services, Inc. (OFS) announced that it will restructure certain operations and
consolidate in Atlanta. The consolidation will impact the company's Equipment Finance Group (EFG) and home office, while the Business Credit Group, Structured Finance Group and OFS Canada, Ltd. in Toronto will be unaffected.
In a meeting with employees earlier, Jay S. Holmes, chairman and CEO of OFS, said consolidated operations are slated to begin in Atlanta at the beginning of October.
"The decision to consolidate was not an easy one to make," said Holmes. "Over the past year, OFS has made bold transformations to become stronger and more competitive in today's marketplace. We are moving in the right direction as a result of these efforts, but we determined that this measure must be taken in order to ultimately achieve our long-term financial and strategic goals."
Holmes added, "The consolidation allows OFS to substantially reduce operating expenses, increase efficiency, and redesign processes as we pursue ne business. OFS is making it a key priority to assist employees through the transition process by offering placement and relocation services, among other resources."
Recently, OFS has charted a new direction in an effort to achieve consistent earnings for its shareholder and ensure the future financial well being of the company. OFS has strengthened its senior management team, implemented training programs, and improved employee benefits and incentives. It has also changed both its name and operating structure to reflect a broadened market and product base, launched the Structured Finance Group and Business Credit Group, and
refocused the Equipment Finance Group.
PDS Financial Corporation Signs Licensing Agreement With Action Gaming, Inc.; Agreement Will Allow PDS Gaming To Expand Line Of Digital Table Games
LAS VEGAS, April 3 /PRNewswire/ -- PDS Financial Corporation (Nasdaq: PDSF), d/b/a PDS Gaming, which finances, leases, sells, manufactures and refurbishes gaming equipment for the casino industry, today announced that it has signed a licensing agreement with privately held Action Gaming, Inc., a well-known casino games inventor, that will allow PDS Gaming to expand its line of proprietary digital table games.
Action Gaming is a leader in the creation and design of MULTIPLAY(TM) Casino Games and VideoPoker Games. The company is the patent creatr of some of the most successful games in the casino industry. Action Gaming is widely known for its highly successful Triple Play(TM) Poker game, which allows a casino customer to play more than one hand of video poker at a time. Some of the company's other trademarked games include Five Play(TM) Poker, Ten Play(TM) Poker, Fifty Play(TM) Poker, Matrix(TM) Poker, Double Pay(TM) Poker, and Spin Poker(TM). New games for release this year which Action has created and designed and are manufactured through major
gaming companies include Hundred Play(TM) Draw Poker, Millionaire Triple Play(TM) Poker, Chase the Royal(TM), and Fast Action(TM) Progressives. Gaming machines with Action products have been installed in most of the major casino facilities throughout North America.
PDS Gaming, under the terms of its licensing agreement with Action Gaming, Inc., is granted the sole and exclusive worldwide rights to manufacture, market, and distribute Double Play Blackjack(TM) and 21 Stud(TM) games utilizing PDS' proprietary Digital Card System(R) ("DCS") technology platform, subject to approval by the appropriate gaming regulatory authorities.
Action Gaming, Inc. developed and is the owner of patents on Double Play Blackjack(TM) and 21 Stud(TM). PDS Gaming will pay royalties to Action Gaming from lease revenue generated by the placement of such games in casinos.
"We are very pleased to enter into this strategic relationship with Action Gaming, which is widely regarded as one of the most innovative game developers in our industry," stated Johan Finley, Chairman and Chief Executive Officer of PDS Gaming. "This licensing agreement will allow us to offer unique and exciting table games on our DCS technology platform."
"We believe PDS Gaming's Digital Card System(R) will be an exciting addition to the casino table games market," noted Ernest W. Moody, President of Action Gaming, Inc. "With this PDS technology, we have the capacity to create very exciting table games, such as playing multiple blackjack hands simultaneously, or a blackjack hand followed immediately by a poker hand. We are excited to bring multi-play table games to the casino pit on PDS Gaming's platform."
PDS Financial Corporation (d/b/a PDS Gaming) provides customized finance and leasing solutions, used and reconditioned gaming devices and digital table game products to the casino industry in the United States. The Company also operates a casino in Reno, Nevada. PDS Financial Corporation is headquartered in Las Vegas, Nevada, and its common stock trades on The Nasdaq Stock Market under the symbol "PDSF."
This press release includes statements that may constitute "forward- looking" statements,
usually containing the words "believe," "estimate," "project," "expect" or similar expressions.
These statements are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially from the forward-looking
statements. Factors that would cause or contribute to such differences include, but are not limited to, changes in regulation of the gaming industry, continued acceptance of the Company's products and services in the marketplace, competitive factors, dependence upon fourth-party vendors, changes in interest rates, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. There can be no assurance that products on the DCS platform will be approved for use by the various gaming regulatory authorities. By making these forward-looking statements, the Company undertakes no obligation to update these tatements for revisions or changes after the date of this release.
For additional information, please contact:
Martha Vlcek, Chief Financial Officer of PDS Financial Corporation d/b/a PDS
Gaming at (702) 736-0700
or RJ Falkner & Company, Investor Relations Counsel at (800) 377-9893 or via
e-mail at firstname.lastname@example.org.
Regarding Action Gaming Inc., contact Stephen Grogan at (702) 737-7005
SOURCE PDS Financial Corporation
NCR Selects GE Capital Vendor Financial Services as Preferred Provider for Leasing Programs
Partnership Extends Financing Options for NCR Products, Services and Solutions
DAYTON, Ohio, April 4 /PRNewswire/ -- NCR Corporation (NYSE: NCR) has entered into a seven-year agreement with GE Capital Vendor Financial Services, a world leader in providing financing solutions, as the preferred provider of leasing services for NCR customers in the United States. GE Capital Vendor Financial Services will provide comprehensive, flexible financing solutions to U.S.-based NCR customers acquiring NCR hardware, software or solutions, including Teradata warehousing and customer relationship management (CRM) solutions, ATMs/Self-Service TouchPoints(TM), payment solutions, retail store automation, professional services and
maintenance contracts. GE Capital Vendor Financial Services will also support NCR through a dedicated nationwide sales force and a back-office team to partner with NCR sales associates in its Teradata, financial and retail divisions.
"The assurance of flexible lease financing across all NCR solutions further solidifies our
offerings and will be a key driver to our future growth rate," said David Bearman, NCR senior vice president and chief financial officer. "The strength of NCR solutions and GE Capital Vendor Financial Services financing will be a powerful combination in the marketplace."
"We are dedicated to helping companies like NCR generate more revenue through tailored financing programs that add value to both them and their customers," said Bill Cary, president and CEO of GE Capital Vendor Financial Services. "Through superior customer service and a commitment to Six Sigma quality, we will grow this relationship globally to better serve NCR and their global customers."
About GE Capital Vendor Financial Services
GE Capital Vendor Financial Services is a global leader in developing and providing financial solutions and services to equipment manufacturers, distributors, dealers and their end users.
With approximately $16 billion in served assets worldwide, GE Capital Vendor Financial Services works with its customers to drive new business and make existing customers repeat customers through superior service, a commitment to quality and fairness and the application of the latest e-commerce technology. GE Capital Vendor Financial Services serves approximately 100 manufacturers, 4,500 dealers and currently has over 500,000 accounts in 33 countries.
About NCR Corporation
NCR Corporation (NYSE: NCR) is a leader in providing Relationship Technology(TM) solutions to customers worldwide in the retail, financial, communications, manufacturing, travel and transportation, and insurance markets. NCR's Relationship Technology solutions include privacy-enabled Teradata(R) warehouses and customer relationship management (CRM) applications, store automation and automated teller machines (ATMs). The company's business solutions are built on the foundation of its long- established industry knowledge and consulting expertise, value-adding software, global customer support services, a complete line of consumable and media products, and leading edge hardware technology. NCR employs 32,900 in more than 100 countries,
and is a component stock of the Standard & Poor's 500 Index. More information about NCR and its solutions may be found at www.ncr.com .
NCR and Teradata are trademarks or registered trademarks of NCR Corporation in the United States and other countries.
SOURCE NCR Corporation
CO: NCR Corporation; GE Capital Vendor Financial Services
IN: FIN CPR
Includes Mellon Leasing
Internet Capital Group's B2B Partner Companies Demonstrate Traction With New Customer Wins; ICG's Developed Partner Companies Collectively Service 40% of the Fortune 500
WAYNE, Penn.--(BUSINESS WIRE)--April 4, 2001--Internet Capital Group (Nasdaq:ICGE), a leading business-to-business e-commerce (B2B) company, today announced that a number of its partner companies are achieving significant business traction. Internet Capital Group (ICG) partner companies, primarily in the company's developed category, are consistently signing high-profile customers delivering software and services to help these businesses increase efficiencies and reduce costs. The growing customer roster of these 15 developed partner companies includes more than 200 members of the Fortune 500.
"For the past five years we've said that the benefits of B2B are real and will transform the way business is done. We're proud that we can point to our partner companies as tangible proof of this claim," said Walter W. Buckley, president and chief executive officer of ICG. "This growth is a direct result of the efficiencies and cost savings our partner companies deliver to their customers. We saw strong growth in 2000, with more than a 200% increase in pro forma unaudited revenues excluding reselling. We continue to be encouraged by the headway many of our partner companies are making, even at this early stage in the B2B technology sector."
The following list includes only a few of the customer-related milestones achieved by ICG's developed and emerging partner companies over the past several months:
-- AssetTRADE, a leading asset recovery management and disposition company, announced a global, three-year exclusive equipment disposition and acquisition services agreement with Bethlehem Steel Corp., the nation's second-largest fully
integrated steel producer.
-- CourtLink, the leading provider of online services for
accessing court records and filing and servicing legal
documents, announced that its eFile service is now live in all
63 Colorado District Courts -- to become the first-ever
statewide electronic filing service. CourtLink also announced
that use of its eFile service has been mandated to streamline
court filings in a large mlti-party Firearms Case in San
Diego Superior Court, as well as to manage asbestos litigation
in Boulder County, Colo.
-- eCredit.com and SunTrust Credit Corp. announced that SunTrust
Credit is using the eCredit.com credit decision software for
automated approval of small business financing and revolving
lines of credit. eCredit.com solutions help Fortune 1000
companies, financial services organizations and e-businesses
automate credit and underwriting to better manage risk and
deliver a portfolio of financing options at the point of sale.
-- eMarketCapital, a provider of private-label leasing services
that help manufacturers close more deals by making competitive
lease financing available to their customers, announced that
Mellon Leasing Corporation will participate as a lender in the
Internet-based B2B leasing serving that eMarket Capital
provides to major capital equipment manufacturers nationwide.
eMarket Capital also recently announced that GMAC Commercial
Mortgage's Equipment Finance Group has signed on as a
participating lender for the company's leasing service.
-- Freeborders, a leading provider of collaborative product
management solutions for the global retail industry, announced
that Levi Strauss & Co., one of the world's leading branded
apparel companies, will roll out Freeborders' CPM
Component(TM) to additional mills worldwide. Freeborders also
announced an agreement with S.R. Gent, a leading European
apparel supplier, in which S.R. Gent will implement
Freeborders' CPM Design module, the front end of the
design-to-delivery(TM) platform, to maintain a more efficient
operation throughout its manufacturing supply chain.
-- ICG Commerce, a comprehensive online procurement services
provider has signed up and begun providing procurement
services to Fortune 500 companies including ALLTEL, Sara Lee
and Unisys. Through comprehensive procurement services, ICG
Commerce has yielded an average cost savings of 5 percent to
15 percent on indirect and direct material purchases. ICG
Commerce also announced that it's been selected by Transora,
the largest global e-marketplace for the consumer packaged
goods industry, to provide critical e-procurement services
such as indirect category content, aggregated data and
exchange infrastructure to Transora participants in North
America. Transora consists of about 50 companies trading
online, including The Coca Cola Company, Johnson & Johnson,
Kraft Foods, Inc. and PepsiCo Inc.
-- InvestorForce, a leading website for the institutional
investment community serving pension plan sponsors,
consultants and money managers, announced that the City of New
Orleans Retirement System has successfully completed a money
manager search using InvestorForce's database and proprietary
Search Exchange(SM). The firm's web technology has been used
to complete $1.8 billion in 21 online searches with an
additional $3.8 billion in progress.
-- Jamcracker, a leading provider of enterprise IT and business
applications and services, announced in early February that it
has 42 customers successfully using its service and an
additional 41 customers in various stages of deployment,
including CAT Technology.
-- Logistics.com, the leader in transportation procurement and
management technology, announced that it was selected by
Stevens Transport to implement OptiYield Fuel&Route(TM),
Logistics.com's fuel and routing optimization tool for optimal
trip planning and operational cost control. The company also
announced that Challenger Motor Freight has selected
Logistics.com's complete OptiYield solution to manage and
analyze its truckload operations via online delivery. Total
savings for Logistics.com customers over the past 12 months
exceed $100 million.
-- NetVendor, a leading provider of B2B sell-side Internet
software, was selected by Heil Environmental Industries to
extend its sales and customer service channels onto the
Internet. NetVendor also launched an e-commerce site for
Kulicke & Soffa, powered by NetVendor's sell-side e-commerce
application, E.MBRACE(TM). They also applied their online
order and computer-aided design (CAD) capabilities to deliver
a sell-side solution for Leggett & Platt, to support its
diverse businesses, which range from residential and
commercial furnishings to industrial materials and machinery.
-- Syncra Systems, a collaborative commerce leader, announced
that its Collaborative Planning, Forecasting and Replenishment
capability (CPFR(R)) will be used by Transora and Momentx.
CPFR(R) enables suppliers, manufacturers, distributors and
retailers to share value chain information real time via the
Internet. This service paves the way for collaboration across
the entire value chain. Syncra also announced an agreement in
which Ariba, Inc. will resell Syncra's integrated product
suite. The integration of Syncra's supply-chain solutions with
Ariba's Value Chain Management solution suite will enable
Ariba customers to achieve end-to-end visibility among trading
ICG's network spans the three primary sectors of B2B e-commerce with:
-- Technology infrastructure companies that establish supply
chain and commerce software platforms to allow for better,
faster information management and transaction processing
between buyers and suppliers;
-- Horizontal service providers that automate and streamline
non-core processes and enable the execution of online
transactions with critical services such as credit, logistics
and procurement; and
-- Vertical solution providers that coordinate, organize and
streamline information within specific industry supply chains.
The partner companies are further categorized by three stages of development -- public,
developed, or emerging. The public category includes ICG partner companies that are publicly traded. As this categorization relates to ICG's private partner companies, the developed category represents those believed to have the greatest near-term value potential for both shareholders and the network, based on a set of stringent criteria including a proven, differentiated business model, a number 1 or 2 competitive market position and the expectation to become cash flow positive within 18 months, among others. The emerging category includes companies that, as their businesses mature, may be able to meet the same stringent criteria as those in the developed category.
About Internet Capital Group
Internet Capital Group (http://www.internetcapital.com) is an Internet holding company actively engaged in business-to-business e-commerce through a network of partner companies. The company's primary goal is to build companies that can obtain number one or number two positions in their respective markets by delivering the software and services to help businesses increase efficiency and reduce costs. It provides operational assistance, capital support, industry expertise, and a strategic network of business relationships intended to maximize the long-term market potential of more than 70 business-to-business e-commerce companies. Headquartered in Wayne, Internet Capital Group has offices in San Francisco, Boston, London, and Hong Kong.
Internet Capital Group
Michelle Strykowski, 415/343-3753 (Media)