AsiaEC.com Closed Second Round Financing.Business Editors/High-Tech Writers BEIJING, China--(BUSINESS WIRE)--July 25, 2000 AsiaEC.com Ltd., a leading business-to-business e-procurement service provider headquartered in Beijing, China today announced that it has completed its second round financing through a private placement with investors led by leading venture fund managers, the Carlyle Group  The of this article or section may be compromised by "weasel words".You can help Wikipedia by removing weasel words. The Carlyle Group is a Washington, D.C. and E. M. Warburg, Pincus & Co. LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . AsiaEC plans to use the funds to scale up its online operating resources services and expand its e-procurement enabling business. The funding will further enhance AsiaEC's leadership position in China's B2B e-commerce (Business to Business Electronic-COMMERCE) Refers to one business selling to another business via the Web. See e-commerce. space in light of an increasingly anxious and tight technology capital market. "AsiaEC's private placement was very well received. The choice of investors was a difficult one, given our requirement for investor speed and value-added contribution. We are extremely pleased with the quality of investors we have attracted," said Mark Qiu, president and CFO See Chief Financial Officer. of AsiaEC.com, Ltd. "Recent capital market roll-back of the technology sector and sluggish public market reactions to several newly listed Chinese portals didn't appear to hinder investors' enthusiasm to AsiaEC, which demonstrates the validity of our business model and execution plan." "The funding came at a pivotal stage of AsiaEC's development," commented Tim Liu, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AsiaEC.com. "Our business is growing rapidly, which requires further financial and human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. . The support of E. M. Warburg, Pincus & Co. and the Carlyle Group, which represent blue-chip venture capitalists in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , not only is a resounding re·sound v. re·sound·ed, re·sound·ing, re·sounds v.intr. 1. To be filled with sound; reverberate: The schoolyard resounded with the laughter of children. 2. vote of confidence but will add critical strategic value to assure the success of AsiaEC.com." Chang Sun, Managing Director of E. M. Warburg, Pincus & Co., remarked: "AsiaEC stands out among .com companies with its sound business model and ability to execute and deliver. The successful closing of this round is a tribute to the company's leadership and success in the B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business market place." "We were impressed by old fashion entrepreneurship at work with AsiaEC.com," said Eric Levin, co-head of Carlyle's Asia Technology Fund. "Commitment, responsibility, hard work and business sense are essential to all businesses, old or new. At the end of a day, only those with such qualities are likely winners. We are convinced that AsiaEC has those essential qualities." About AsiaEC.com, Ltd. AsiaEC.com, Ltd. is a leading provider of business-to-business e-procurement in China. AsiaEC.com e-procurement solution, comprised of its online operating resources services and AsiaEC's B2B application suite including eProcurementPro(TM), eSupplyPro(TM), eLogisticsPro(TM) and eXchangePro(TM), helps companies realize economic benefits in procurement and supply chain management through the employment of Internet technology. AsiaEC can be contacted in Beijing at (86) 10 65615888 or at www.asaiec.com. Note to Editors: eProcurementPro(TM), eSupplyPro(TM), eLogisticsPro(TM), eXchangePro(TM) and AsiaEC.com logo are trademarks of AsiaEC.com, Ltd. |
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