BuildNet Announces Withdrawal of Stock Offering.Business Editors/High Tech Writers RESEARCH TRIANGLE PARK Research Triangle Park, research, business, medical, and educational complex situated in central North Carolina. It has an area of 6,900 acres (2,795 hectares) and is 8 × 2 mi (13 × 3 km) in size. Named for the triangle formed by Duke Univ. , N.C.--(BUSINESS WIRE)--Oct. 24, 2000 BuildNet, Inc., a leading provider of management software and e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. services to contractors and distributors in the construction industry, today announced that it has withdrawn its S-1 registration statement filed with the Securities and Exchange Commission. The withdrawal, due in part to market conditions, will give BuildNet more latitude latitude, angular distance of any point on the surface of the earth north or south of the equator. The equator is latitude 0°, and the North Pole and South Pole are latitudes 90°N and 90°S, respectively. to engage in business activities that would have conflicted with restrictions in place while the Company was in registration. "BuildNet is confident of its prospects, as we have executed our business well this past year, and we see great prospects for continued success," said Nathan P. Morton Nathan P. Morton (September 25,1948-November 30, 2005) is best known as a pioneer of the "big box" retail method. Born in Washington, DC, he grew up near Chicago, Illinois and attended the University of New York, graduating in 1970. , BuildNet Chief Executive Officer. "We do not believe it is in the Company's best interests to sell shares publicly in the current market environment." About BuildNet, Inc. BuildNet, Inc., located in Research Triangle Park, N.C., is a leading provider of management software to contractors and distributors in the construction industry. BuildNet's objective is to be the business-to-business e-commerce solution for the construction industry. To reach that objective, BuildNet has designed the BuildNet E-Building Exchange to provide secure Internet-based procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. , e-commerce and information services See Information Systems. for contractors, distributors and manufacturers. The BuildNet E-Building Exchange will allow users to confirm pricing and product specifications, place purchase orders and add both product and order information automatically to contractors' and distributors' management systems. In addition, manufacturers will be able to place product information and catalogs on the BuildNet E-Building Exchange for access by contractors and distributors. BuildNet is testing the BuildNet E-Building Exchange and expects to initiate a limited market rollout in the second half of 2000. BuildNet's aggregated software customer base includes contractors that accounted for approximately 43% of 1999 U.S. single-family home closings. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The actual results might differ materially from those projected in the forward-looking statements for various reasons, including our limited Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the operating history, the development and rollout of the BuildNet E-Building Exchange and the acceptance of the BuildNet E-Building Exchange by any of BuildNet's existing software customers or any new customers. BuildNet is a registered trademark and BuildNet E-Building Exchange is a trademark of BuildNet, Inc. All other trademarks referenced herein are trademarks and/or registered trademarks of other companies. |
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