EquipNet, Inc. Raises Additional $3.6 Million From Existing And New Investors To Complete Series A Round.Business Editors BRAINTREE, Mass.--(BUSINESS WIRE)--March 28, 2001 Global leader in asset management software solutions brings total Series A funding to over $10M EquipNet, Inc., the leader in idle in vain. - Chaucer. See also: Idle asset optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. solutions (www.EquipNetDirect.com), today announced that it has raised an additional $3.6M in Series A funding, bringing the total proceeds from this round to over $10 million. In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite today's difficult financing environment, valuation was marginally above that of the earlier Series A round completed last May. The consortium includes Eastman Chemical Company Eastman Chemical Company is a United States based chemical company, engaged in the manufacture and sale of chemicals, plastics and fibers. Eastman has 16 manufacturing sites in 10 countries, supplying its products throughout the world. of Kingsport, TN; NETInvest Holdings AG, a venture capital firm in Zurich, Switzerland; Dexia Ventures, a division of Brussels-based Dexia Bank; Orchard orchard, generally an area on which fruit or nut trees are planted and cultivated. The words grove and plantation are often used when the fruits are tropical, e.g., a "citrus grove" or a "banana plantation. Capital Group Inc. of Toronto, Canada; Mercator Ventures of Boston, MA; and, members of management. "Given the current state of the capital markets, completion of this additional financing while maintaining our prior valuation evidences continued investor confidence in our business model and our progress since last June. The addition of Eastman, as a significant new investor, is particularly exciting as additional validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. of the strength of our business and the viability of the idle asset optimization marketplace as a whole," said Michael Raymont, Ph.D., 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 EquipNet Direct. "This financing will allow us to execute aggressively on our expanded strategic plan." "We think the asset management and recovery space is definitely one to watch as Global 2000 companies are looking to dramatically reduce costs," explained Chris Dagenhart, Digital Business Ventures Manager at Eastman. "EquipNet has taken a significant lead among the handful of companies competing in this $30B investment recovery market, and we are pleased to be a part of their continuing success." EquipNet offers a full range of idle asset optimization solutions, including ARMS(TM) (Asset Redeployment Asset Redeployment The strategic relocation of company assets in order to increase profitability. Notes: By redeploying assets, a company is restructuring itself in order to become more efficient and profitable. Management System) (patent pending), an Internet-based software that enables companies to track, identify and internally redeploy re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. plant equipment that is not being used. Additionally, on an outsourced basis, EquipNet: - Develops corporate-wide idle asset management strategies for Global 2000 manufactures; - Delivers roadmaps for the implementation of plant-specific opportunities; and, - Executes these plans for customers through the delivery of technology, internal redeployment of idle assets, and the management and sale of surplus equipment/facilities using multiple sales channels designed to maximize financial returns. EquipNet Direct's services have been successfully implemented at dozens of major national and international companies, including BASF BASF Bar Association of San Francisco (since 1872; San Francisco, California) BASF Badische Anilin und Soda Fabrik (German chemical products company) BASF Builders Association of South Florida , Novartis Pharmaceutical, Louisiana-Pacific, and Nestle Canada. About EquipNet Direct EquipNet Direct, Inc., delivers idle asset optimization solutions to Global 2000 manufacturers helping them improve asset utilization, ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). , and cashflow. EquipNet also helps small/medium sized enterprises purchase effectively and efficiently. EquipNet Direct offers innovative technology as well as comprehensive, end-to-end services across various industries. Industries include pharmaceuticals, chemicals, plastics, health and personal care, food & beverage, forest products, packaging, and warehousing. The management team includes seasoned pioneers in the industrial equipment and investment recovery arena, as well as eCommerce veterans. Visit EquipNet Direct's Web site at www.EquipNetDirect.com. About Eastman Chemical Company Headquartered in Kingsport, Tenn., Eastman Chemical Company manufactures and markets chemicals, fibers and plastics. An e-commerce leader within the chemical industry, Eastman employs approximately 15,000 people in more than 30 countries and had 2000 sales of $5.3 billion. Visit Eastman's Web site at www.eastman.com for further information about the company. |
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