Business Editors/Technology Writers
MILPITAS, Calif.--(BUSINESS WIRE)--March 23, 2000
Adatom.com, Inc. (Nasdaq:ADTM) today announced the signing of an exclusive agreement with the China Product Trade Net Center (CPTNC). The CPTNC is an organization officially launched in 1997 with the support of several Chinese governmental and private institutions to enable increased sales and ensure systematic and efficient worldwide distribution of Chinese manufactured goods.
The CPTNC initiative covers both consumer and industrial goods and aims to use Internet technology as its primary information and distribution medium.
Adatom and the CPTNC will establish a joint venture company located in Beijing, China, to work directly with the CPTNC. The joint venture company will develop and implement the systems, Internet applications, services and support to enable the marketing and sale of industrial and consumer goods produced in China into the U.S. as well as goods produced in the U.S. into the Chinese marketplace exclusively through Adatom.com, Inc
The scope of this agreement includes the establishment of an electronic business-to-business and business-to-consumer marketing, selling and distribution system with back-end factory quality and level of service standards. This electronic system will be accessible in both English and Chinese. Additional support will be provided by subsidiary CPTNC organizations including the centers for transportation, trade, Internet and method of payments.
Mr. Liang Xi, the President of the CPTNC stated, "We look forward to implementing and executing this venture with Adatom which affords Chinese and U.S. businesses and consumers more efficient and less costly access to products and services from the two countries. We will set up an electronic commerce system and leverage the synergy of the thousands of Chinese manufacturers, our current system and the supporting ministries organized under the CPTNC to ensure the success of this joint venture."
Rich Barton, President and CEO of Adatom.com, Inc., said, "With this joint venture Adatom will now have a totally vertically integrated 'electronic marketplace' for accessing and selling industrial and consumer goods and services to manufacturers, wholesalers, distributors, retailers and directly to consumers in both countries."
The implementation of this joint venture is expected to take approximately 60 days based on the receipt of various Chinese business licenses and is also subject to submission of a mutually acceptable business plan. The sale of goods can begin prior to the implementation of the electronic system utilizing manual processes to transact sales.
About Adatom.com, Inc.
Adatom.com is a fast growing e-commerce company. By leveraging its proprietary e-commerce infrastructure and efficient distribution system, the Company reaches both the business- to-business market with E-Commerce Solution Program (ESP) and the business-to-consumer market with its Internet superstore, www.adatom.com. Benefits from both its business-to-business and business-to-consumer capabilities provide price savings and increased customer service for consumers. Adatom.com offers a comprehensive product mix of name brand products for the individual, the home, and the office in 29 product categories.
Statements in this news release that are not descriptions of historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expect," "intends," "believes," "plans," "anticipates"and "likely" also identify forward-looking statements. All forward-looking statements are based on current facts and analyses. Actual results may differ materially from those currently anticipated due to a number of factors including, but not limited to history of operating losses, anticipated future losses, competition, future capital needs, the need for market acceptance, dependence upon third parties, disruption of vital infrastructure and intellectual property rights. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission. All forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission. The Company refers readers particularly to the Registration Statement on Form S-4 of HealthCore Medical Solutions Inc. (File No. 333-87207) filed with the Securities and Exchange Commission on (September 16, 1999). The Company recently merged with HealthCore.
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