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- التسجيل
- 11 سبتمبر 2001
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http://biz.yahoo.com/bw/030925/255148_1.html
Ableauctions Acquires Rapidfusion.com
Thursday September 25, 8:06 am ET
TACOMA, Wash.--(BUSINESS WIRE)--Sept. 25, 2003--Ableauctions.com Inc. (AMEX:AAC - News; the "Company") announced today that in a bid to further strengthen its profile in the Internet auction and technology community, the Company has acquired 100% of the shares of Rapidfusion Technologies and all the intellectual property rights to its Point-of-Sale (POS) software.
Rapidfusion, with approximately $1 million in annual revenue, marginal profitability, and over 500 installations of its Point-of-Sale technology (www.rapidfusion.com/technology), provides Ableauctions with technology the Company believes it can enhance and integrate to both eBay core and eBay Live Auctions. In addition to the standard POS features, the enhancements will enable users of the software to manage a bricks-and-mortar liquidation store as well as upload inventory to be sold on either eBay core or eBay Live Auctions, making it one of the first POS systems capable of such. The software is to manage and track inventory, assets and consigned products, for both a virtual and bricks-and-mortar store. The Company believes that the option for retail stores to upload surplus inventories seamlessly to eBay or Ableauctions broadcast technology will be met with a positive reaction.
The Company also believes that as a result of the economies of scale realized in combining the operations, it can enhance the profitability of the newly acquired operation. The acquisition is effective September 1, 2003 and will impact the Company's financials immediately, reflecting an increase in revenue from operations.
The acquisition of this enhancement services operation represents a significant expansion opportunity in a key market where we can build upon many of our existing business partner relationships. We believe this acquisition will move us one step closer to becoming one of the leading auction and liquidation services companies in the world. There are clear synergies between the two companies and an excellent fit in core capabilities as well as the potential for considerable knowledge sharing. The acquisition will strengthen Ableauctions and facilitate good cross-fertilization of services across the auction and liquidation market.
This acquisition is a logical progression of Ableauctions long-term growth strategy in a market that is eager for a new entrant who can bring fresh and exciting propositions which will challenge the existing industry dynamics as online sales continue to grow. The acquisition is therefore expected to be of benefit to other businesses and the Company's customers alike.
The purchase price for the shares of Rapidfusion totaled $10.00, with the Company committing to make available a $150,000 operating line of credit to the newly acquired subsidiary, deploying the necessary resources to enable the cash strapped operation complete its development within 90 days, and implementing a profit sharing and long term incentive plan.
http://biz.yahoo.com/bw/030925/255148_1.html
Ableauctions Acquires Rapidfusion.com
Thursday September 25, 8:06 am ET
TACOMA, Wash.--(BUSINESS WIRE)--Sept. 25, 2003--Ableauctions.com Inc. (AMEX:AAC - News; the "Company") announced today that in a bid to further strengthen its profile in the Internet auction and technology community, the Company has acquired 100% of the shares of Rapidfusion Technologies and all the intellectual property rights to its Point-of-Sale (POS) software.
Rapidfusion, with approximately $1 million in annual revenue, marginal profitability, and over 500 installations of its Point-of-Sale technology (www.rapidfusion.com/technology), provides Ableauctions with technology the Company believes it can enhance and integrate to both eBay core and eBay Live Auctions. In addition to the standard POS features, the enhancements will enable users of the software to manage a bricks-and-mortar liquidation store as well as upload inventory to be sold on either eBay core or eBay Live Auctions, making it one of the first POS systems capable of such. The software is to manage and track inventory, assets and consigned products, for both a virtual and bricks-and-mortar store. The Company believes that the option for retail stores to upload surplus inventories seamlessly to eBay or Ableauctions broadcast technology will be met with a positive reaction.
The Company also believes that as a result of the economies of scale realized in combining the operations, it can enhance the profitability of the newly acquired operation. The acquisition is effective September 1, 2003 and will impact the Company's financials immediately, reflecting an increase in revenue from operations.
The acquisition of this enhancement services operation represents a significant expansion opportunity in a key market where we can build upon many of our existing business partner relationships. We believe this acquisition will move us one step closer to becoming one of the leading auction and liquidation services companies in the world. There are clear synergies between the two companies and an excellent fit in core capabilities as well as the potential for considerable knowledge sharing. The acquisition will strengthen Ableauctions and facilitate good cross-fertilization of services across the auction and liquidation market.
This acquisition is a logical progression of Ableauctions long-term growth strategy in a market that is eager for a new entrant who can bring fresh and exciting propositions which will challenge the existing industry dynamics as online sales continue to grow. The acquisition is therefore expected to be of benefit to other businesses and the Company's customers alike.
The purchase price for the shares of Rapidfusion totaled $10.00, with the Company committing to make available a $150,000 operating line of credit to the newly acquired subsidiary, deploying the necessary resources to enable the cash strapped operation complete its development within 90 days, and implementing a profit sharing and long term incentive plan.
