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Sorcity.com Announces Strategic Investment by Paint Management Company and Gears Up for First Round of Financing
DALLAS -- February 7, 2000... Gearing up for a first round of venture financing, Sorcity.com today announced a strategic investment made by Paint Management Company (PMC), a hedge fund manager located in the Cayman Islands, British West Indies. This investment, the size of which was not disclosed, will allow Sorcity.com to process higher transaction volumes and make ongoing systems enhancements.
"This is an exciting time for us," said Wes Guillemaud, founder and CEO of Sorcity.com. "Our systems are in place, our management team is very strong and we now have a solid base of customers repeatedly using our service. We have all the elements for success in place and working together, making us especially attractive to the venture capital community. We are enthusiastic about partnering with investors who know the B2B e-commerce industry and believe in the company's vision. We are preparing for our first round of venture financing, which we expect to close within 60 to 90 days."
PMC manages several hedge funds designed exclusively for high net worth, sophisticated investors. Managing director Richard Ainsworth said PMC's interest in Sorcity.com was stimulated by its investment advisor, GoodWorth Holdings, Inc., which has substantial knowledge and expertise in the e-commerce B2B arena. Under PMC's investment advisory agreement, Dallas-based Goodworth Holdings is responsible for all research and equity investment recommendations.
"We believe Sorcity.com's business model represents the future of B2B purchasing and selling," commented Ainsworth. "The significance of Sorcity.com's model is it allows both purchaser and seller to tap into an easy-to-use, state-of-the-art procurement platform without either one needing to make large investments in the latest technology or software updates. We found Sorcity.com's business model to be unique and strategically ahead of other e-procurement models."
Sorcity.com user Tom Meston of Techint Technologies said, "I have registered with about 20 other e-procurement Web sites, but Sorcity.com is the only site that allows me to source what I want. It's set up to handle different types of purchases much better than other offerings, so it's a huge time saver."
Sorcity.com continues to attract well-known companies like Pier One Imports, and most recently Hewlett Packard. "Once we were introduced to Sorcity.com service, we were immediately intrigued," said Mike Bell, materials manager of purchasing for Hewlett Packard. "We expect to purchase the items we need faster for less money using this tool."
Recognized in the 1999 NAPM Technology Guide, Sorcity.com is an all-inclusive reverse-auction service for the business-to-business market. It matches the complex needs of serious buyers to the capabilities of serious sellers quickly, consistently and electronically. Sorcity.com's overall mission is to improve supply chain efficiency between the buyer and seller within all business segments and all industries.
Paint Management Company manages several hedge funds created to provide high net worth individuals and corporations with long-term capital growth opportunities. Christopher Ainsworth, vice president of Goodworth Holdings, Inc. serves as PMC's investment advisor specializing in high tech, Internet, telecommunications and other venture capital opportunities.