Entrade Launches TradeTextile.com a B2B E-Commerce Marketplace for Chinese Textile Products
Business & Technology Editors
NORTHFIELD, Ill.–(BUSINESS WIRE)–Feb. 24, 2000
Entrade Inc. (NYSE: ETA), a creator of electronic business-to-business marketplaces, announced today the formation of TradeTextile.com, a new electronic marketplace for the trading of textile products. Entrade is investing cash and incorporating the Entrade B2B e-commerce technology into the new venture for a 25 percent ownership investment in the company. Entrade has also secured the right to acquire an additional 10 percent of the company at a later date.
TradeTextile.com will provide B2B e-commerce for the trading of yarns, fabrics, garments, raw materials, chemicals, and textile quotas, initially targeting the Chinese textile industry–a market that contributes more than $85B US annually to the global textile industry. Currently, sixty Chinese import/export corporations and manufacturers have agreed to participate in the marketplace and six suppliers have given TradeTextile.com exclusive agency rights to handle all of their on-line trading. One of the founding principles of tradetextile.com is Chairman Yik Fan Cheung, the former president and CEO of DaiDai, a leading Hong Kong importer and exporter of textile products with 22 years of trading experience. Targeted customers include Chinese textile manufacturers, Hong Kong textile manufacturers and exporters, and global textile importers.
TradeTextile.com has offices in Hong Kong, Chicago, and Shanghai.
The Web site for the new business is on target for a March 2000 launch in English as well as in the Mandarin and Cantonese Chinese dialects.
“Our investment in TradeTextile.com is an important step in Entrade’s global expansion strategy,” said Mark Santacrose, CEO of Entrade. “We are committed to building out global e-commerce marketplaces in select industries, and we believe that the Chinese textile industry provides an exceptional opportunity for us both to establish a strong foothold in Asia and by providing an opportunity to spawn other verticals in related industries.”
“We are very pleased to partner with Entrade,” added Allan Cheung, CEO of TradeTextile.com. “Together we make a very strong team to pursue the business-to-business aspects of the textile industry.”
Additionally, TradeTextile.com has created an advisory board to assist the company with its growth strategy. The Advisory Board includes: Professor Steve Kaplan, a Finance and Entrepreneurship Professor at the University of Chicago’s Graduate School of Business; Mr. Fred Lowinger, Head of Corporate Equity at Sidley & Austin; Ms. Carrie Shea, EVP of Marketing and Business Development at Entrade Inc.; and Mr. Fok Woo Ping, Partner of Wong & Fok Solicitors.
Entrade is a B2B market maker specializing in the creation of electronic marketplaces. Working with leaders in target industries, Entrade provides enabled B2B e-commerce technology, business infrastructure, management talent, and its competency in asset management and fulfillment to launch web-based marketplaces. The Entrade technology enables online transactions, auctions, e-procurement, inventory management and asset management and recovery. Entrade also licenses its technology to traditional off-line companies who would like to become B2B e-commerce enabled.
Entrade Inc. recently announced the formation of TheTruckCenter.com in conjunction with The Associates First Capital Corporation. In Addition, Entrade is a majority interest holder in utiliparts.com and printeralliance.com, and has reached an agreement to become the largest shareholder of privately owned asseTrade.com. Nationwide Auction Systems, a land-based public auction company, is a 100 percent owned subsidiary of Entrade. Entrade is a minority interest holder in pricecontainer.com and has licensed its technology to ATMCenter.com.
For more information, please visit www.entrade.com.
Statements contained in this press release, which are not historical facts, are forward looking statements. Such forward looking statements are necessary estimates reflecting the best judgement of the party making the statements based upon current information and involve a number of risks and uncertainties. Forward looking statements contained in this press release or in other public statements of the parties should be considered in light of those factors. There can be no assurances that such factors or other factors will affect the accuracy of such forward-looking statements.
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