Schlusskurs in Austr: 0,54 Au$ +4% = ca. 0,34 Euro
- UCL erhält 32,5% für 2,5 Mio Au$
- Shopaholic ist eine Suchmaschine, die nach den besten Angeboten auf E-commerce und Auktionsseiten bestimmten Produkten sucht
- UCL hat jetzt 21 Mio Au$ CASH
- UCL braucht in naher Zukunft keine weiteren Kapitalerhöhungen, da genügend Barmittel für weitere Beteiligungen vorhanden sind
27 March 2000
Union Capital Limited advises that it has signed a Heads of Agreement with the proprietors of the business called Shopaholic, whereby Union will fund 50% of the initial start up costs of this technology company in joint venture with private investors. Union will earn a 32.5% interest in the company for an investment of $2.5 million. The first payment will be $500,000 in April 2000 and the remaining payments will be spread over 12 months. As Union spends each $500,000 it will earn a 6.5% interest.
Shopaholic is a very powerful product search engine. Shopaholic provides online shoppers with a simple tool that will search multiple online retail and auction sites with the one search request. The results are compiled in an easy to read listing so shoppers can compare product and price from multiple e-commerce sites at a glance. With Shopaholic the best deals can be found on the web instantly, significantly cutting search time. Once located and “clicked”, the hyperlink leads the shopper directly to the purchase page of the supplier offering the goods.
The principal of Shopaholic is Justine Carter. Justine has been marketing various companies and products since 1993. In this time she has worked for two major multinational agencies, Young & Rubicam and George Patterson Bates Interactive, on blue chip clients such as, Citibank, Apple Computers, Novell Software (Y&R) to AGL, Unilever, Department of Health (GPB). At the beginning of 1999 Justine left GPB to join Internet start-up; Stuff Online Auctions as Marketing Director. After successfully launching the site, Justine secured Stuff Auctions as one of the top three auction sites in Australia, keeping company with Sold.com.au and Go Fish.
In November 1999, Justine left Stuff Auctions to work full time on Shopaholic.
Shopaholic is still in the development stage and will not be released to the market before May 2000. The formal agreement between Union and Shopaholic, which will include a due diligence process, is likely to be signed within a month.
Union Capital Limited is continuing to evaluate new technology opportunities on an on-going basis. However, the Company has no other proposed new investments at this stage.
Union’s cash position presently stands at $21.8 million. This strong funding position has arisen from a recently completed series of share placements. These funds are projected to be spent equally on the Company’s mineral prospects in Iran, and into new internet technology investments. As Union’s cash resources are now very strong, the Directors are not contemplating any further capital raisings in the foreseeable future.