World Commerce Online, Inc. (OTCBB:WCOL), a leader in global business-to-business electronic commerce solutions for the perishable products industries, announced today the acquisition of ProduceOnline.com, a leading business-to-business e-commerce provider for the fresh fruit and vegetable industry.
Bob Shaw, CEO and Chairman of World Commerce Online, commented, “WCO is a technology company and ProduceOnline.com has substantial domain expertise, which will accelerate our entry into all the segments of the food industry. We have a strong, proven model with Floraplex, trading over one million flowers weekly. With the acquisition of ProduceOnline.com we do have a superior business-to-business product for the produce industry.”
Chuck James, ProduceOnline.com’s CEO, commented, “World Commerce Online’s technology provides an immediate, proven, end-to-end solution. Their relationship with i2 and other technology companies makes our combined products the most complete vertical solution.”
Under the terms of the agreement, ProduceOnline.com was purchased for stock and assumption of liabilities. ProduceOnline.com will maintain its management team and offices in Pasadena and Salinas, Calif.
ProduceOnline.com was founded in 1999 by Chuck James and Ken Johnson. Mr. James is a fourth generation produce entrepreneur. ProduceOnline.com was privately owned with substantial initial backing from its founders, plus venture capital from a group of strategic investment partners led by Altos Ventures, Instill Corporation and the Yucaipa Companies.
About World Commerce Online
Founded in 1994, World Commerce Online builds global and private trade communities. These communities enable supply chain participants in the perishable products industries to come together and do business on the World Wide Web. WCO provides its customers open market exposure while providing maximum security and data integrity. World Commerce Online currently offers Floraplex, the B2B e-commerce solution for the estimated $150 billion worldwide floriculture industry, and FreshPlex(TM), a B2B e-commerce solution for the estimated $550 billion worldwide produce industry. World Commerce Online maintains offices in Florida, Colombia, Ecuador, the Netherlands, Israel and France. For more information about WCO and its business-to-business e-commerce solutions, visit our corporate web site: www.wconet.com.
This release is intended as a forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties that may affect the operations, performance development and results of the Company’s business include but are not limited to (i) The ability to provide e-commerce technology in the future, (ii) Unexpected changes in the e-commerce/internet market, (iii) The success of the Company’s expansion and sales and marketing strategies (iv) Competition within the e-commerce internet market (v) The ability of the Company to continue to finance its long-term strategy and expansion (vi) The ability of the Company to motivate and retain the services of its key personnel and hire additional qualified personnel to meet evolving staffing needs.