Forum Archive Index - March 2000

["David Reid" <aspex@ix.net.nz>]

Based on the success of Infobank, this could be good.

see below

 

RNS Number:2857H
Infobank International Holdings PLC
15 March 2000


              Infobank International Holdings plc
                         ('Infobank')

 Infobank takes 20 per cent stake in Aust ralasian Distributor


Infobank,  a  leading international provider  of  business-to-
business e-commerce software, announces that it is to  take  a
20%  stake  in Osmere Ltd, an Australian company wh ch  is  to
acquire the distributor of Infobank's products in Australasia,
Online  Advantage  Pty  Ltd. Osmere  will  be  renamed  Online
Advantage Ltd. The consideration for the stake will be  A$17.2
million (#6.7 million).

Following  completion  of its planned fundraising  later  this
spring,  Infobank will subscribe for 43 million Osmere  shares
at a price of 40 cents per share, representing a 33.3% premium
over the 30 cent issue price of a A$7.5 million placement  and
rights issue announced at the time Osmere unveiled its initial
agreement to acquire Online Advantage, in February 2000.

I nfobank  will also receive the right to take up 21.5  million
options over Osmere shares exercisable at a price of 40  cents
each.   These  options are exercisable for a  period  of  five
years and en ble Infobank to increase its holding in Osmere at
a later date.

It  was  announced  on  20  December 1999  that  Infobank  had
appointed  Online Advantage as a distributor for  Australasia.
Infobank  today extended this by appointing Online Advantage as
its exclusive distributor for its InTrade suite of products in
the  Australasia  region for a five year  period.   Under  the
terms  of  the  dis ribution agreement, Online Advantage  will
represent  Infobank  in  Australasia,  driving  the  sales  of
InTrade  software and providing full training and  support  to
Infobank's Channel Partners an d e-Hub operators in the region.

Osmere's Chairman, Mr George Jones, said:  'This new placement
provides us with a significant cash injection for the  Company
while cementing our alliance with one of the world's leading e-
commerce  groups.   This will position us  to  accelerate  our
expansion plans by 12-18 months, elevating Online Advantage to
the  major  league as a partner of one of the lead ers  in  the
business to business e-commerce space.'

Online Advantage's Managing Director, Mr Brian Heitner, said:
  'Our strategic partners and customers are very supportive of
the  association with Infobank, recognizing that it  gives  us
the  strategic  leverage and market presence  to  support  our
expansion  plans throughout the region. Infobank is  committed
to  becoming a major player in t he Australasian region. Having
now  worked  with  Infobank for a number of  months,  we  have
concluded  that the Infobank range of products  are  'best  of
breed' in our market space and have enormou potential in this
part  of  the world, particularly through their unique  single
system multinational capabilities.'


Graham Sadd, CEO of Infobank, said:
'The  business to business e-commerce market  in  Australia  is
developing rapidly, and is in some respects already  ahead  of
Europe.  Online Advantage, which has historically been  deeply
involved  in  e-commerce,  has  completely  positioned itself
behind InTrade and is already involved in many high profile e-
commerce opportunities in the region.   This equity investment
enables  our  interests to be closely aligned whilst  enabling
Onl ine Advantage to create a major business in its own right.'

'In  addition,  Online Advantage has over the last  six  years
developed  its  own  proprietary  'Infomediary'  products  and
services, ena bling both suppliers and buyers to trade with one
another  irrespective  of their own 'back-end'  systems.   The
combination of these technologies and InTrade will  allow  all
members of trading comm unities to participate, no matter  what
their current technology position may be.'


                           - Ends -