Why is the ASX announcement for ITC has more depth than NZSE.
Here is the complete announcement
IT CAPITAL LIMITED 2000-03-23 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++
IT Capital Limited (ITC) has further extended its global network
through a strategic alliance with Science Center International (SCI);
as part of this relationship, SCI will make an investment in IT
Capital by purchasing an undisclosed number of shares on the open
market.
SCI will help ITC establish branch venture funds in key global
markets and will provide its turnkey market consulting expertise to
move information technology companies across international borders.
The alliance calls for SCI to open its international networks to ITC,
starting in Asia and the United States, and for ITC to open its
portfolio deal flow to SCI. In addition, SCI brings state-of-the-art
business incubation capability to ITC through its parent, the
University City Science Center, where business incubation was first
"invented" in the United States.
"This Alliance with SCI enhances our global network by adding
experienced international business partners with a proven track
record of helping companies attack new international markets",
explains Jeff Dittus, CEO of ITC.
"SCI can help ITC move its portfolio companies into the US market in
a systematic way involving a first class incubator, and can also
position those same technologies in Asia and Latin America. Access to
this type of experience in international marketing and execution is
vital to our portfolio company's success and something ITC will
continue to develop as our strategic advantage. Combined with our new
investment partners - Cross Atlantic Capital Partners and Snider
Capital L.P. - the Alliance with SCI adds hands on operating
expertise in many of the world's largest markets.
The first target of the ITC/SCI Alliance is China, where the IT
market is experiencing explosive growth but is difficult to
penetrate.
"SCI has real China experience; they have completed over 60 projects
in China over the past 6 years, and have long standing, deep
commercial relationships there", says Dittus.
"We have already begun the process of evaluating how Exo-Net and
Terabyte can begin offering their respective e-commerce enablement
services to the many small to medium sized businesses in this
enormous market.
"The Alliance with ITC is a great fit for SCI because it promises to
increase our deal flow," says Dr Timothy Weckesser, CEO of SCI.
"More importantly, it gives us the ability to better leverage our
considerable international resources, especially in China and Asia.
With the recent domestic successes of the internet Capital Group,
Safeguard Scientifics and Vertical Net, Philadelphia has quickly
established itself as a leading region in the world for the
development of business to business e-commerce companies.
While we have been looking for such a strategic fit for some time -
in the US West Coast, Hong Kong and Singapore, it is ironic, and
deeply gratifying to find such a perfect fit with ITC right here in
our own backyard, in Philadelphia, as this B2B cluster continues to
develop and strengthen."
SCI is partially owned by the University City Science Center, the
oldest urban research park and business incubator in the US. The
Science Center, a consortium of 28 universities and research centres
in the Delaware Valley, is now completing its US$22 million "Port of
Technology" facility aimed at international business incubation. The
Science Center started SCI over 10 years ago as a joint venture with
the Kyoto Research Park in Japan. Today, SCI is management-owned and
works closely with the Science Center in matters related to
international business incubation and development.
IT Capital is a value-added information technology (IT) investment
company, currently focusing on investing in New Zealand and
Australia. It is the first publicly traded IT investment company of
its kind in Australasia. The company focuses heavily on B2B e-
commerce, with the intention of transplanting its portfolio companies
into larger overseas markets, principally the United States. It also
focuses on bringing the leading B2B e-commerce companies from the
United States to Australasia.
SCI is an international market consulting firm providing a
systematic, turnkey market entry process for US companies expanding
abroad or for foreign companies seeking access to the US market. The
firm has a special focus on China, Brazil and Japan, and maintains
strong alliances throughout Asia and in Europe.
More information on IT Capital is available on the web at
www.itcapital.net; information on Science Center International can be
found at www.s-c-i.com and on the University City Science Center at
www.ucsc.org.
For further information, please call:
Keith Phillips, MANAGING DIRECTOR, IT CAPITAL, + 64 9 375 2595
Jeff Dittus, CEO, IT CAPITAL, +1 610 688 1598
Julian Nixon, HILL AND KNOWLTON, + 64 9 367 6373
See IRG research reports
