Navidec Completes $2,281,500 Private Placement; Funds Will Support National
Roll-Out of `Wheels' Online Auto Sales Solution
(PR Newswire; 04/22/98)
DENVER, April 22 /PRNewswire/ Navidec Inc. (Nasdaq: NVDC, NVDCW), a
leading provider of Web-based products and solutions, today announced it has
completed an equity private placement that brought $2,281,500 in proceeds to
the Company. The shares were placed by Joseph Charles & Associates, the lead
underwriter for Navidec's February 1997 initial public Offering.
These funds will be used to support Navidec's national roll-out of its
"Wheels" Online auto sales solution. Navidec recently announced its
partnership with Bank One to introduce Wheels in markets nationwide. In
addition to Colorado Wheels (www.coloradowheels.com), which launched in fourth
quarter 1997 in cooperation with The Denver Post, Northwest Wheels will launch
later this month. Navidec and Bank One have partnered with KOIN-TV Channel 6
in Portland, Oregon, to produce and promote Northwest Wheels. Navidec is
currently in final negotiations with media partners to produce Wheels in
several additional major markets.
Navidec Inc., based in Englewood, Colo., is a leading national provider of
products and solutions that use Web-based technologies to achieve its
customers' business objectives. From commercial Web site and kiosk development
to the design and implementation of intranet and extranet applications and
tools, Navidec helps customers develop successful online solutions. Navidec's
premier vertical market focus is on the automotive industry with its Wheels
online automotive sales solution. Navidec partners with media organizations to
produce Wheels in markets nationwide. The Company's Web site address is
www.navidec.com.
All statements in this press release, other than historical facts, are
forward looking statements. These statements are based on certain assumptions
and analyses made by Navidec in light of its experience and its perception of
historical trends, current conditions, expected future developments and other
factors it believes are appropriate in the circumstance. Such statements are
subject to a number of risks and uncertainties, including general and economic
business conditions, demand for automobiles, competition from other automotive
online services, market acceptance of the Wheels solutions, the ability of
Navidec to reach agreements with local media partners and other risk factors
indicated from time to time in Navidec's filings with the Securities and
Exchange Commission. Those filings are available online at www.sec.gov.
SOURCE Navidec, Inc.
-0- 04/22/98
/CONTACT: Pat Mawhinney, CFO, or Andrea Pearson, Dir. of Mktg., both of
Navidec Inc., 303-790-7565; or KC Ingraham of Pfeiffer Public Relations, Inc.,
303-393-7044/
(NVDC)
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