November 24, 2000 in Social Responsibility News

Fishround Announces $10 Million Investment

Fishround, Inc.(www.fishround.com) the largest BtoB company in fishery industry, today announced that it has secured more than $10 million capital investment from Shinko Shoji, Nissho Iwai in Japan, Tablas Group in Europe, Merrill Lynch in U.S. and Euro Logistic Service. This investment, estimated to be one of the largest for a Fishery B2B firm in the world, provides FIshround, Inc. with capital for the growth and expansion of its key lines of business. FIshround's "portfolio assembly" strategy is focused around the value chain integrated eMarketplace for buyers and sellers involved in fisheries industry. In the meantime, Fishround deliberate condition with 30 or over leading fishery companies in U.S., Europe, and China etc. for participating in later stage of early next year. The objective of FishRound.com is to provide the best services for buyers and sellers around the world. Seafood transaction is expected to grow rapidly, becoming a $500 million dollar business by the first year, and expect to account for more than 20% of global transaction of $ 6 billion dollar business in 5 years. Customers of Fishround will realize what it is like to be in a truly transparent business environment where all market information is there to be utilized. "This is a major step forward for our company," said Rho,Sang Hong, Executive Managing director of Samsung Corporation. "We consider it a great vote of confidence and a validation of our business strategy for firms of this stature to invest in Fishround. This financing gives us the ability to substantially grow our business and become a true international player in our markets. Especially, Merrill Lynch decided to invest on the Fishround may prove the potential of the company. It is a global financial services firm and a market leader in securities, asset management, and credit and transaction services." The financing allows Fishround to rapidly expand its existing lines of business in scope, with an emphasis on its customer support offerings. Fishround, which established in the State of Delaware, U.S has start operating Asia Pacific Center in South Korea initially and is planning to expand business in geography. "Fishround has a very impressive track record of growth and is well-positioned to be a leader in electronic transaction in the Fishery market, an area we view as increasingly essential for customers looking to get maximum value out of their Value Chain Management which successfully connects primary producers wishing to gain high credibility through transparent production management with secondary producers anxious to monitor the whole production process. Information sharing is an embedded business practice in eProcurement. Various information is shared: raw material, suppliers, ordering management, production (processing) management, shipping management, settlement management, and virtual audition. Such an extensive information-sharing results in the reduction of overhead cost and creation of new business opportunities.." said Rho. "We are very pleased to align ourselves with leading companies in the world." For more information about Fishround's full range of services, visit www.fishround.com


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