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Stocks J / Jackpot Enterprises, Inc.
|Subject: J Net Invests $8 Million in TechTrader||Date: 6/16/2000 10:08 PM|
|Author: Kcourt||Number: 9 of 12|
J Net Invests $8 Million in TechTrader; J Net Receives Two Seats on TechTrader
Board of Directors
LAS VEGAS, Jun 16, 2000 (BUSINESS WIRE) -- Jackpot Enterprises, Inc. (NYSE:J),
which is being renamed J Net Enterprises, Inc. pending shareholder approval, today announced it has invested $8 million in TechTrader, Inc. a leading enabling technology provider for next-generation Net markets. As part of the
investment J Net Enterprises will also receive two seats on TechTrader's Board of Directors.
"The investment in TechTrader represents a significant enhancement to the incubator model we outlined for J Net Enterprises in March and will compliment the products we offer through Digital Boardwalk," said Allan Tessler, Chairman
and Chief Executive Officer of J Net Enterprises. "TechTrader's services will be immediately available across the J Net Venture portfolio of companies and for all new relationships we forge. Additionally, we anticipate the partnership with
TechTrader will enable our J Net Ventures I fund to have even earlier access to evolving, best-in-class technology companies."
"We are excited about the strategic alliance with J Net," said Jacob Pechenik, Chief Executive Officer of TechTrader, Inc. "The capital we raised will allow
TechTrader to scale its business and deliver even more value to our partner companies. We are committed to maintaining our leading e-market development position by further developing and enhancing TechTrader's innovative e-market
J Net's $8 million investment was part of TechTrader's $19 million Series B funding. J Net co-led the funding along with Vistaar, Inc., a global B2B infrastructure provider that invests and supports start-up companies throughout their lifecycle - from start-up through a mature and profitable operating mode. Banc One Equity Capital also participated in the funding.
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