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Nichimen Corp & Kanamoto buy into AssetLine.com. New Investment Dollars will be used to push for gr

Added: (Mon Oct 08 2001)

Pressbox (Press Release) - Japan / Singapore, October 8, 2001 - AssetLine Holdings Ltd. (www.AssetLine.com), the leading on-line exchange for used construction equipment announced that Nichimen Corporation and Kanamoto Co., Ltd. have become its newest strategic investors. The companies will acquire 10.6% and 4.3% of AssetLine.com’s holding company, AssetLine Corporation, respectively. Both investors will have board representation. Nichimen and Kanamoto, in turn, will assist attracting other equipment industry multinationals not only as AssetLine customers but also as strategic investors.

Nichimen Corporation of Japan is one of the world's largest general trading companies with an extensive network of offices in 87 cities around the globe. Business activities include metal & machinery trading, energy, chemicals & plastics. The company’s construction equipment operations are distributed throughout the world. Nichimen has net sales of in excess of US$25 billion per annum.

Kanamoto Co. Ltd. is Japan's largest construction equipment rental company, with 130 branches nationwide as of September 2001. Kanamoto has industry related shareholders including ORIX Corporation and KOMATSU, Ltd.. Annual turnover was US$ 600 million for year ending October 2000. Kanamoto has been utilizing the AssetLine service throughout 2001, selling over 100 units to international buyers.

With these new shareholders in place, AssetLine Corporation, through its European Headquarters based in Holland, will push forth in implementing the company's European growth plan. AssetLine will be promoting its tailored auction services to some of Europe's leading construction equipment rental companies as an efficient method of managing surplus used equipment on a timely basis. Jacob Wietsma, COO of AssetLine Europe believes that; "The success of the last three auctions held on www.AssetLine.com for Kanamoto clearly highlight the benefit of using this system of equipment disposal for rental companies. Our clients not only achieve excellent prices through accessing AssetLine's global client base; but also can sell equipment as-and-when required directly from their yards, minimizing redundancy and warehousing costs."

Marc J. Edelstein, CEO of AssetLine Asia stated, "By investing, Nichimen and Kanamoto have proven their commitment to AssetLine. Kanamoto has been an active seller through AssetLine over the past few months and has achieved excellent results. Their investment is an endorsement of the AssetLine service and will ensure the ongoing supply of quality used equipment.”

Nichimen has been working with AssetLine for over a year now and is delighted with the success of the project. AssetLine is at the forefront of this industry, with both clients and transactions growing rapidly. Already some of the biggest names in the industry, including manufacturers, are using AssetLine.com with excellent results. With 100 units transacted over the past 6 months on-line, AssetLine has shown that it is the most effective on-line solution for companies wishing to dispose of used construction plant.

Mr. Hitoshi Narita, the Director of Business Planning and corporate officer at Kanamoto, commented; “Rental companies need efficient ways to manage their used equipment disposals throughout the year. The AssetLine service has enabled Kanamoto to sell its equipment directly to international buyers every month. The auction system also ensures that the best possible prices are achieved. Our investment in AssetLine is a commitment to the success of the service and our belief that it represents the future of used equipment transactions.

With the new strategic investors' active participation, AssetLine will increase the number of auctions held monthly. During the most recent August Kanamoto auction, AssetLine sold US$700,000 of equipment to buyers in the Middle East, USA, and across Asia.

About AssetLine

www.AssetLine.com is an online exchange and auction site for construction, industrial and transportation equipment. AssetLine has offices throughout Asia, Europe and the USA, ensuring that the necessary on-the-ground support and service is available to its clients. Its business model complements traditional distribution channels with a strong online presence. AssetLine’s objective is to make trading in construction equipment more transparent and efficient.

Its business model is adapted to suit every unique environment it has operations in. AssetLine forms strategic partnerships wherever it goes. Its goal is to provide customer service, not replace traditional relationships in the market place, but to use the internet as a tech-enabling and transaction platform. Important strategic partnerships have been established with large contractors and established equipment dealers in many countries, who form part of a Global Partners’ Network providing ground services.

AssetLine currently has over 8,500 registered corporate clients, 15,000 equipment “wanted” registrants and approximately US$70 million of equipment listed on auction. In what is acknowledged to be a US$100 billion industry worldwide, AssetLine plans to capture at least 1 per cent of the worldwide construction and heavy machinery equipment market. AssetLine’s operational offices are maintained in Tokyo (Japan), Singapore (Asia) and Rotterdam (Europe).

For more information, please contact:

AssetLine Corporation (Japan)
Mr. Mark Shiba
General Manager
E-mail: shiba_mark@sol.nichimen.co.jp
Main Line: +813 5446 1479
Fax: +813 5446 1921
Web: http://jp.assetline.com

AssetLine (Overseas)
Ms. Jean Loh
Marketing Director
E-mail: jean@assetline.com
Tel: +65 325 2868
Fax: +65 226 4616
Web: http://www.assetline.com

AssetLine Europe
Mr. Jacob Wietsma
Chief Operating Officer
E-mail: jacob@assetline.com
Tel: +31 10 460 1968
Fax: +31 20 864 9037
Web: http://www.assetline.com

Nichimen Corporation
Mr. Takashi Ochi
Assistant General Manager
Public Relations & Investor Relations dept.
E-mail: ochi_t@sol.nichimen.co.jp
Tel: +813 5446 1062
Fax: +813 5446 1068
Web: http://www.nichimen.co.jp

Kanamoto Co. Ltd.
Mr. Yuichi Takayama
Manager, Investor & Public Relations
E-Mail: takayama@kanamoto.co.jp
Tel: +811 1209 1635
Fax: +811 1219 1630
Web: http://www.Kanamoto.co.jp


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