EquipNet, Inc. Raises Additional $3.6 Million from Existing and New Investors to Complete Series A Round
Global leader in asset management software solutions brings total Series A funding to over $10M

Braintree, MA, March 28, 2001 - EquipNet, Inc., the leader in idle asset optimization solutions (www.EquipNetDirect.com), today announced that it has raised an additional $3.6M in Series A funding, bringing the total proceeds from this round to over $10 million. In spite of today's difficult financing environment, valuation was marginally above that of the earlier Series A round completed last May.

The consortium includes Eastman Chemical Company of Kingsport, TN; NETInvest Holdings AG, a venture capital firm in Zurich, Switzerland; Dexia Ventures, a division of Brussels-based Dexia Bank; Orchard Capital Group Inc. of Toronto, Canada; Mercator Ventures of Boston, MA; and, members of management.

"Given the current state of the capital markets, completion of this additional financing while maintaining our prior valuation evidences continued investor confidence in our business model and our progress since last June. The addition of Eastman, as a significant new investor, is particularly exciting as additional validation of the strength of our business and the viability of the idle asset optimization marketplace as a whole," said Michael Raymont, Ph.D., Chairman and CEO of EquipNet Direct. "This financing will allow us to execute aggressively on our expanded strategic plan."

"We think the asset management and recovery space is definitely one to watch as Global 2000 companies are looking to dramatically reduce costs," explained Chris Dagenhart, Digital Business Ventures Manager at Eastman. "EquipNet has taken a significant lead among the handful of companies competing in this $30B investment recovery market, and we are pleased to be a part of their continuing success."

EquipNet offers a full range of idle asset optimization solutions, including ARMSTM (Asset Redeployment Management System) (patent pending), an Internet-based software that enables companies to track, identify and internally redeploy plant equipment that is not being used. Additionally, on an outsourced basis, EquipNet:

  • Develops corporate-wide idle asset management strategies for Global 2000 manufactures;
  • Delivers roadmaps for the implementation of plant-specific opportunities; and,
  • Executes these plans for customers through the delivery of technology, internal redeployment of idle assets, and the management and sale of surplus equipment/facilities using multiple sales channels designed to maximize financial returns.
EquipNet Direct's services have been successfully implemented at dozens of major national and international companies, including BASF, Novartis Pharmaceutical, Louisiana-Pacific, and Nestle Canada.

About EquipNet Direct
EquipNet Direct, Inc., delivers idle asset optimization solutions to Global 2000 manufacturers helping them improve asset utilization, ROA, and cashflow. EquipNet also helps small/medium sized enterprises purchase effectively and efficiently. EquipNet Direct offers innovative technology as well as comprehensive, end-to-end services across various industries. Industries include pharmaceuticals, chemicals, plastics, health and personal care, food & beverage, forest products, packaging, and warehousing. The management team includes seasoned pioneers in the industrial equipment and investment recovery arena, as well as eCommerce veterans. Visit EquipNet Direct's Web site at www.EquipNetDirect.com.

About Eastman Chemical Company
Headquartered in Kingsport, Tenn., Eastman Chemical Company manufactures and markets chemicals, fibers and plastics. An e-commerce leader within the chemical industry, Eastman employs approximately 15,000 people in more than 30 countries and had 2000 sales of $5.3 billion. Visit Eastman's Web site at www.Eastman.com for further information about the company.


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