Press Release
B3 Corp. Announces Equity Investments from Wells Fargo, Zilkha Capital PartnersDavid Archambault Appointed President and Chief Executive Officer
Burbank, Calif., February 28, 2001 - B3 Corp., an e-business solutions provider, today announced that it received equity investments from Wells Fargo & Company (NYSE: WFC) and Zilkha Capital Partners L.P. The two companies join Warner Music Group, B3's founding partner, as investors. The investment was made in the form of preferred stock pursuant to a share capital increase.
B3 also announced today the appointment of David Archambault to president and chief executive officer. Archambault, a senior executive with B3 since its inception, will continue to oversee the management and development of B3.
"By combining the products and services of Wells Fargo and B3, we can now offer merchants the ability to quickly build a store, sell online and take payments," said Debra Rossi, executive vice president, Business Internet Services for Wells Fargo (www.wellsfargo.com). "We feel B3's solution is the best for e-businesses, and we're backing that claim with our strategic investment in B3's business model."
"Zilkha Capital Partners is focused on providing funding to companies with unique attributes and a high probability for financial success," said John Rigas, managing partner of Zilkha Capital Partners. "We view B3's technology as a universal application which can be used by any merchant looking for a comprehensive e-commerce solution, including electronic payment and a unified shopping cart. We look forward to working with B3."
B3 Corp. (formerly EMS) was founded in 1996 as an e-commerce solutions company within Warner Music Group. Under the guidance of Archambault, B3 streamlined and improved the back-office operations of several Time Warner Web sites, including the e-stores of Warner Bros. Studio Stores, CNN Interactive, Rhino Entertainment, Warner Bros. Records, The Atlantic Group and Elektra Entertainment Group. EMS changed its name to B3 in early 2000 to better reflect its business model and mission.
Prior to B3, Archambault participated in a variety of new technology initiatives for Warner Music Group, including computer gaming, the launch of DVD video and the launch of the Madison digital distribution pilot.
Before his tenure at Warner Music Group, Archambault was director of marketing at Commodore International, where he led the multimedia market with the introduction of the Amiga computer. Under this leadership, his teams won numerous awards, including Product of the Year and Excellence in Industrial Design in Canada.
About B3 Corp.
B3 Corp. is an e-business solutions provider based in Burbank, California that markets a complete business-to-business e-commerce platform called buildIT. buildIT is a private label branded, end-to-end solution that enhances, streamlines and simplifies e-commerce for financial institutions, vertical portals and large corporations with multiple divisions. In addition, the B3 platform enables corporations, associations and other enterprises to develop, integrate and manage e-commerce partnerships with their own business customers. For more information about B3 products and services, go to www.bthree.net.
About Wells Fargo
Wells Fargo and Company (NYSE: WFC) is a $263.5 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer financial services through 5,700 stores, its Internet site (www.wellsfargo.com), and other distribution channels across North America and elsewhere internationally. Wells Fargo is the leading Internet bank.
About Zilkha Capital Partners
Zilkha Capital Partners, L.P. (ZCP) is one of several funds and investment partnerships managed and controlled by the Zilkha Group, a diversified private equity firm. The ZCP fund focuses specifically on development and later stage companies undergoing or capitalizing on technological or strategic change. Drawing on its extensive experience with later stage financings, ZCP has successfully guided companies from early and development stage growth to initial public offerings or strategic sales and mergers with public companies. Consistent with its value-added investment philosophy, ZCP usually takes lead or control positions in its investments.
The Zilkha Group has been involved in private equity investing for over 10 years and makes investments during each stage of a company's life cycle, from seed financing to development stage, mezzanine and public company investments. The Zilkha Group currently has over 35 portfolio companies, primarily in technology. The Zilkha Group's investor base includes several highly successful operating executives, some of the world's highest net-worth families and a number of institutions.
About Warner Music Group
Warner Music Group is home to some of the world's leading record companies, including The Atlantic Group, Elektra Entertainment Group, London-Sire Records, Rhino Entertainment and Warner Bros. Records Inc. The company's Warner Music International, with a roster of more than 1,000 artists, operates in more than 65 countries through various subsidiaries, affiliates and non-affiliated licensees. Warner Music Group also includes one of the world's leading music publishers, Warner/Chappell and WEA Inc., which is comprised of three companies, WEA Corp., WEA Manufacturing and Ivy Hill. Warner Music Group is a division of AOL Time Warner.
Contact
- Sarah Tolle/John Sonego
- ROGERS & ASSOCIATES
- (310) 552-6922
- Wendy Grover
- Wells Fargo & Company
- (415) 396-5905
- John Rigas
- Zilkha Capital Partners
- (212) 935-9797
- Will Tanous
- Warner Music Group
- (212) 484-8067