SAN FRANCISCO, Dec. 7, 2000 (PRIMEZONE) -- StreetFusion, (www.streetfusion.com), the network for financial events, today announced it has secured a commitment for an additional $5 million in financing. To date, investors in the company include Blackstone Technology Partners, Blue Chip Venture Company, Woodside Fund, Iceberg Ventures and WI Harper Group.
This investment increases StreetFusion's total financing to approximately $23 million in the past three years, and will bring the company to profitability in 2001. The company will use the capital investment to continue development of its innovative event planning and event management applications, and to support new sales initiatives.
"We're very excited about our investors' ongoing support of our business strategy," said Blake L. Hayunga, President and CEO of StreetFusion. "This new investment will enable us to meet the intense customer demand we have experienced for our products, and continue to expand the range of services we deliver to companies and investors throughout the world."
"I firmly believe that StreetFusion has the key elements in place to execute on their vision," said Tom Gonzales, StreetFusion's Chairman, and founder of Commerce One. "With the requisite backing in place, the company is focused squarely on moving toward profitability."
The funding continues the momentum achieved by StreetFusion this year, and will further extend its dominant market position in providing public companies and the investment community with a comprehensive, secure financial communications platform. StreetFusion has helped thousands of public companies meet the requirements of SEC Regulation FD by providing a resource for them to conduct webcasts of corporate financial events, develop the investor relations portion of their websites, and broadly distribute information to institutional and individual investors. This year, over 3,200 public companies used StreetFusion to webcast quarterly earnings calls and a wide variety of other financial events.
"The recent enactment - and our full support - of Regulation FD has had a profound impact on the dissemination of information to the financial community," added Hayunga. "StreetFusion is proud to have pioneered the effort to enable companies and investors to quickly capitalize on this fundamental shift in the way financial information is communicated."
The company also provides companies and professional investors with a host of online tools for planning and managing financial event schedules, as well as access to important investment data. StreetFusion has invested nearly $10 million to date in building a platform to enable the secure, accurate and targeted exchange of information between public companies, the professional investment community and individual investors.
About StreetFusion
StreetFusion (www.streetfusion.com) is the leading network for financial events, linking approximately 6,000 public companies, 2,000 of the nation's leading buyside and sellside firms, and millions of individual investors. The company hosts the most comprehensive and accurate collection of financial event webcasts and event logistics available anywhere. StreetFusion has simplified and streamlined financial communications, enabling the distribution of time sensitive and critical information through a secure, password-protected environment. Online event planning, event publishing, and event webcasting ensure targeted distribution with pinpoint accuracy. For information on StreetFusion's services, visit http://www.streetfusion.com/ or call toll-free (877) 343-0020 or (415) 343-3000.