WESTLAKE VILLAGE, Calif., Nov. 22, 1999 (PRIMEZONE) -- Need2Buy.com, one of the most unique and exciting business-to-business e-commerce sites on the Internet, today announced the appointment of Arthur H. Bilger and Kevin Wall, two of the nation's leading Internet investment advisors and consultants, to its board of directors.
Maury Friedman, chairman and chief executive officer of Need2Buy.com, said, "We are extraordinarily pleased that Arthur Bilger and Kevin Wall have agreed to join our board and give us the benefit of their insight and Internet experience. Both executives have been at the forefront in the innovative use of technology and both have been involved in founding, building and successfully accomplishing initial public offerings for two of the leading Internet companies in 1999.
"Today, Need2Buy.com is one of the leading providers of business-to-business Internet trading of electronic components. We look forward to the counsel and expertise of our new directors that will be critical in growing the company and helping Need2Buy.com achieve its objective of becoming the premier Web site for trading a wide range of industrial products and services in the future."
Mr. Bilger is vice chairman of Akamai Technologies, WWW.AKAMAI.COM, a revolutionary Internet content delivery company that transforms the Internet from best-effort transport into a high-performing, high-speed network. Akamai, (Nasdaq:AKAM), completed its initial public offering in October 1999. Additionally, Mr. Bilger, who is active in venture capital investing, is a director of Mandalay Resort Group and of style365.com, Inc.
Previously, Mr. Bilger was president of New World Communications Group, a television production company; he was a founding principal of Apollo Advisors, LP, which invests in acquisitions and corporate restructuring; and he was executive vice president, co-head of Corporate Finance of Drexel Burnham Lambert, where he also served as director.
Mr. Wall, a venture capital investor, was vice chairman of iXL Enterprises, Inc, WWW.IXL.COM, a leading Internet strategy consulting company. Earlier he was chairman of BoxTop Interactive and BoxTop Entertainment, television production companies, and Radio Vision International, which produced long-form music television and radio programming.
Mr. Wall has produced, created or distributed more than 500 music specials and global events, and discovered and/or managed the careers of a number of leading entertainers, including Sheryl Crow and David Copperfield. He currently sits on the boards of iXL, RioPort, MediaNet and Digital Coast, a conference for creative artists, technologists and executives in multimedia, of which he is a founding member.
Need2Buy.com, launched in May 1999, is a Total Purchasing Solution - the first Internet based B2B system designed to directly connect buyers with vendors through a proprietary "expert system". Need2Buy is enabling the buyer to post Requests for Quotations (RFQs) on the site and to receive competitive bids from multiple vendors that the Need2Buy.com system selects, based on the type of RFQ. No additional user hardware or software is required.
The Need2Buy.com "expert system" selects vendors for a given manufacturer or commodity from a database that includes all franchised distributors, their branch locations and inside contacts. The system allows the buyer to submit its request for a quote in an open bid or a sealed bid format available to all appropriate vendors. The "expert system" enables the buyer to buy from current as well as new vendors discovered via the use of the proprietary database. In addition to the distributors database, the system has more then 1000 manufacturers directly linked to the site for product information.
Ultimately comprising a range of vertical offerings, industrial electronic components are the first products available through the revolutionary Need2Buy.com process. "As we move forward," Mr. Friedman said, "You will see additional varieties of products we offer, as well as significant advances in the technologies we provide our clients in order to obtain the most efficient and cost-effective purchasing network."
Need2Buy.com is located in Westlake Village, California. Tel 818-597-5757. Additional information is available on the company's Website at www.Need2Buy.com, or by e-mail at info@need2buy.com.