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July 18, 2000
First Union Securities Acts as Sole Placement Agent for BrightLane.com
CHARLOTTE-First Union Securities announced today that it has acted as the sole placement agent for BrightLane.com, an online business center that provides administrative business services, on the placement of $15.0 million in Series C convertible preferred stock. Nationwide Financial was the sole investor in this round of financing.
We were very pleased with First Union's work in helping us close this round with a single, major global investor. Their relationships in the private equity community and the speed of execution provided by their team was exceptional, said Vince Brannon, President and CEO of BrightLane. We are delighted to further build upon our relationship with First Union.
"We are excited about being BrightLane's financial partner," noted Tim Monnin, managing director in First Union Securities' Technology Investment Banking group. "This transaction demonstrates the combined strength of First Union's deep industry knowledge and execution expertise. Our BrightLane relationship is a perfect example of First Union's full-service financing and advisory capabilities for emerging growth companies."
First Union Securities' Technology Investment Banking Group is one of the largest focused exclusively on emerging Internet companies, and the leading underwriter in the Internet Professional Services space. The Technology Investment Banking Group covers the following sectors: Business to Business, Internet Enablers, IT/Internet Professional Services, Internet Software, and Wireless and Wireline Infrastructure.
"First Union has a long-standing, multi-faceted relationship with BrightLane," said David Carroll, First Union's chief e-commerce officer. "This transaction exemplifies yet another way First Union helps BrightLane meet its financial goals. We look forward to a continued relationship with this vibrant company."
Brightlane.com is funded in part by First Union eVentures. The eVentures team is responsible for pursuing joint ventures with dot com or related businesses that support First Union's business strategy and objectives and that offer access to new customers and new technologies. The eVentures team seeks joint ventures that will enhance its capabilities while, at the same time, offering superior returns.
BrightLane.com, Inc. was founded in 1999 and is based in Alpharetta, Georgia. It is an ASP providing Internet-based administrative solutions for growing businesses. Focusing on increasing buying power and reducing average transaction costs, the current BrightLane services include procurement, banking and financial services, and a full line of insurance and benefit products. BrightLane.com integrates these services through proprietary unified log-in and hub technologies that offer businesses security and robust reporting functionality. Visit the company web site through www.brightlane.com
Nationwide Financial Services, Inc. (NYSE: NFS), based in Columbus, Ohio, is a leading provider of annuities, life insurance, retirement plans, mutual funds, and other financial services to individuals and institutional clients. Nationwide Financial, with 1999 assets of more than $93 billion, is the retirement savings and income operation of Nationwide, a leading provider of diversified insurance and financial services. Nationwide, with 1999 assets of $115 billion, is ranked #128 on the Fortune 500. www.nationwidefinancial.com
First Union (NYSE:FTU), with $254 billion in assets and stockholders' equity of $17 billion at March 31, 2000, is a leading provider of financial services to 16 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in 12 East Coast states and Washington, D.C., full-service brokerage offices in 41 states and international offices worldwide. Online banking products and services can be accessed through www.firstunion.com.
Important Notice: First Union Securities is the trade name under which Charlotte based First Union Corporation conducts its investment banking, merger and acquisition, asset management and mutual fund, brokerage and insurance businesses.
First Union Securities includes: (1) First Union Securities, Inc. (FUSI), a registered broker-dealer and member NYSE/NASD and SIPC providing investment banking, merger and acquisition advisory and brokerage services to corporations, individuals and other institutions throughout the United States; (2) First Union Brokerage Services, Inc. (FUBS), a separately registered broker-dealer and member NASD and SIPC providing primarily retail brokerage services; (3) First Clearing Corporation (FCC), a separately registered broker-dealer and member NYSE/NASD and SIPC, providing securities clearance and settlement services; (4) the Capital Markets and Capital Management Groups within First Union National Bank (FUNB), a national banking association, and its subsidiaries, providing asset management, lending, structured finance risk management, derivatives, and fiduciary services to institutions and individuals; (5) various subsidiaries within First Union Corporation providing investment advisory, administrative and other services to the Evergreen and Mentor families of mutual funds; and (6) various wholly-owned state insurance agencies.
Stocks, bonds, mutual funds or other securities offered or sold through First Union Corporation or any of its bank or non-bank subsidiaries are not deposits of any bank and are not insured, guaranteed or otherwise protected by the Federal Deposit Insurance Corporation or any other government agency; are not endorsed or guaranteed by First Union Corporation, FUNB or any bank; and involve investment risk, including possible loss of principal.
The securities referred to herein have not been and will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. All of such securities have been sold and this press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities.
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