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The Warehouse takes stake in eVentures service

By Phil Boeyen, ShareChat Business News Editor

Wednesday 20th December 2000

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Web company eVentures NZ (NZSE: EVZ) has announced plans to restructure its E-Loan web business into two separate units, one of which will focus on business and the other on consumers.

eVentures says it will split the E-Loan into a business-to-consumer (B2C) unit and a business-to-business (B2B) unit. The B2C unit will be scaled down and located at The Warehouse's (NZSE: WHS) support office with The Warehouse and eVentures NZ as majority partners.

eVentures says The Warehouse's upfront commitment and support for the first 12 months will be provided through services including IT support and management, as well as offline advertising and promotion.

The Warehouse spokesman, Greg Muir, says the market is aware that the retailer is considering financial services in addition to its current credit card offering.

"We see our involvement as an adjunct to our existing business, while we continue to develop our financial services strategy."

eVenture's CEO Cindy Mitchener, says the expertise and input of the new partner will see considerable lowering of costs, and help to bring the venture to profitability more quickly.

The company's B2B plan is to focus on distributing the rights to E-Loan's "comparative engine" technology in Asia, where it says it is already in discussion with potential partners.

eVentures has launched two products since listing on the market - its E-Loan service and electronic direct mail service MessageMedia New Zealand.

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