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BBCN Raises $4 Million for Initial Start-Up, Closes Private Placement

6 January 2000

BBCN Raises $4 Million for Initial Start-Up, Closes Private Placement; B2BE Site Is Over-Subscribed as It Prepares to Go Live in January 
    HOUSTON, Jan. 6 -- BBCN.com, an Internet-based marketplace
allowing competitive purchasing between auto dealerships and their vendors,
announced today it has exceeded its $4 million offering limit and has closed
its initial private placement investment.  The new company met its funding
needs in less than 60 days after the private placement memorandum was issued,
a near-record time for filling a placement of this type, according to industry
experts.
    BBCN.com will launch its e-procurement site dedicated to serving the
$59 billion automotive dealership purchase market on January 22, 2000 at the
National Automobile Dealers Association conference in Orlando, Fla.  The site
will create a real-time online system that provides new efficiencies and
expense reduction for automobile dealers and their supply partners.
    "We saw a basic need in the industry and expect excellent results for our
clients and our investors," said Robert T. Dowlearn, president and CEO of
BBCN.  "In seeking funding, we went to the dealers first, because if you have
the buyers, the sellers will come.  Now, we count the owners or managers of
the largest Ford, Chevrolet, Toyota, Honda, Chrysler, Dodge and Volkswagen
dealerships in the nation as investors.  In addition, the past four National
Automobile Dealership Association chairmen have invested in the company.  We
are off to an excellent start."
    The company now has the necessary resources to address forecasted expenses
required to fulfill the year 2000 business budget.  Phase one of site
development is complete and is undergoing final testing in preparation for the
roll-out later this month.
    In addition to bidding for supplies, BBCN will offer an auction for
equipment, parts and supplies, plus a forum where dealers can buy and sell
used equipment.  The site will function as a place for vendors to find selling
opportunities and for dealers to take full advantage of the marketplace.

    About BBCN
    BBCN is an Internet-based marketplace allowing for competitive purchasing
to take place between automotive dealerships and their vendors.  BBCN provides
a secure, efficient and centralized online process designed to measurably
reduce expenses and increase net profits for all participants.  At BBCN, users
may harness the power of a vertical portal that effectively matches buyers and
sellers within the automotive dealership industry.  For more information, call
1-877-222-6266 or visit http://www.bbcn.com.
    All product and company names referenced may be trademarks of their
respective owners.

    Contact:  Michele Luke of Pierpont Communications, 713-627-2223, ext. 118,
or email, mluke@piercom.com, for BBCN.com.