Navidec Inc. Announces Completion of DriveOff.com Sale To Carpoint Inc. NAVIDEC INC LOGO Navidec Inc's logo. (PRNewsFoto)[DM] ENGLEWOOD, CO USA 04/22/1999
3 October 2000
Navidec Inc. Announces Completion of DriveOff.com Sale To Carpoint Inc. NAVIDEC INC LOGO Navidec Inc's logo. (PRNewsFoto)[DM] ENGLEWOOD, CO USA 04/22/1999Sale results in approximately $45 million gain in Q3 2000 GREENWOOD VILLAGE, Colo., Oct. 3 Navidec Inc. , today announces the completion of the sale of DriveOff.com to Carpoint Inc., the most-visited site in the online automotive marketplace. The transaction represents the exchange of 12.7% of Carpoint stock, owned by Microsoft and Ford Motor Company, for 100% ownership of DriveOff.com. (Photo: http://www.newscom.com/cgi-bin/prnh/19990422/NAVIDECLOGO ) This transaction has significant, positive impact to Navidec in three areas. First, the sale results in a third quarter gain of approximately $45 million to Navidec or approximately $4.02 per share. Second, the sale of DriveOff.com reduces Navidec's expenses by approximately $4.5 million per quarter, beginning in the fourth quarter of 2000. Third, DriveOff.com will now be one of Navidec's largest eSolutions customers through a services agreement with a proposed initial term of 18 months. Carpoint is the most-visited online car-buying service in the US, reaching more than six million consumers monthly and generating nearly $8 billion in annual sales to more than 5,000 auto dealers. As a wholly owned subsidiary of Carpoint, DriveOff.com will continue to operate its dealer-endorsed direct auto-buying site and enhance its focus on powering the auto buying programs of large membership organizations, buying clubs and financial institutions. Ralph Armijo, president and CEO of Navidec commented, "We are very excited to have developed and evolved DriveOff.com as a leading direct car-buying site that effectively provides the automotive industry with a complete eBusiness solution, while creating significant shareholder value in the process. In addition, the sale transaction keeps Navidec on the path to profitability." Navidec senior management will conduct a conference call to discuss this press release with interested investors and analysts at 11:00 a.m. Eastern time tomorrow, October 4. The telephone number to join this conference call is 888-747-3446. About Navidec Inc. Navidec Inc. delivers integrated eSolutions to Global 2000 companies in need of innovative, rapidly deployed and cost-effective core business transformation. Using its proprietary NPact process, Navidec defines, builds and manages Internet, Intranet and extranet solutions that enable its clients to transform their traditional businesses into eBusinesses. Navidec's corporate web site is http://www.navidec.com. For more information contact Navidec Inc. at 303-222-1000. All statements in this press release, other than historical facts, are forward looking statements. These statements are based on certain assumptions and analyses made by Navidec in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Such statements are subject to a number of risks and uncertainties, including general and economic business conditions, competition from other online services, market acceptance of its online solutions and other risk factors indicated from time to time in Navidec's filings with the Securities and Exchange Commission. Those filings are available online at http://www.freeedgar.com