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International Parts Completes Second Round Financing

31 October 2000

International Parts Completes Second Round Financing; $4.5 Million To Support E-Commerce Enterprise: ezfindparts.com

    JACKSONVILLE, Fla.--Oct. 30, 2000--International Parts, Inc., the world's leading auto parts locator, announced today it has completed its second round of financing to support its e-commerce enterprise, ezfindparts.com. Totaling $4.25 million of Series C Preferred Stock, the funding will fuel the expansion of the online business including marketing initiatives and building a distribution sales force.
    Investors include Interprise Technology Partners, a Miami-based venture capital firm that focuses on Internet and IT companies or businesses that strategically use technology to significantly leverage their operations, and Advantage Financial, a central Florida venture fund. Poole Carbone Eckbert acted as investment banker on this transaction, structuring the security and identifying the investor group.
    "International Parts has successfully strengthened its management team and transformed its brick-and-mortar business into a viable brick-and-click business," said David Parker, managing partner, Interprise Technology Partners. "We are pleased to join them as an active investment partner as they implement their strategy."
    "Having grown this company over the past eight years, we've established ourselves as the dominant domain knowledge company in the mechanical replacement parts market. I believe the combination of our exhaustive and proprietary database of parts and our electronic commerce strategy will drive significant value creation for our company," said Lonnie Margol, president, International Parts, Inc.
    International Parts, Inc. launched its online business after securing $2 million in Series A Preferred Stock in February 2000. The e-commerce expansion provides an additional distribution channel for International Parts' auto parts locating business, complementing its call-center distribution channel. The Internet venture includes both direct and wholesale sales business models.