News Release: Jumbomall Expands into the UK
Mar 10, 2000
Document date: Fri 10 Mar 2000
Published: Fri 10 Mar 2000 10:37:34
Document No: 133333
Document part: A
Market Flag: Y
JUMBOMALL.COM CORPORATION LIMITED 2000-03-10 ASX-SIGNAL-G
HOMEX - Brisbane
E-commerce technology company, Jumbomall.com Corporation Limited (Jumbomall), today announced expansion plans into the United Kingdom with the release of the UK website at www.jumbomall.co.uk and the opening of its London offices.
The move is a further consolidation of Jumbomall's expansion into the fast growing European e-commerce market.
The strategy will be to establish a local subsidiary with a UK partner and raise capital in the local AIM stock market.
Chief executive officer of Jumbomall, Mr Mike Veverka said e-commerce was flourishing in Europe as Internet users became more familiar with the online shopping experience.
"Online shopping in the UK is expected to exceed GBP10bn this year, with total e-commerce generating over USD$15 billion, an increase from almost USD$4.8 billion in 1999(1)," Mr Veverka said.
"Jumbomall is entering a largely untapped market."
Mr Veverka said the move into Europe will also accelerate the research and development of the Jumbomalls' m-commerce (mobile commerce) products with WAP and other developing technologies.
Wireless application protocol (WAP) technology involves accessing the Internet through mobile telephones.
Europe is leading the world in the take-up of WAP technology with more than 117 million mobile phone users.
Mr Veverka said he expected several agreements to be finalised following negotiations with major European e-commerce retailers over recent weeks.
Jumbomall is currently one of the world's largest online shopping malls, with more than 3,700 stores across 50 countries. It currently has around 50 UK stores that will form the basis for the new site.
The company has offices in San Jose, USA, Australia, and UK and is listed on the Berlin, Munich and Stuttgart stock exchanges (code JUB) in addition to the ASX (code JUM).
ISSUED FOR: Jumbomall.com Corporation Limited
FOR FURTHER INFORMATION:
BUSINESS & MARKET ANALYST
JUMBOMALL.COM JUMBOMALL.COM CORPORATION LIMITED
TEL: 07 3831 3705 (BUS)
0411 818 788 (MOBILE)
ISSUED BY: Westbrook Communications
Contact: David Reid
TEL: (02) 9231 0922 (BUS)
0417 217 157 (MOBILE)