ShipServ and iShipExchange Merger

ShipServ and iShipExchange, providers of a neutral trading arena for buyers and suppliers, have recently announced their merger. This is a significant step in the development of integrated global trading solutions for the shipping industry. Both companies brought together their respective markets - ShipServ in Europe and iShipExchange in Asia/North America thus creating a market with an immediate US$1billion potential for the group. The new company will use the name ShipServ.

Both ShipServ and iShipExchange have a reputation for an even-handed approach to both sides of the ship supply business. TradeNet, the group’s trading platform, provides a neutral trading arena for buyers and suppliers. E-Procurement facilitates the buying and supplying of provisions, other ships’ stores and spare parts driving out inefficiencies for both sides of the trading process. It provides the ability to streamline processes and communications substantially reducing costs; to secure better trading information improving the decision-making process and to keep management of purchasing simple and cost-effective. The combined transactions of the two companies in January 2003 have taken off at a rate that is 50% higher than during the previous quarter. A number of existing clients have started major ramp-ups in 2003 and ShipServ expects that the impact of the merger on confidence will drive transactions to at least 250,000 and possibly as high as 500,000.