EXHIBIT 99.1
SciQuest.com Acquires EMAX Solution Partners, Inc.
(BW)(NC-SCIQUEST.COM)(SQST) SciQuest.com Acquires EMAX Solution Partners, Inc.
Business Editors/High Tech Writers
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RESEARCH TRIANGLE PARK, N.C. and NEWTOWN SQUARE, Pa. --(BUSINESS WIRE)--March
14, 2000--
Creates the first electronic "Source-to-Discovery" supply
chain solution for life sciences
SciQuest.com (NASDAQ:SQST), a leading business-to-business e-marketplace for
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products used by pharmaceutical, chemical, biotechnology, industrial and
educational organizations, today announced that it has signed a definitive
agreement to acquire EMAX Solution Partners, Inc.
The agreement unites SciQuest.com with a leading supplier of e-Research
capabilities and online solutions for the life sciences. EMAX's e-Research
technology, used by more than 10,000 research scientists around the world,
manages the sourcing, requisition, receipt, internal inventory management and
tracking, and disposal of chemical reagents and proprietary compounds that are
used, created or screened in life science research operations.
The acquisition of EMAX is expected to give researchers that utilize the
SciQuest marketplace the ability to both purchase and continually manage
critical research material assets from a single desktop interface. The
consolidation of these functions on the desktop is designed to enable
researchers to speed new compound discovery, reduce administrative and inventory
management overhead, boost productivity, assure worker health and safety
compliance and streamline substance logistics management throughout research
operations.
Under the terms of the agreement, SciQuest.com common stock with an aggregate
value of approximately $150 million will be exchanged for all outstanding shares
and options of EMAX. The acquisition has been approved by the boards of
directors of both companies and is subject to various closing conditions. After
closing, EMAX Solution Partners, Inc. will be known as EMAX Solutions, a
SciQuest.com company. EMAX Solutions will remain headquartered in Newtown
Square, Pennsylvania.
"As a SciQuest.com company, we expect EMAX Solutions to advance our core mission
of streamlining product purchase and management in the $36 billion laboratory
products marketplace," said Scott Andrews, CEO, SciQuest.com. "Our buyer
communities worldwide will have the opportunity to improve research productivity
while driving down supply chain costs, and our laboratory product suppliers can
become incorporated more strategically into the everyday work processes of
research organizations that use EMAX technology."
"Both buyers and suppliers of laboratory products and chemical reagents will now
have the option of unified product supply chain access and management," said Jeb
Connor, CEO, EMAX. "Discovery research operations will gain a platform that
unites their B2B e-commerce and supply-chain processes for reagents and lab
supplies with their mission critical gene-to-lead substance creation, screening
and logistics process - resulting in faster discovery of new chemical entities,
cost containment, and researcher productivity." About SciQuest.com
SciQuest.com is a leading business-to-business e-marketplace for scientific
products used by pharmaceutical, chemical, biotechnology, industrial and
educational organizations worldwide. By leveraging its extensive laboratory
products and supply chain management expertise with its exclusive supplier
relationships and robust portfolio of e-procurement solutions, SciQuest.com
reduces customers'
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procurement costs and increases researchers' productivity. Additionally,
SciQuest.com provides suppliers a cost-effective sales and marketing channel.
The company's e-marketplace is distributor-neutral and can be customized and
seamlessly integrated with its customers' enterprise systems. SciQuest.com is
headquartered in Research Triangle Park, NC, with offices in Mountain View, CA,
and Plainview, NY. For more information about SciQuest.com, please visit
http://www.sciquest.com or call 919-659-2100. About EMAX Solution Partners
Based near Philadelphia, EMAX Solution Partners, Inc. is the pioneer of
e-Research asset management and planning solutions, a domain expert in drug
discovery work processes and technologies, and the leading innovator of software
and Internet supply chain solutions for life science research organizations.
EMAX's e-Research software platform unites scientists, research managers and
suppliers into a collaborative e-service network enabling on-demand, research
enterprise-wide management of the substances and reagents that enable high
throughput drug discovery. By eliminating the traditionally time-consuming
search for research materials, EMAX enables scientists to focus on lead
discovery and decreases the cost per lead by enabling capacity and throughput
optimization throughout the discovery operation. Additional information about
EMAX can be found at http//www.emax.com.
EMAX is a registered trademark of EMAX Solution Partners, Inc. SciQuest and
SciQuest.com are trademarks of SciQuest.com, Inc. All other trademarks are the
property of their respective holders.
Statements in this press release that are not historical facts are
forward-looking statements that involve risks and uncertainties. For such
statements, the Company claims the protection of the safe harbor for
forward-looking statements under the Private Securities Litigation Reform Act of
1995. The potential risks and uncertainties associated with these
forward-looking statements could cause actual results to differ materially from
those presented herein, and the reported results should not be considered as an
indication of future performance. Factors that could cause actual results to
differ from those contained in the forward-looking statements include, among
others, the Company's ability to successfully market the SciQuest.com brand,
increase transaction volume, attract and retain a broad range of purchasers and
suppliers, to effectively add additional products to its e-commerce database and
to otherwise operate efficiently and cost effectively. These and other risk
factors are discussed in the Company's Registration Statement on Form S-1, filed
with the Securities and Exchange Commission on November 19, 1999.
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CONTACT: RLM
Anita Bose, 212/484-7699
abose@rlmnet.com
or
Cunningham Communication, Inc. for SciQuest.com
Media: Patrick Ward, 617/494-8202
pward@cunningham.com
or
EMAX Solutions Partners, Inc.
Jim Fields, 610/325-3700
moreinfo@emax.com
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