E-tailer wants $2M

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Perth based IT e-tailer Buyquick.com.au wants to raise $2 million, to fund new infrastructure upgrades and marketing plans as it looks to IPO on the Australian Stock Exchange by May next year.

Perth based IT e-tailer Buyquick.com.au wants to raise $2 million, to fund new infrastructure upgrades and marketing plans as it looks to IPO on the Australian Stock Exchange by May next year.

After five years in business, the company claims it is now profitable and would initially aim to raise $500,000 from a mix of suppliers, strategic alliance partners and private investors.

It has also hatched plans to expand to the UK in mid 2004, according to company director Andreas Adamides.

Adamides claimed that last month the e-tailer had 255,000 unique visitors to its Website and had more traffic than Harris Technology during the month.
However, he declined to reveal the company's customer numbers or current sales revenue run rate, saying only that it was 'profitable'.

The company would list despite the poor track record of other e-tailers during and after the dot com crash, Adamides said.

'We're not going in there as a concept [company]. IT stocks on the ASX [and other markets] have all done well over the last 12 months -- there's not as much competition out there.'

He claimed that Buyquick was one of the top e-tailers left in the market and the market would find it attractive.

In early 2000, the company had raised $2 million and planned to list, but withdrew these plans when the tech wreck hit.

Adamides claimed that sales revenue from IT related products was up 80 percent year-on-year, and IT products equated to 50 percent of the company's total sales revenue in Australia.

Today, the company said it had access to over $120 million in stock and more than 25,000 products from suppliers and distributors that it declined to name. The business was originally conceived with a $15,000 bank overdraft.

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