Winepros Crosses Pacific
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Under the alliance, Winepros will purchase stock in the unlisted Winebuyer.com to the value of AUS$2.5 million (US$1.5 million). This follows winepros' slight share increase on the Australian Stock Exchange(ASX) as its value climbed AU1 cents (US0.6c) last night to close at AU72 cent (US43 cents).
Winepros launched its first portal devoted to wine last month with major backing from Harper Collins Books, bricks and mortar retailer Coles Myer and international wine industry members Len Evans and James Halliday.
Winepros chairman Bruce Kemp said the investment has secured a partner which would accelerate the group's entry into the larger and more complex US wine market.
Winebuyer.com is currently establishing an integrated online transaction network for the US market, in an attempt to become the standard business-to-business (B2B) model for the wine industry.Winepros will interface with this network to gain online access to a selection of state-based retailers who will provide fulfillment of consumer orders placed through the Winepros site.
This will allow Winepros to operate legally within the three-tier US liquor system, which prevents cross-border wine shipments between many US states.