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EXHIBIT 99.1
Contact:
Gretchen Sorensen
VP, Corporate Affairs
Onvia.com
Tel: 206.373.9082
[email protected]
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Onvia Improves Efficiency, Eliminates Redundant Positions
SEATTLE, WA - Thursday, September 28, 2000 -- Onvia.com, Inc. (Nasdaq: ONVI)
announced today that as part of its accelerated plan to improve business
performance in the near term and to reinforce its leadership position as the
leading exchange for small business, it has eliminated 85 redundant staff
positions. "Despite the fact that we have 180 million of cash in the bank,
today's competitive environment demands that we operate our business at maximum
efficiency," said Glenn Ballman, Chairman and CEO of Onvia.
"We continue to gain momentum and improve our operating efficiency," said
Ballman. "This reduction in our workforce coupled with our emerging revenue
opportunities will reinforce our position as the leading exchange for small
businesses. We look forward to announcing our third quarter results."
This release contains, in addition to historical information, forward-looking
statements within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements are based on
management's current expectations or beliefs, and involve risks and
uncertainties, including statements regarding restructuring the Company's
business, improvement in the Company's financial performance, the Company's path
to profitability, and the progress and benefits of the Company's execution of
its business plan.
The Company's actual results could differ materially from those described in the
forward-looking statements. The factors that could cause or contribute to such
differences include, among others, the Company's failure to realize all the
intended cost-saving benefits of the restructuring, the Company's inability to
retain and/or motivate remaining personnel, the Company's failure to take
advantage of growth in the Company's target markets, such as the provision of
high margin services and aggregating small business buyers and sellers, the
Company's failure to integrate or take advantage of acquisitions successfully,
the Company's inability to improve gross margins, the Company's inability to
further identify, develop, and achieve commercial success for new products and
services and access and distribution technologies, and the Company's inability
to establish and maintain relationships with commerce, advertising, marketing,
technology, and content providers.
For a detailed discussion of these and other cautionary statements, please refer
to the Company's filings with the Securities and Exchange Commission.
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