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March 13, 2001
Vsource Inc., which develops systems for Internet-based purchasing, said it will lay off 35 to 40 of its 50 employees and announced the resignation of two of its top executives. The news sent shares of Ventura-based Vsource plunging 84 cents, or 73%, to close at 31 cents on Nasdaq. The stock's 52-week high is $52.
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BUSINESS
March 13, 2001
Vsource Inc., which develops systems for Internet-based purchasing, said it will lay off 35 to 40 of its 50 employees and announced the resignation of two of its top executives. The news sent shares of Ventura-based Vsource plunging 84 cents, or 73%, to close at 31 cents on Nasdaq. The stock's 52-week high is $52.
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CALIFORNIA | LOCAL
October 3, 2000 | BARBARA MURPHY
Vsource Inc. in Ventura has closed a $10.7-million private equity financing. The financing, initially announced Aug. 29, was led by a unit of Mercantile Capital Group LLC of Northbrook, Ill. Vsource will issue 1.6 million shares of Series 2-A convertible preferred stock, which is immediately convertible into common stock at a 1-to-1 ratio. The company will also issue 145,550 warrants to the Series 2-A investors. Chairman and Chief Executive Robert C.
CALIFORNIA | LOCAL
December 26, 2000
Vsource Inc. in Ventura reported a net loss for the third quarter of $5.8 million, or 78 cents a share, compared with a loss of $1.2 million, or 9 cents a share, for the same period a year earlier. Revenue for the third quarter that ended Oct. 31 was $151,500, compared with $2,230 a year earlier. The company said new contracts for the quarter totaled $425,000. No comparable contracts were recorded in the same period last year.
CALIFORNIA | LOCAL
March 7, 2000 | BARBARA MURPHY
Sanford T. Waddell has been named chief financial officer for Vsource Inc. in Ventura, a provider of Internet procurement products. He replaces Samuel E. Bradt, who will remain on the Vsource board of directors. Waddell has more than 20 years' experience in finance, operations and planning with private and publicly held corporations. Most recently, he has held CFO positions with Snyder Diamond Inc., Rampage Clothing Co. and Reddi Brake Supply Corp.
CALIFORNIA | LOCAL
December 26, 2000
Vsource Inc. in Ventura reported a net loss for the third quarter of $5.8 million, or 78 cents a share, compared with a loss of $1.2 million, or 9 cents a share, for the same period a year earlier. Revenue for the third quarter that ended Oct. 31 was $151,500, compared with $2,230 a year earlier. The company said new contracts for the quarter totaled $425,000. No comparable contracts were recorded in the same period last year.
CALIFORNIA | LOCAL
October 26, 1999 | BARBARA MURPHY
Interactive Buyers Network International in Ventura has changed its name to Vsource Inc. IBNL will continue to be the company's stock symbol on The OTC bulletin board. Chief Executive Robert "Jay" McShirley said the name change is part of an overall branding program designed to better reflect the company's identity. The company has hired Mary Lynn Coyle to administer the branding program.
CALIFORNIA | LOCAL
October 17, 2000 | BARBARA MURPHY
Online Transaction Technologies Inc. in Los Angeles said it has signed a preliminary agreement to be acquired by Vsource Inc. of Ventura for $7 million, to be paid in Vsource stock. The company said its largest shareholder, Cumetrix Data Systems Corp., also voted in favor of the transaction. "It is essential in this marketplace that developing technologies be able to expand quickly under a well-capitalized business model," said John Botdorf, chairman of Cumetrix.
CALIFORNIA | LOCAL
April 18, 2000 | BARBARA MURPHY
Scott Turner has joined Vsource Inc. in Ventura as chief operating officer. Jeri D. Sessler will assume the role of executive vice president of customer operations. Turner will focus on enhancing internal company infrastructure and processes. He most recently was a partner in Holbrook Design, a product realization company that uses computer-aided design and manufacturing processes to accelerate production. He also sits on the board of directors of Scicon Technologies Corp.
CALIFORNIA | LOCAL
July 18, 2000 | BARBARA MURPHY
Shareholders for Vsource Inc. in Ventura have agreed to change the company's state of incorporation from Nevada to Delaware. Management had proposed the reincorporation based on the greater flexibility of Delaware corporate law and the belief that the investment community is more comfortable with the laws in that state. The company, which allows businesses to set up an Internet-based procurement system, will remain headquartered in Ventura.
CALIFORNIA | LOCAL
October 3, 2000 | BARBARA MURPHY
Vsource Inc. in Ventura has closed a $10.7-million private equity financing. The financing, initially announced Aug. 29, was led by a unit of Mercantile Capital Group LLC of Northbrook, Ill. Vsource will issue 1.6 million shares of Series 2-A convertible preferred stock, which is immediately convertible into common stock at a 1-to-1 ratio. The company will also issue 145,550 warrants to the Series 2-A investors. Chairman and Chief Executive Robert C.
CALIFORNIA | LOCAL
March 7, 2000 | BARBARA MURPHY
Sanford T. Waddell has been named chief financial officer for Vsource Inc. in Ventura, a provider of Internet procurement products. He replaces Samuel E. Bradt, who will remain on the Vsource board of directors. Waddell has more than 20 years' experience in finance, operations and planning with private and publicly held corporations. Most recently, he has held CFO positions with Snyder Diamond Inc., Rampage Clothing Co. and Reddi Brake Supply Corp.
CALIFORNIA | LOCAL
November 7, 2000 | BARBARA MURPHY
Vsource Inc. in Ventura has received approval for listing on the Nasdaq National Market. The company has begun trading its common stock on Nasdaq under the ticker symbol VSRC. "The ability to trade our stock on a national marketplace is the result of five years of hard work and dedication to making our vision a reality," said Robert McShirley, chairman and chief executive.
CALIFORNIA | LOCAL
July 4, 2000
Vsource Inc. in Ventura, which sells a software program allowing businesses to make purchases on the Internet, had no revenue in its first quarter ended June 13 and suffered a net loss of $5.8 million. The company reported revenue of $4,060 for the same quarter a year earlier, and a loss of $333,587. The net loss per share was 80 cents for the most recent quarter, compared with a three-cent loss for the first quarter of 1999.
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