SOURCE: CommerceHub

August 22, 2006 14:36 ET

QK Holdings Increases Stake in CommerceHub

ALBANY, NY and WILMINGTON, DE -- (MARKET WIRE) -- August 22, 2006 -- QK Holdings, Inc. ("QK") and Commerce Technologies, Inc. ("CommerceHub"), a privately held New York-based supply chain management and integration firm, announced today that QK has acquired substantially all of the outstanding shares of CommerceHub in an all-cash transaction.

Founded in 1997, CommerceHub is the leader in supply-chain management and integration for major retailers including Costco, QVC, Staples, Target, Sears, Kmart, ShopNBC, Walgreens, Home Depot, Kohls, Circuit City, Discovery Channel and thousands of major manufacturers and distributors.

"We are very excited by this acquisition," said David Apostolico, president of QK. "QK has held a significant stake in CommerceHub since 2001. We have been delighted with the company's service offerings as well as their continued business success and talented management team. We are confident that CommerceHub will maintain and expand its leadership position in supply chain management and integration systems."

In connection with the transaction, CommerceHub's founder and chief executive officer, Frank Poore, has decided to step down from day-to-day responsibilities, but has agreed to remain on as a member of the Board of Directors. "I am proud of the successful company that I, along with a great team of employees, have been able to build in a few short years," said Frank Poore, CEO. "CommerceHub is a solid company, with talented people and a wealth of new resources to fuel its growth. I will be working with the Company in a search for a new CEO."

Poore, who founded CommerceHub, was responsible for significantly growing the company's client base over the past nine years; enabling its customers to achieve more than $1 billion in retail revenue in 2005 alone.

Additionally, Richard Jones, co-founder and chief technology officer, is resigning his position but will remain active with the company in a consultative capacity.


CommerceHub is the industry's leading provider of fulfillment and integration solutions for retailers and wholesale distribution companies. With nearly a decade of experience working with Top 25 retailers, distribution supply chains and a wide array of major brand name suppliers, CommerceHub manages nearly $1 billion in goods annually on behalf of such industry leaders as Costco, QVC, Staples, Circuit City, eToys, Kmart, Sears, Target, Walgreens, Dell, Toshiba, Sanyo, Minolta, Gateway and Little Tikes.

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