CyberLogitec Ties up with Internet and Venture Companies

Hanjin Shipping new information / telecommunications arm, CyberLogitec
, signed a strategic business alliance with five other Internet and ve
nture companies to establish Korea's first logistics B2B/M2M (business
to business/ market to market) e-commerce website (LogisticsExch.net)
. Under the business tie-up, CyberLogitec will be in charge of marketin
g and will operate the new site using Oracle's e-commerce solutions to
be launched in June.
Over 50 guests, including CyberLogitec CEO, Mr. Eui-sik Kwon, and all
iance partners, Bolero.net, Cybertek Holdings, Equant, Hewlett Packard
and Oracle, attended the signing ceremony in Seoul.
At the ceremony, Mr. Kwon said, "We are very excited about this coope
rative venture. It is one of the ways that CyberLogitec is attempting
to diversify its information systems for e-commerce. CyberLogitec is c
arrying out a plan to vary its management style for long-term growth a
nd form an environment to better respond to customers's needs. The bus
iness tie-up is expected to lead efforts at improving the quality of l
ogistics service as well as speeding up the introduction of the Intern
et to the shipping industry."
CyberLogitec will officially be launched on May 1st with a capital of
150 million won and more than 200 founding staff members. Hanjin Ship
ping holds a 93 percent stake in the new company.