U.S. Bancorp Piper Jaffray Launches e-Food Chain Research Universe; $850 billion food industry embraces the Internet

Business Wire, Feb 28, 2000

Business Editors

Repeating and Replacing Earlier Version

MINNEAPOLIS--(BUSINESS WIRE)--Feb. 28, 2000

Today, U.S. Bancorp Piper Jaffray Managing Director and Senior Analyst Allan Hickok launched research coverage of the e-Food Chain universe. "We believe this is the first such universe on Wall Street that concentrates on the convergence of traditional foodservice companies and new, productivity-enhancing technology," says Hickok. "We are examining investment opportunities presented by the application of new technology in all areas of the traditional food chain, from crop to consumer."

The great companies of the future will seamlessly integrate their online and offline assets for the benefit of their business customers and the consumer, according to Hickok. "This new research universe is a collaborative effort that combines our significant momentum in the technology sector with our long history and deep relationships in the food, foodservice, restaurant and hospitality industries " says Hickok. Hickok is a three-time All-Star analyst as selected by the Wall Street Journal. He has covered the restaurant, foodservice and specialty retail industries at U.S. Bancorp Piper Jaffray for the past eight years and has 15 years of Wall Street experience. Hickok is joined by four other senior analysts who will contribute to this effort. George Dahlman in the food and grocery area, and three B2B e-commerce analysts, Tim Klein, Jon Ekoniak and Mark Verbeck.

While many of the companies in U.S. Bancorp's e-food coverage area are still private, Hickok says investors can benefit from focusing early on emerging companies that bring the latest technology to the food industry.

Though the $850 billion food industry is in the initial stages of tapping the power and opportunities presented by the Internet, Hickok says it is poised to experience dynamic and dramatic change in the next few years as it adopts technical innovation. "After lagging other industries in terms of technology innovation, the restaurant, foodservice and distribution sectors are rapidly becoming Internet reliant for many activities," says Hickok.

The food industry will benefit from business-to-business (B2B) and business-to-consumer (B2C) innovation. "We will be examining `convergence' companies that have developed new ways to improve productivity, both B2B and B2C, vertically and horizontally. Target sectors include food and non-food trade and purchasing, agribusiness, supply chain management, packaged goods, distribution, grocery, restaurants and delivery," Hickok says.

U.S. Bancorp Piper Jaffray is in the process of finalizing a comprehensive industry analysis about the e-Food sector. For a copy, please contact your U.S. Bancorp Piper Jaffray representative. For more information, please contact the U.S. Bancorp Piper Jaffray Research Hotline: 612-342-8850.

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based U.S. Bancorp, provides a full range of investment products and services to businesses, institutions and individuals. The company's investment banking business has grown exponentially in the last several years by focusing on the needs of growth companies in the health care, technology, financial institutions, consumer and industrial growth sectors. U.S. Bancorp Piper Jaffray has a national reputation for its expertise in fundamental research and equity and debt financing. U.S. Bancorp offers a comprehensive range of financial solutions through U.S. Bank, First American Asset Management, U.S. Bancorp Libra Investments and U.S. Bancorp Piper Jaffray. Securities products and services offered through U.S. Bancorp Piper Jaffray, Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.

(a)U.S. Bancorp Piper Jaffray, Inc. makes a market in the company's securities. (b)Within the past three years, U.S. Bancorp Piper Jaffray Inc. was managing underwriter of an offering of, or dealer manager of a tender offer for, the company's securities or securities of an affiliate.