Digital Wine Ventures (ASX:DW8) climbed 17 per cent this morning after telling shareholders its wine ordering platform WINEDEPOT processed its first orders.

WINEDEPOT was launched in July 2019 and allows wine industry players to handle orders and logistics online. Digital Wine Ventures reported increased orders and said revenue generation would begin this quarter.

The company expects orders to increase as Christmas gets closer. Customers can order wines for Christmas lunch right up until two days beforehand while other platforms have cut-offs up to weeks in advance.

The platform makes money from storage and fulfilment fees.

While the platform has begun in Australia, the company wants to expand into other markets, particularly China – Australia’s most important wine export market.

Digital Wine Ventures is in the middle of a capital raise to expand WINEDEPOT. It is aiming for $612,000 from a rights issue after having banked $1m from a placement.

Stockhead has contacted the company for comment.

CEO Dean Taylor stated back in September his firm could make the ASX 200 someday.

Shares rose by 17 per cent this morning.

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Digital Wine Ventures has the ASX 200 in its sights as WineDepot launches

In other ASX corporate news today:

Regional Express (ASX:REX) fell 10 per cent this morning after telling shareholders profits will be 20-30 per cent lower this year. It also backtracked on its plans to pay an interim dividend as a consequence. However, the company promised a final dividend would be paid as long as conditions did not deteriorate further.

Austin Engineering (ASX:ANG) also issued guidance, telling shareholders it expected to reach the upper end of its $24m-$28m range. The company admitted trading conditions had softened and order delays lead to lower productivity in the Americas. But the company claimed its revenue to date, order book and committed work made up 70 per cent of revenue required to meet this goal. Shares rose 8 per cent this morning.

Respiratory medical device maker Adherium (ASX:ADR) has named a new CEO and COO this morning. Industry veteran Peter Stratford took the head role while Mike Motion filled the position of COO. The pair both have over 30 years of experience in the pharmaceutical and medical device industries.

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