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Shoe company replaces paper-based trade transaction tools with Internet-based financial supply chain technology
NEW YORK - May 22, 2002 - Hi-Tec Sports USA, a leading footwear manufacturer which over 1.5 million pairs of shoes annually under the Hi-Tec and Magnum brands, has adopted TradeCard to manage the financial components of their trade transactions with vendors.
TradeCard Chairman and CEO Kurt Cavano said: "Hi-Tec's decision to use TradeCard reflects a growing awareness that companies save both time and money by using TradeCard in place of traditional trade transaction methods. With TradeCard, companies like Hi-Tec can benefit from freed-up credit lines, savings in transaction fees, and significant cost reductions through simplified transaction processing."
Since launching in April 2000, TradeCard has provided alternatives to traditional paper-based, expensive and labor-intensive trade settlement methods to companies throughout the world. The web-based system enables buyers and sellers to initiate, conduct and settle trade transactions online through TradeCard's secure network. The system has proven beneficial for companies of all sizes. Smaller companies can access the TradeCard system through a simple browser, and larger companies can access TradeCard through their existing Enterprise Resource Planning (ERP) systems. Some of TradeCard's member companies include RadioShack and Wolverine World Wide, the manufacturers of Hush Puppies and other leading shoe brands.
"We've been pleased with TradeCard since we started using it several months ago," said Robert C. Kaiser, Chief Operating Officer of Hi-Tec Sports, USA. "TradeCard helps us better manage the flow of cash against the movement of goods from our vendors. The system streamlines our procurement process, provides us the information we need to make payment decisions, and saves us money. It's a simple, solid system."
About TradeCard
TradeCard is a financial supply chain service provider. TradeCard's secure transaction infrastructure greatly reduces the inefficiencies and uncertainties found in traditional domestic and cross-border trade transaction processes. By streamlining and enhancing the steps necessary for purchase order approvals, payment decisions and settlement, TradeCard provides a cost-effective, practical and patented service for financial supply chain management.
TradeCard, Inc. is headquartered in New York City with offices in the San Francisco Bay Area, Chicago, Hong Kong, Taipei, Seoul, Tokyo and London.
TradeCard can support transactions among the following countries: Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, the Netherlands, Norway, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, the United Kingdom, and the United States.
TradeCard is a registered trademark in the United States. TradeCard can be found on the World Wide Web at http://www.tradecard.com.
About Hi-Tec
Founded in 1978, Hi-Tec Sports USA, Inc. is a leading footwear manufacturer based in Modesto, CA, that distributes over 1.5 million pairs of shoes each year nationwide under both the Hi-Tec and Magnum brands. A subsidiary of privately owned parent company Hi-Tec Sports of Britain, Hi-Tec Sports USA, Inc. joins several other international subsidiaries, distributing in over 70 countries, to form a multi-million dollar global footwear enterprise.
Hi-Tec Sports USA, Inc. contracts with over 50 independent sales representatives to place Hi-Tec and Magnum footwear in sporting goods stores, outdoor specialty stores, department stores, and uniform and military outlets throughout the country. In addition, several Hi-Tec retail outlets located throughout northern California contribute to the success of both brands.
Hi-Tec can be found on the World Wide Web at www.hi-tec.com
