 |
Fulfilment and Settlement Services Completed Using TradeCard eCommerce Network
NEW YORK, June 14, 2000 - RadioShack Corporation, a premier retailer of consumer electronics, has become the first company in North America to successfully complete a series of international trade transactions, from purchase order to payment, using TradeCard, the latest in e-commerce technology. These transactions were carried out through RadioShack's wholly-owned importing subsidiary A&A International.
"The Internet is predicted to become one of the most powerful business-to-business tools," says Dwain Hughes, senior vice president and chief financial officer, RadioShack Corporation. "We see a tremendous application for this type of e-commerce technology in the international trade world. We can reduce the amount of paper needed as well as improve the type of data we receive. It adds significant enhancements to traditional processes."
RadioShack was able to electronically create purchase orders to buy goods from their supplier in Asia using an innovative e-commerce network solution developed by TradeCard, Inc., a start-up company that focuses on the documentary compliance and financial settlement aspects critical to international trade. RadioShack and A&A International were one of the first participants in TradeCard's pilot program that tested the performance of the TradeCard e-commerce infrastructure. Hughes believes this activity will increase as additional vendors begin to participate through the TradeCard system.
"We were extremely excited that RadioShack was one of the first users of our network," says TradeCard's Chief Executive Officer Kurt Cavano. "They are exactly the type of organization we are looking to work with in order to improve international trade. They are technologically savvy, their shipments consist of finished goods that need to get to them rapidly, and they see the value of e-commerce solutions. The fact that RadioShack is looking at TradeCard as an accepted means to procure and settle their international business shows their commitment to the new world of e-commerce."
"Improved data on the status of orders not only helps determine financial and product scheduling it also benefits our vendors," says Mark Yamagata, executive vice president of A&A. "Since everything is electronic and all the data is pulled from the original purchase order, there is an increase in how fast documentation is completed, thus compressing the procurement cycle. In addition, our vendors can go onto the network and get confirmation on when they would be paid. It brings both sides of the transaction together more easily and makes the whole process transparent."
About TradeCard, Inc.
TradeCard is a business-to-business e-commerce infrastructure that enables buyers and sellers to conduct and settle international trade transactions securely over the Internet. By aggregating buyers, sellers, and disparate trade service providers, our solution automates and streamlines existing international trade transaction processes, which are complex, paper-based, time-consuming, and expensive. Our objective is to provide a secure, reliable, cost-effective, and user-friendly solution for conducting and settling international trade transactions.
TradeCard, Inc. is headquartered in New York City with offices in Hong Kong, and can be found on the World Wide Web at http://www.tradecard.com.
About RadioShack Corporation
RadioShack Corporation (NYSE: RSH) and its retail operation RadioShack is the nation's largest consumer electronics chain and one of the most trusted electronics retailers in the United States. With 7,100 stores and dealers, RadioShack sells more wireless telephones, telecommunications products and electronic parts and accessories than any other retailer. It is estimated that 94 percent of Americans live or work within five minutes of a RadioShack store or dealer. For more information, visit RadioShack Corporation web site at www.radioshack.com
