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NEW YORK, July 12, 2000 - TradeCard, Inc., an online international trade transaction network for buyers and sellers, announced today an alliance with Ventro Corporation (Nasdaq:VNTR), a leading builder and operator of business-to-business (B2B) e-commerce companies. Under the announced alliance, Ventro and TradeCard will identify opportunities to integrate TradeCard's technology into Ventro marketplaces to provide customers automated settlement of international trade transactions.
The alliance will allow a firm to procure goods through one of Ventro's online marketplaces, place an order for equipment from an overseas supplier, and settle the transaction with TradeCard. This stands in contrast to existing international business-to-business procurement methods, which despite the advances of the Internet and the development of online catalogs and marketplaces, require international buyers and sellers to settle their transactions offline in a time-consuming, paper-based manner.
Kurt Cavano, Chairman and CEO of TradeCard, said, "TradeCard and Ventro have complementary business missions. Ventro provides users access to a wide range of goods and services throughout their companies' marketplaces. TradeCard provides the compliance and payment mechanism for purchasing these goods. By joining these two unique strengths, we enhance the supply chain and improve the effectiveness of doing business online."
"No matter where in the world our customers operate, we are committed to reducing friction in the supply chain and improving supplier/buyer relationships," said Peter Di Laura, director of business development, Ventro Corporation. "Using the best available technologies, Ventro integrates all of the business processes needed to deliver complete marketplace solutions. Global expansion of B2B e-commerce will make TradeCard's technology an additional critical component in resolving the myriad challenges facing online international trade."
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. TradeCard's 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 a branch office in Hong Kong, and can be found on the World Wide Web at http://www.tradecard.com.
About Ventro
Ventro Corporation is pioneering the new B2B e-commerce economy by building and operating companies that transform the supply chain in businesses around the world. Ventro operating companies allow suppliers, buyers and enterprises to streamline business processes, enhance productivity and reduce costs. Ventro companies offer complete e-commerce solutions consisting of extensive online marketplaces, electronic procurement, systems integration to interface with third party and back-office systems, and comprehensive services and support. Ventro operating companies include Chemdex, Promedix, Broadlane, Industrial Solutions and Amphire Solutions. For more information, visit Ventro at www.ventro.com.
