February 8, 2002
iTradeNetwork To Acquire Provision X and Extend Its Global E-Business Solutions
Agreement represents significant milestone for the perishables industry
Livermore, CA February 8, 2002 - iTradeNetwork (ITN) is a giant step closer to fulfilling its charter as THE online perishable marketplace by signing an agreement to acquire Provision X. This transaction brings several major players in the $70 billion beef, pork, and poultry industry to the ITN solution. ITN provides online E-business solutions for 38% of the U.S. retail grocery and food service industries, including seven of the top fifteen food retailers in the nation. Provision X, a web-based private network, was built by six leading companies (IBP, Excel Corporation, Farmland National Beef, Farmland Foods, Gold Kist and Tyson Foods). Operational issues are expected to be completed within thirty days. Specific terms of the transaction were not disclosed.
"ITN and ProvisionX combined is a powerful collaborative solution that will deliver significant value for the entire supply chain. We believe this is a positive step in the right direction, and we look forward to working closely with our customers on improving their entire supply chain process with the ITN solution," said Dick Bond, Fresh Meats and Retail Group President of Tyson Foods."
"ITN will continue the vision of providing an electronic marketplace that is open to all perishable industry participants," said Bill Buckner, President of Excel Corporation. " ITN is gaining momentum and can provide an excellent value proposition for food companies."
"ITN's focus is to continue to build critical mass in the perishable food marketplace and deliver value to our customers. IBP, Excel Corporation, Farmland National Beef, Gold Kist and Tyson Foods are quality suppliers in the food industry and we are excited to begin working with them in the future. " said Robert Bonavito, Chief Executive Officer of ITN.
About iTradeNetwork:
iTradeNetwork, is a privately held company that provides collaborative workflow solutions (procurement, logistics, financial services, and content) for the perishable food industry and low cost integration to customers legacy systems. iTradeNetwork e-business solutions are being utilized by 38% of the U.S. Retail Grocery and Foodservice Industries with over 1,700 customers.
About Provision X
Provision X is a private network solution developed for buyers and sellers of beef, pork and poultry products and related services. Provision X was founded in April 2000 by IBP, Excel Corporation, Farmland National Beef, Farmland Foods, Gold Kist and Tyson Foods, Inc.
|
