June 29, 2005
Ventura Foods Announces Selection of iTradeNetwork's Real-Time Contract and Rebate Management (CaRMA) Solution
CaRMA provides real-time electronic communication, validation and synchronization of contract and performance data among foodservice manufacturers, distributors, operators, and brokers resulting in more timely and accurate payments as well as lower administrative costs on rebates, billbacks and programs
Brea, CA (June 29, 2005) - Ventura Foods, LLC announced today the selection of iTradeNetwork's Contract and Rebate Management (CaRMA) solution. Through this innovative application, proof of purchase data automatically will be correlated with contract agreement terms in real-time
Noting the criticality of contract and rebate management to the overall profitability of foodservice companies, Rick Mazer, Ventura Foods' President and Chief Executive Officer said: "Over the past several years, we have been users of iTradeNetwork's real-time applications. They enable us to achieve a collababorative e-commerce solution which satisfies the needs of our customers."
"ITN is excited about the roll out of our CaRMA solution with Ventura Foods and other leading companies in the Foodservice industry. Thanks to the guidance of Ventura Foods and many of the 30+ other companies/members of our Foodservice Customer Advisory Council, CaRMA has undergone months of rigorous Quality Acceptance Testing. CaRMA's innovative technology will bring significant value and cost savings to Operators, Distributors, and Manufacturers/Suppliers of all sizes. ITN will continue to focus on building our reputation as the leading provider of real-time, collaborative workflow solutions for the food industry." said Robert Bonavito, Chief Executive Officer of iTradeNetwork.
About Ventura Foods, LLC
Ventura Foods LLC is a one-stop supplier that provides a full range of edible oil-based products to customers in the food industry, including food services, concessions, industrial bulk food manufacturers, supermarket chains and other retailers, and large corporate customers. Ventura Foods began in the country's richest growing regions during the early years of the 20th century. The company evolved, built on a tradition of hard work, quality products and listening to its customers. By specializing in a select group of related products, including edible oils, shortenings, dressings, margarine, sauces, and flavor bases, Ventura Foods has been able to develop efficiencies and economies of scale that provide its customers with products, services and programs that will enhance and grow their sales. For more information, visit the Ventura Foods, LLC website at www.venturafoods.com
About iTradeNetwork, Inc
ITradeNetwork Inc. is a privately held company that provides real-time, collaborative workflow solutions for the Food Industry. The ITN suite of products include: Order Management System (OMS), Logistics, Contract and Rebate Management (CaRMA), Promotional Planning, Demand Forecast, VMI, Financial Services and Content, as well as low cost integration to customers legacy systems. 15 of the top 20 North American Retailers and most leading Foodservice companies are utilizing iTradeNetwork's e-business solutions with over 3,700 trading partners/customers.
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