ALEXANDRIA, VA, and TORRANCE, CA (April 10, 2001) - The WorldWide Retail Exchange (WWRE), the premier Internet-based business-to-business (B2B) exchange for retailers and their suppliers, today announced an agreement for an industry-leading strategic alliance with Agribuys, the provider of the only complete global e-procurement solution for the food industry.

Through this alliance, the WWRE will enhance its current set of product offerings by adding an online marketplace solution for its food industry members. Specifically, its retailers and suppliers will be able to source and procure perishables - such as produce, meat, poultry and seafood - through Agribuys' dynamic B2B exchange platform.

"The Agribuys/WWRE alliance will create a single point of contact for our members to access a robust sourcing and procurement solution custom-created for the food industry," explained Peter Jueptner, chief commercial officer of the WWRE. "We will help our customers broaden their market reach, reduce purchasing costs and increase sales margins. It's a complete win for the WWRE, our food retail and supplier members."

Because of Agribuys' intuitive functionality, WWRE retail members could realize almost immediate benefits, particularly those who participate in perishables procurement. Over time, the Agribuys technology will allow member retailers and suppliers to improve performance through collaboration, while benefiting from preferred pricing offered exclusively through the WWRE. Suppliers will be able to reach a wide universe of retailers and conduct business on a dynamic platform that will facilitate speed and efficiency.

"We are very excited to be working with the WWRE," said Marina Kotsianas, president and CEO of Agribuys. "The WWRE membership includes the the world's leading retailers, so this alliance provides global validation of our business model.

"Agribuys has been leading the B2B industry, focusing its strategy on enabling a global supply-chain solution for perishable food products, through technology that targets the unique needs of our segment. The current acceptance of our service by the market is validation of the power of our solution to drive efficiencies and benefits for all participants in the food distribution chain."

About Agribuys
Agribuys is a leading supply chain integrator for the global food industry. Agribuys offers Internet-based solutions for demand planning, procurement, logistics, receiving and payment. These solutions improve the way organizations carry out transactions, use real-time information to make decisions, and build relationships with their supply chain partners. Based in California, with offices in India, Asia, Canada, and Europe, Agribuys is rapidly expanding to further broaden its global procurement platform. The company is backed by Internet Capital Group (NASDAQ: ICGE). For more information, visit the company's web site at www.agribuys.com or call 877.499.3052.

About the WWRE
The WWRE is the premier Internet-based business-to-business (B2B) exchange in the retail e-marketplace. Designed to facilitate and simplify trading and information sharing between retailers, suppliers, partners and distributors, the WWRE currently consists of 53 leading retailers from Africa, Asia, Europe, North America and South America with combined sales of U.S. $722 billion. For more information, visit the website at www.wwre.org or www.worldwideretailexchange.org.

 

Media Contacts:
Keri Phifer
WorldWide Retail Exchange
703.234.5056
kphifer@wwre.org

 

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