ADM, Cargill, Cenex Harvest States, DuPont, & Louis Dreyfus Are Founding Investors in New Online Agricultural Commodity Marketplace; Rhem Wooten, Named President and CEO of Pradium.Business Editors NOTE TO MEDIA: Photo and Logo are available in a Smart News Release(TM) on Business Wire's Home Page at www.businesswire.com MINNEAPOLIS--(BUSINESS WIRE)--Oct. 25, 2000 ADM See add/drop multiplexer. (language) ADM - A picture query language, extension of Sequel2. ["An Image-Oriented Database System", Y. Takao et al, in Database Techniques for Pictorial Applications, A. Blaser ed, pp. 527-538]. , Cargill, Cenex Harvest States, DuPont and Louis Dreyfus today announced the formation of Pradium(TM) (PRAY-dee-um) Inc. -- a separate company that will operate an online business-to-business marketplace and information resource expected to begin trading cash grains, oilseeds, and commodity by-product exchanges in 60-90 days at www.pradium.com. Pradium's online marketplace will initially feature nine virtual trading pits devoted to trading cash corn and soybeans, as well as commodity by-products including wheat middlings, soy hulls, corn gluten feed Noun 1. corn gluten feed - a feed consisting primarily of corn gluten feed, provender - food for domestic livestock , corn gluten meal Corn Gluten Meal (often simply called CGM) is a byproduct of corn (maize) processing that has historically been used as an animal feed, but was discovered to have pre-emergent herbicidal effects in 1985, by Dr. , meat and bone meal Meat and bone meal (MBM) is a product of the rendering industry. It is typically about 50% protein, 35% ash, 8-12% fat, and 4-7% moisture. It is primarily used in the formulation of animal feed to improve the amino acid profile of the feed. , corn hominy hominy [Algonquian], hulled corn with the germ removed and served either ground or whole. The pioneers in North America prepared it by soaking the kernels in weak wood lye until the hulls floated to the top. Hominy is boiled until tender and served as a vegetable. and distillers dried grains Distillers dried grains is a cereal byproduct of the distillation process. There are two main sources of these grains. The traditional sources were from brewers. More recently, ethanol plants are a growing source. . Future product pits will include wheat, soybean meal, oats oats, cereal plants of the genus Avena of the family Gramineae (grass family). Most species are annuals of moist temperate regions. The early history of oats is obscure, but domestication is considered to be recent compared to that of the other , grain sorghum sorghum, tall, coarse annual (Sorghum vulgare) of the family Gramineae (grass family), somewhat similar in appearance to corn (but having the grain in a panicle rather than an ear) and used for much the same purposes. , barley, and non-refined vegetable oils among others. Pradium will provide additional services to help subscribers run their businesses more profitably and efficiently. The site plans to offer additional services such as integrated back-office transactions, financial services, risk management, logistics and supply chain management tools. Ultimately, Pradium will automate document flow and facilitate trades without size, time or geographic constraints. Three key executives have been named to the Pradium leadership team. -- Grain industry executive, Dan Amstutz, who most recently was president and CEO of the North American Export Grain Association, will serve as chairman of the Pradium board of directors. Amstutz also served as an Under Secretary of Agriculture for the Reagan Administration and has had an extensive business, government and association career in agriculture. -- Rhem Wooten, former energy executive, who has conceptualized and built several businesses, began work October 16 as Pradium's president and chief executive officer. -- Joe Braker, a 31-year grain industry executive with The Andersons Inc., was named senior vice president, operations. "Pradium will bring the cash commodity marketplace to desktops," said Amstutz. "By combining in-depth market information such as news, weather, quotes and expert commentary with dynamic order matching and unparalleled market reach, buyers and sellers will have the tools they need to be more productive and competitive in one location." Wooten said his first action as CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. is to complete the management team. "We need to quickly build a senior management team that is up to the task of shaping the future of agriculture marketing," he said. "Our goal is to dramatically increase the efficiencies and cost effectiveness of the grain business and contribute to a better bottom line for all exchange participants." "Industry participants of all sizes will benefit from this service," Braker added. "Pradium will offer one-stop custom solutions for the global marketplace -- the ultimate toolkit for agricultural commodity marketing." ADM, Cargill, Cenex Harvest States, DuPont and Louis Dreyfus are the initial investors in Pradium and other industry investors are being sought. Terms were not disclosed. Pradium will be located in the Annapolis, Md. area in the near future. Pradium can be reached toll-free at 1-866-PRADIUM (772-3486) or 701-254-8005. Announcement information is available on the Web site at www.pradium.com. Editor's Note - Rhem Wooten photo, Pradium logo and executive biographies for Amstutz, Wooten, and Braker are available at www.pradium.com, or by calling Cathy Kennedy at 1-866-772-3486 (toll-free) or 701-254-8005. Note: A Photo is available at URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com/cgi-bin/photo.cgi?pw.102500/bb1 |
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