AeroV, First Aviation Services' E-commerce Subsidiary, Announces Alliances With ARINC and FedEx.Business Editors WESTPORT, Conn.--(BUSINESS WIRE)--June 22, 2000 First Aviation Services (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : FAVS FAVS Fabbrica Armi Valle Susa FAVS Fighter Attack Visual System ) announced the signing of a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. to form a strategic alliance between AeroV and ARINC ARINC Aeronautical Radio, Inc. ARINC Aircraft Radio Incorporated ARINC Aeronautical Research Incorporated , one of the world's largest suppliers of aerospace communications and information processing information processing: see data processing. information processing Acquisition, recording, organization, retrieval, display, and dissemination of information. Today the term usually refers to computer-based operations. systems. ARINC, a global aerospace communication provider, intends to acquire a 25% equity interest in AeroV. AeroV's online marketplace will now connect directly to ARINC's global electronic data interchange See EDI. (application, communications) electronic data interchange - (EDI) The exchange of standardised document forms between computer systems for business use. EDI is part of electronic commerce. network. This network serves the procurement requirements of several hundred airlines and aerospace companies, providing immediate access to the network that supports over 700 aviation industry companies, trading partners, service providers and government agencies worldwide. AeroV also announced today it will enhance its initial launch capabilities by collaborating with FedEx Express FedEx Express, based in Memphis, Tennessee, USA, is the world's largest cargo airline. It is a subsidiary of the FedEx Corporation and delivers packages and freight to more than 220 countries each day[1]. , the world's largest express transportation service. AeroV will integrate FedEx Express' transportation services into its online marketplace to allow streamlined online ordering to be seamlessly combined with fast, dependable, fully traceable package delivery. "Together, AeroV, ARINC and FedEx Express offers a powerful solution for aerospace companies of all sizes to do business together via the Internet and existing EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. networks," said Cline York, AeroV's chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Mr. York added, "AeroV is an integrated trading exchange that provides a neutral, independent marketplace for buying, selling and trading aircraft parts, supplies and services over the Internet. AeroV is able to serve the needs of the world's leading airlines with their highly sophisticated computer systems as well as operators equipped with nothing more than a computer, standard Web browser The program that serves as your front end to the Web on the Internet. In order to view a site, you type its address (URL) into the browser's Location field; for example, www.computerlanguage.com, and the home page of that site is downloaded to you. and an Internet connection. AeroV's unique system is the industry's complete, cross-platform, supply-chain service that immediately allows aerospace companies to do business faster, smarter and more efficiently using the Web." ARINC alliance AeroV's alliance with ARINC, which is based in Annapolis, Md., tightly couples the SPEC 2000 aerospace EDI network with AeroV's robust e-commerce capabilities. SPEC 2000 is the aerospace industry's established standard for exchanging documents and messages electronically. "We thoroughly examined every conceivable aerospace e-commerce service available in the marketplace today," said John Belcher John Belcher may refer to:
"AeroV and its strategic alliances help companies step into e-procurement in a rational, practical and incremental way," said Michael Culver Michael Culver (born June 16, 1938 in Hampstead, London) is an English actor, best known to television viewers for his role as Major Erwin Brandt in the 1970s BBC drama Secret Army. He also played the strict Prior Robert ("Brother Prior") in the television series Cadfael. , Chief Executive Officer of First Aviation. "By seamlessly merging SPEC 2000 EDI, which is already deeply integrated with the airlines' internal systems, with AeroV's state-of-the-art Internet marketplace See vertical portal and Web hub. , airlines can immediately automate their existing procurement processes across various supplier platforms, achieve the benefits of an open-market environment while reducing processing costs. AeroV unites various technologies - enterprise resource planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. system, EDI and the Internet - within its global, mission critical, neutral marketplace to deliver value through new business models." Purchasing agents and supply-chain professionals representing everyone from major global airlines, manufacturers and the military to single location fixed-base operators can search for an aircraft part, place an order, purchase the part and track delivery all in real time. The closed-loop system Noun 1. closed-loop system - a control system with a feedback loop that is active closed loop control system - a system for controlling the operation of another system , which easily integrates with existing electronic data interchange and inventory management tools, makes the product visible at every step in the transaction process. In addition, the AeroV system allows users to easily switch from being buyers to being sellers of aerospace parts and services. FedEx relationship As an international shipping leader, FedEx Express is an excellent global transportation provider for AeroV. By integrating AeroV's supply-chain system with the FedEx rating, routing, shipping and tracking capabilities, the two companies will provide a streamlined process of ordering and delivering parts and supplies to online customers. "Accurate, real-time information is critical to successful trading exchanges," said David Roussain, vice president of electronic commerce for FedEx. "By integrating with FedEx, AeroV can leverage our real-time tracking, visibility and time-definite delivery The delivery of requested logistics support at a time and destination specified by the receiving activity. See also logistic support. to operate a more responsive supply chain. Furthermore, AeroV will be able to provide an enhanced level of customer service to merchants and customers participating in the exchange." About AeroV AeroV is a mission-critical procurement platform developed exclusively for the aerospace industry that delivers value to every user, providing a practical tool for capturing the benefits of e-commerce without disrupting current business practices and processes. Aerospace companies may choose to interact with the entire AeroV System, or limit participation to transactions with only established trading partners. The AeroV System integrates with legacy systems, giving every company the ability to communicate using full SPEC 2000 and ANSI (American National Standards Institute, New York, www.ansi.org) A membership organization founded in 1918 that coordinates the development of U.S. voluntary national standards in both the private and public sectors. It is the U.S. member body to ISO and IEC. X.12 messaging without costly set-up fees or downtime. AeroV is a subsidiary of Westport, Conn.-based First Aviation Services. About First Aviation First Aviation, located in Westport, CT is a worldwide leader in providing services to aircraft operators of some of the most widely used military, commercial and general aviation aircraft. Its operations include Aerospace Products International, a leader in the supply of aerospace products and services worldwide. In addition to the product lines it distributes, API offers overhaul and repair services for brakes and starter/generators and provides custom-built hose assemblies. With locations in the U.S., Canada and Asia Pacific, plus global partners throughout the world, API continues to be the fastest growing supplier of aviation products and inventory management solutions in the industry. For more information visit the company's Web site at www.AeroV.com and visit www.firstaviation.com. Forward-Looking Statements Information included in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements are not statements of historical facts, but rather reflect the Company's current expectations concerning future events and results. Such forward-looking statements, including those concerning the Company's expectations, involve known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control, that may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. In evaluating such statements as well as the future prospects of the Company, specific consideration should be given to various factors, including the ability of the Company to attract additional strategic partners to AeroV, the ability to attract customers and users of the online marketplace system, and the need and availability of additional financing, and other items that are beyond the Company's control and may cause actual results to differ from management's expectations. |
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