BIFS Technologies Corporation Forms `VendorLink Inc.'.Business Editors SARASOTA, Fla.--(BUSINESS WIRE)--May 7, 2002 BIFS BIFS Binary Format for Scenes BIFS Built-in Functions (Arithmetic) BIFS Biotechnology Information for Food Safety BIFS Backoff Inter-Frame Space Technologies Corporation (NQB NQB National Quotation Bureau, Inc (now Pink Sheets) :BIFT BIFT Bangalore Islamic Foundation Trust (India) ) announced today its involvement in the formation of VendorLink, Inc. and reported that the program has been undertaken in cooperation with several U.S. and international companies to create an 'offset purchasing contracts' system, which is used primarily in support of the military, civilian aviation and telecommunication sectors. VendorLink is a cooperative business venture that is specifically designed to establish an expanded business network that can serve to mitigate the risks and financial impacts incurred by major Defense Contractors, Aero-Space Contractors and other Global Partners of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. , who routinely respond to government generated RFQ's and other similar private sector business ventures. VendorLink is categorized cat·e·go·rize tr.v. cat·e·go·rized, cat·e·go·riz·ing, cat·e·go·riz·es To put into a category or categories; classify. cat as a business to business endeavor that provides corporate participants with an offset business mechanism, whereby these companies can negate ne·gate tr.v. ne·gat·ed, ne·gat·ing, ne·gates 1. To make ineffective or invalid; nullify. 2. To rule out; deny. See Synonyms at deny. 3. certain venture capital risks and recover direct expenditures that were incurred during product development and manufacturing, through participation in an information network that facilitates the placement of selected assets and inventories to the worldwide market of both direct and indirect customers, consisting of both corporate and government entities. As stated, the development of VendorLink involves a core of major international companies, governments from around the world, and BIFS Technologies Corporation and specifically seeks to establish a proprietary network architecture, which uses advanced telecommunications technologies, data encryption data encryption, the process of scrambling stored or transmitted information so that it is unintelligible until it is unscrambled by the intended recipient. Historically, data encryption has been used primarily to protect diplomatic and military secrets from foreign methods, and secure data exchange mediums. VendorLink will provide its corporate affiliates with system access, through a secure network infrastructure, and will facilitate inter-business communication, secure data exchange between corporate and government participants, inventory tracking, contract management, electronic funds transfer See EFT. (application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. capabilities, and asset distribution control mechanisms. For those of you that do not understand how Counter trade works, we suggest you go to http://www.cob.ohio-state.edu/citm/expa/countertrade.html This site explains the workings completely. Al Keyser, Chairman of BIFS Technologies Corporation commented, "VendorLink represents a new venture for our company, which was spawned as a direct byproduct by·prod·uct or by-prod·uct n. 1. Something produced in the making of something else. 2. A secondary result; a side effect. Noun 1. from several of our other integrated business ventures. VendorLink is not only consistent with our core and subsidiary businesses, but is complimentary to these business enterprises. Although still within the formative stages of the development process, the VendorLink program already has the support participation of several major corporations and is expected to develop rapidly as the coalition of partners concentrates their efforts on finalizing system features and components. We are obviously delighted with the pace of developmental efforts for the project thus far and the reception that it has received by other companies and governments." |
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