BuildNet Completes Second Successful Live Test of the BuildNet E-Building Exchange; Latest Multi-Stage Live Transaction Flows To and From Builder and Supplier.Business/Technology Editors RESEARCH TRIANGLE PARK Research Triangle Park, research, business, medical, and educational complex situated in central North Carolina. It has an area of 6,900 acres (2,795 hectares) and is 8 × 2 mi (13 × 3 km) in size. Named for the triangle formed by Duke Univ. , N.C.--(BUSINESS WIRE)--April 17, 2000 BuildNet, Inc., a leading provider of management software to homebuilders and suppliers in the residential construction industry, today announced the successful completion of its second, live, billable transaction. On Thursday, April 13, in the second live test of the BuildNet E-Building Exchange, Carolina Holdings and a local builder exchanged requests for quote, return requests for quote, purchase order, purchase order acknowledgment acknowledgment, in law, formal declaration or admission by a person who executed an instrument (e.g., a will or a deed) that the instrument is his. The acknowledgment is made before a court, a notary public, or any other authorized person. and invoice An itemized statement or written account of goods sent to a purchaser or consignee by a vendor that indicates the quantity and price of each piece of merchandise shipped. A consular invoice is one used in foreign trade. , across different computer systems through the BuildNet E-Building Exchange hub. The transactions, which originated in Raleigh, N.C., used systems deployed by Carolina Holdings in conjunction with a local builder who used FAST, one of BuildNet's seven builder management software systems. The transaction was facilitated by NxTrend Technology, Inc., now a BuildNet subsidiary, which supplies the back-office ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. system for Carolina Holdings. This second BuildNet-enabled transaction continues to verify (1) To prove the correctness of data. (2) In data entry operations, to compare the keystrokes of a second operator with the data entered by the first operator to ensure that the data were typed in accurately. See validate. that the BuildNet system can successfully populate To plug in chips or components into a printed circuit board. A fully populated board is one that contains all the devices it can hold. a substantial range of data fields, including: customer ID; customer address and phone; supplier ID and name; tax ID number; cost of the products; permission to split delivery; supplier SKU (StockKeeping Unit) The number of one specific product available for sale. If a hardware device or software package comes in different versions, there is an SKU for each one. SKU - stock-keeping unit number; product description; quantity; unit of measure; unit price; sub-total; delivery, handling and finance charges; previous payment for credit and final cost of all items. "This latest successful test continues to demonstrate how pricing, product specifications and scheduling information can be shared in real-time by sending data from the back-office system of a builder to the back-office system of a supplier through the BuildNet E-Building Exchange," said Keith T. Brown, BuildNet chairman. About BuildNet, Inc. BuildNet, Inc., located in Research Triangle Park, N.C., is a leading provider of management software to homebuilders and suppliers in the residential construction industry. BuildNet's objective is to be the business-to-business e-commerce solution for the residential construction industry. To reach that objective, BuildNet has designed the BuildNet E-Building Exchange to provide secure Internet-based procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. , e-commerce, and information services See Information Systems. for homebuilders, suppliers, and manufacturers. The BuildNet E-Building Exchange will allow users to confirm pricing and product specifications, place purchase orders, and add both product and order information automatically to builders' and suppliers' management systems. In addition, manufacturers will be able to place product information and catalogs on the BuildNet E-Building Exchange for access by homebuilders and suppliers. BuildNet is testing the BuildNet E-Building Exchange and expects to initiate a limited market rollout in two cities during the second quarter of 2000 and plans to commence a commercial rollout in an additional four to six cities in the second half of 2000. BuildNet's aggregated software customer base includes homebuilders that accounted for approximately 43% of 1999 U.S. single-family home closings. Learn more about BuildNet by visiting www.buildnet.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The actual results might differ materially from those projected in the forward-looking statements for various reasons, including the Company's limited Internet operating history, the development and rollout of the BuildNet E-Building Exchange, and the acceptance of the BuildNet E-Building Exchange by any of the Company's existing software customers or any new customers. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company's SEC filings, including its Registration Statement on Form S-1. |
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