BuildNet Enables Fourth Project Management System to Engage in B2B E-Commerce; TrueLine Transaction Demonstrates Continued Success of BuildNet E-Building Exchange.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)--May 15, 2000 BuildNet, Inc., a leading provider of management software to homebuilders and suppliers in the residential construction industry, announced today that the company successfully tested its TrueLine project management software system for engaging in e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. through the BuildNet E-Building Exchange. A builder using the TrueLine system exchanged requests for price, return requests for price, purchase orders and invoices with a BuildNet-enabled supplier's system, across different computer systems, through the BuildNet E-Building Exchange. TrueLine is the fourth of BuildNet's seven project management software systems to complete a live billable transaction. BuildNet also recently completed successful tests using its BuildSoft, FAST and TOM project management systems for engaging in e-commerce through the BuildNet E-Building Exchange. The transaction originated with a Houston, Texas-based builder who exchanged data over the Internet with systems deployed by a BuildNet-enabled supplier. NxTrend Technology, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of BuildNet, 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 the supplier, in part facilitated the transaction. The transaction continued 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 for e-commerce transactions, including: customer ID; 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. "We're very pleased with these recent field tests as we've exchanged live billable transactions through the BuildNet E-Building Exchange," said Steve Thompson Steve Thompson or Steven Thompson may be:
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 BuildNet'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 BuildNet'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 BuildNet's SEC filings, including its Registration Statement on Form S-1. |
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