BuildNet Successfully Tests the Tom Project Management System for E-commerce.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 2, 2000 BuildNet Completes Third Successful Live, Multi-Stage Billable Transaction Field Test through the BuildNet E-Building Exchange 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 TOM 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. TOM is the third of BuildNet's seven project management software systems to complete a live billable transaction. BuildNet recently announced it had successfully tested its BuildSoft and FAST project management systems for engaging in e-commerce through the BuildNet E-Building Exchange. The transactions originated with an Atlanta-based builder using the TOM builder management system who exchanged data over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the with systems deployed by Carolina Holdings. 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 Carolina Holdings, in part facilitated the transaction. The BuildNet-enabled exchange of data verifies 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 TOM users, including: customer ID; customer address and phone; supplier ID and name; delivery date and address; 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. "The TOM transactions mark the third successful field test of 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 our 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. Products and company named herein may be trademarks of their respective owners.(c)2000 |
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