CIT To Finance Transactions On Textrade.com, the First and Largest Internet-based Textile Marketplace.Business & High Tech Editors NEW YORK--(BUSINESS WIRE)--June 29, 2000 CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Commercial Services has announced an alliance with Textrade.com, the world's first and largest Internet-based international textile trading, communications and information marketplace, to provide credit protection and financing services to textile buyers and sellers via the Internet. CIT will issue lines of credit to textile buyers to purchase goods on the Textrade.com site and, at the same time, provide credit protection to the sellers. Under this financing program, CIT will assume the buyer's financial ability to pay its debts on all approved orders through Textrade.com. "This arrangement allows CIT to utilize the Internet to facilitate business-to-business e-commerce transactions and expand our support of the textiles industry as it develops new distribution channels," said John F. Daly, President of CIT Commercial Services. "Our strategy is to provide financing services via the key vertical and horizontal Internet marketplaces in the industries we serve and Textrade.com is an important player in textiles e-commerce." "Our alliance with CIT gives Textrade.com member companies even more power to expand their sourcing and selling relationships and grow their business around the world with confidence and convenience, " said Rob Cox, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Textrade.com. The Textrade.com Web site, an overhauled and expanded successor to the company's Global Textile Network (GTN GTN gestational trophoblastic neoplasia. ) Internet service which launched in 1996, is expected to debut in August 2000. About CIT CIT Commercial Services is the nation's largest provider of customized credit protection, accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying management and lending services. It is a division of CIT Commercial Finance, which provides financing to companies in all stages of the business cycle. CIT Commercial Finance is one of six operating units of The CIT Group, Inc. (NYSE NYSE See: New York Stock Exchange :CIT; TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CIT.U). Founded in 1908 and with over $50 billion in total managed assets, CIT is one of the nation's largest commercial and consumer finance organizations. For more information, visit the company's web site at www.cit.com. About Textrade.com Textrade.com is the world's first and largest online trading Online Trading Making trades via the Internet. Notes: The use of online trading increased dramatically in the mid to late 1990's with the advent of high-speed computers and Internet connections. Stocks, bonds, options, futures, and currencies can all be traded online. and information resource for the $500+ billion global textile commodities industry. The Textrade.com site provides a secure online environment for sourcing, selling, logistics, and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. for buyers and sellers of commodity fiber, yarn and unfinished fabric around the world. Launched in 1996 as Global Textile Network (GTN), the Company was founded by Chairman Jeffrey Silver and Chief Executive Officer Robert Cox Robert Cox may refer to several different people or things:
The GTN/Textrade.com online textile community has grown to include more than 5,100 textile and related companies in over 50 countries. GTN members include representatives from such companies and organizations as Alice Mills, Burlington Mills, ChinaTex, CMI (Computer-Managed Instruction) Using computers to organize and manage an instructional program for students. It helps create test materials, tracks the results and monitors student progress. , East Asia Textiles, Noble Mills, Springs Industries and Taiwan Textile Federation. Textrade has an international network of offices and agents in ten countries, which provide a local customer service presence to the international member base. In concert with the upcoming expansion and re-launch, the service and the company were recently renamed Textrade.com. For additional information regarding Textrade, please visit the company's website at www.textrade.com. |
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