CIT and EcomTextile Create Strategic Alliance.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 22, 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, the nation's largest provider of factoring services, today announced a strategic alliance with EcomTextile, Inc., a Fullerton, California-based business-to-business marketplace for electronic procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. and supply-chain services for the textile, apparel, machinery and sewn sewn v. A past participle of sew. sewn Verb a past participle of sew Adj. 1. products industries. Under the agreement, CIT will be a resource to provide factoring and financing services to EcomTextile.com users. "Beyond providing users with an exchange platform for auctions, EcomTextile has developed a proprietary technology, eRFB(TM) (electronic Request for Bid), the ultimate sourcing tool for the textile, apparel, machinery and sewn products industries," said John C. Adams, chief executive officer of EcomTextile. "In addition to our technological innovations, we believe the key to obtaining market leadership lies in the creation of key strategic alliances. As the largest provider of factoring services in the nation, CIT's reputation within the industry coupled with the wide array of 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. it offers will prove an invaluable resource to our clients." "The alliance with EcomTextile brings us closer to fulfilling our mission of becoming the premier provider of business-to-business financing services via the Internet," said John F. Daly, President of CIT Commercial Services. "CIT's credit protection service will give EcomTextile buyers increased purchasing and sourcing power, while at the same time provide sellers with additional security by guaranteeing that they will get paid on all approved orders." About CIT CIT Commercial Services is the nation's largest provider of factoring, 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, one of six operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon 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 EcomTextile, Inc. EcomTextile.com is a business-to-business site focused on bringing buyers and sellers together in the textile industry with a user-friendly web-based sourcing tool. Bringing extensive industry experience and technology expertise, EcomTextile.com is the first company to offer a comprehensive marketplace for trade among manufacturers and suppliers in the textiles industry. For more information, visit www.ecomtextile.com. |
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