CIT to Provide Factoring Services To TextilEdge.com.Business Editors NEW YORK--(BUSINESS WIRE)--August 1, 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 an arrangement with TextilEdge, a premier provider of e-commerce resources for the apparel and textile industry. CIT will provide factoring and financing services to apparel and textile buyers and sellers via the TextilEdge Web site. Under the financing agreement, CIT will issue credit to buyers to purchase goods on the TextilEdge site, and at the same time, provide credit protection to the sellers. CIT will assume the buyer's financial ability to pay its debts on all approved orders through the Web site. "CIT brings not only financial expertise, but also years of experience in the textile and apparel industry to our network," said William B. Harris, 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 TextilEdge. "We chose CIT because they are very active in providing financing to the business-to-business e-marketplace. They will provide financing solutions to our suppliers in the US as well as support our growth and expansion efforts into new markets in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and beyond," added Harris. "The alliance will allow CIT to utilize the Internet to facilitate business-to-business e-commerce transactions and expand our support of the apparel and textile industries," said John F. Daly, President of CIT Commercial Services. "Our strategy is to provide financing services via the key vertical and horizontal Internet marketplaces See vertical portal and Web hub. in the industries we serve and TextilEdge is an important player in apparel and textile e-commerce." TextilEdge streamlines the apparel and textile sourcing chain by bringing together buyers and suppliers and facilitating transactions through a neutral and secure marketplace. TextilEdge is working with a large number of customers, including several of the top 20 apparel and textile companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , to improve their sourcing operations in Latin America. In addition, the company has partnered with leading industry associations and providers of services and technology, extending the functionality available to its customers and building a robust technology platform. 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 TextilEdge, Inc. With headquarters in the United States and Mexico, TextilEdge (www.textiledge.com), is the leading e-commerce marketplace serving the $200 billion global apparel and textile industry. Using the Internet, TextilEdge facilitates the procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. of finished garments and materials domestically and internationally. The TextilEdge management team has well over a century of combined textile and apparel industry experience - spanning the entire supply chain. The TextilEdge marketplace now includes more than 5,500 textile and apparel companies worldwide. Through its exclusive partnership with the Mexican National Textile Industry Chamber (CANAINTEX) and other efforts, TextilEdge also has the vast majority of Mexican textile industry companies as marketplace members. For more information, visit www.textiledge.com. |
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