Covenant Transport Renews Contract with Navilor Inc. For Data Extraction Services; Over 3 Million Driver Logs Electronically Processed and Still Going Strong.Business Editors SALT LAKE CITY--(BUSINESS WIRE)--Feb. 7, 2000 Navilor 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 PrimeHoldings.com Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: PRIM), Monday announced that Covenant Transport (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CVTI CVTI Cvt Intelligent ), one of the largest truckload carriers 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. , has renewed a contract with Navilor for data extraction Data extraction is the act or process of retrieving (binary) data out of (usually unstructured or badly structured) data sources for further data processing or data storage (data migration). services. The contract renews a partnership over two years old. Using proprietary technology, Navilor has successfully processed over 3 million driver logs for Covenant Transport during the two year term and expects to continue to support the tremendous growth Covenant Transportation is experiencing. Navilor utilizes proprietary, state-of-the-art, advanced computing technologies to capture, manage and distribute key business intelligence data through an electronic service bureau business model. Navilor's technology and services aid in reducing the costs associated with reporting and compiling compliance information in the trucking industry. Federally mandated logs kept by the trucking company's drivers are scanned at company headquarters and transmitted as images to Navilor, or saved on CD-ROMs and sent to Navilor. Using its proprietary handwriting recognition Handwriting recognition is the ability of a computer to receive intelligible handwritten input. The image of the written text may be sensed "off line" from a piece of paper by optical scanning (optical character recognition). software, Navilor then extracts the data and re-transmits the information electronically to Covenant Transport. Turnaround time (1) In batch processing, the time it takes to receive finished reports after submission of documents or files for processing. In an online environment, turnaround time is the same as response time. from Navilor is less than 24 hours, saving valuable time and money. The project calls for processing up to 1,000 forms each day. Navilor's technology enables data to be gathered and processed at high speeds and with increased accuracy. The renewed contract with Covenant Transport is the latest example of the need for Navilor's data extraction services, which are also currently being used by the soft drink and fast food giant PepsiCo Inc. and retail giant Wal-Mart Stores Inc. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a recent report from Gartner Group (company) Gartner Group - One of the biggest IT industry research firms. Address: Connecticut, USA. and AIIM (Association for Information and Image Management International, Silver Spring, MD, www.aiim.org) A membership organization founded in 1943 devoted to creating industry standards and disseminating information about the document management industry. International, the document technologies industry is expected to grow from $13.2 billion in 1998 to $41.6 billion in 2003. As demand for document processing Processing text documents, which includes indexing methods for text retrieval based on content. See document imaging. technologies grows, so will demand for leading technologies and services such as those from Navilor, which are necessary for capturing and converting paper-based information for electronic use. About Covenant Transport Inc. Covenant is one of the largest truckload carriers in the United States and operates the industry's largest fleet of team-driven tractors. Covenant offers just-in-time and other premium transportation services, focusing on longer lengths of haul and selected traffic lanes to enhance equipment utilization, improve operating efficiency, and deliver the equipment availability demanded by major shippers. The company's major customers include manufacturers and retailers, as well as a substantial and rapidly growing number of air freight, logistics, and trucking companies that demand on-time service to meet the expedited, long-haul needs of their customers. Covenant's annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenue is approximately $550 million with revenue growing over 20 percent per year over the last 13 years. Covenant is committed to growing revenue and earnings per share both internally and through acquisitions. About Navilor Inc. Navilor Inc. (http://www.navilor.com), a wholly owned subsidiary of PrimeHoldings.com, utilizes proprietary, state-of-the-art, advanced computing technologies to capture, manage and distribute key business intelligence data through an electronic service bureau business model. Navilor currently provides data collection, management, and extraction services to many Fortune 1000 companies and is positioned for accelerated future growth. As the business-to-business e-commerce markets grow at explosive rates, Navilor will provide better service, reduced costs, and greater manageability of each business' key component - data. About PrimeHoldings.com Inc. PrimeHoldings.com Inc., is a holding company for high-growth electronic commerce (e-commerce) businesses. PrimeHoldings.com has built a sophisticated infrastructure of technology that is utilized by each of its subsidiaries to provide better service, reduce costs, and provide greater manageability during periods of extreme growth. This allows its portfolio companies to run more efficiently and profitably. PrimeHoldings.com is intent on acquiring and managing a diverse portfolio of e-commerce businesses that will yield an outstanding return on shareholder investment. Current PrimeHoldings.com companies include: bCard.net, a leader in smart card technologies; Navilor, a leader in electronic data collection, management and distribution; and GolfAgent USA, the leading online tee-time reservation system. For more information call 801/562-1444 or visit www.primeholdings.com. This news release may include statements which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Please be cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of any number of factors, including the risk factors contained in the company's disclosure documents. Trademark Notice: All trademarks named above are the property of their respective holders. |
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