EcomTextile.com And Escrow.com Form Strategic Alliance To Support Global Internet Marketplace for Textile, Apparel, Machinery And Sewn Products Industries.Business Editors and Internet Writers FULLERTON, Calif.--(BUSINESS WIRE)--July 12, 2000 EcomTextile, Inc. Wednesday announced the establishment of an alliance between EcomTextile.com, the company's Internet global marketplace, and Escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. .com, an affiliate of Irvine, Calif.-based Fidelity National Financial Corp. and Micro General Corp. EcomTextile.com selected Escrow.com (www.escrow.com) to act as the preferred third-party transaction management and escrow service provider to ensure the integrity of transactions from a trusted third party In cryptography, a trusted third party (TTP) is an entity which facilitates interactions between two parties who both trust the third party; they use this trust to secure their own interactions. TTPs are common in cryptographic protocols, for example, a certificate authority (CA). . The two companies have joined forces to develop a comprehensive Web site for EcomTextile and its marketplace. The Web site will include Escrow.com's transaction management and escrow services, including its robust trust accounting technology, originally developed by Micro General Corp., which has handled more than $1 trillion in escrow-managed transactions since 1985 for Fidelity and other such companies. When launched on August 1, www.ecomtextile.com will be one of the first Internet marketplaces See vertical portal and Web hub. for the global textile, apparel, machinery and sewn sewn v. A past participle of sew. sewn Verb a past participle of sew Adj. 1. products industries (TAMS TAMS Territory and Municipal Services (Australia) TAMS Texas Academy of Mathematics and Science (Denton, Texas) TAMS Toshiba America Medical Systems TAMS Token and Medal Society ). The exchange will allow buyers and sellers of textile-related activities to transact An earlier e-commerce system for the Web from Open Market that included order capture and secure order fulfillment using credit cards, ecash and other payment systems. It included customer service and subscription administration capabilities as well as an integrated database for reporting business electronically. The company plans to add services and functionality incrementally as they are developed. "Having secured our alliance with Escrow.com, we are pleased with the high degree of cooperation," said John C. Adams, chief executive officer of EcomTextile.com. "Our strategic alliance with Escrow.com allows us to offer the trust and security our users demand as well as the online protection to avoid fraud. "EcomTextile will serve as a central hub where industry buyers and sellers around the world can find new trading partners to boost sales and profits. We will also provide the convenience of transacting business anytime, anywhere with complete confidence." "As the business-to-business market continues to expand with new buyers and sellers, secure transaction management is essential," said Brian Mulford, chief technology officer of Escrow.com. "Our alliance with EcomTextile.com provides buyers and sellers with secure and reliable escrow solutions and validates the important role escrow.com will play in the future of Internet commerce." "The overriding (programming) overriding - Redefining in a child class a method or function member defined in a parent class. Not to be confused with "overloading". logic of a strategic alliance between us seemed inescapable," said Joel Choi, chairman of EcomTextile.com. "We discovered there was great synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. between our business models and company philosophies and, ultimately, Escrow.com enables us to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. our objectives and meet our customers' demands." EcomTextile.com combines its knowledge of technology and site building with an in-depth knowledge of the textile industry. Adams alone has more than 40 years of industry experience including chairman, president and 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 Russell Corp. as well as active leadership in major business and industry organizations. 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. The company is located at 1501 E. Orangethorpe Ave., Suite 110, Fullerton, Calif. 92831 and can be contacted by phone at 888/765-5060, by fax at 714/765-3103 or on the Web at www.ecomtextile.com. |
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