FBIX Corrects and Replaces Previous Announcement, BW1931, FBIX/VTRACTION.COM Issued April 10.Business Editors NOTE: The following news release replaces and corrects the previous FBIX news release, which ran earlier Monday, April 10 on Business Wire, BW1931, (FBIX/VTRACTION.COM (1) (Computer Output Microfilm) Creating microfilm or microfiche from the computer. A COM machine receives print-image output from the computer either online or via tape or disk and creates a film image of each page. ). JESSUP, Md.--(BUSINESS WIRE)--April 13, 2000 vTraction.com, the World's First eCooperative, Takes a 19 Percent Equity Stake in FBIX, the Food and Beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. Information Exchange vTraction.com(TM), the New York-based food and agriculture (F&A) business-to-business (B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business ) e-commerce initiative of the Rabobank Group, announced today that it took a 19 percent equity stake in FBIX(TM), the Food and Beverage Information Exchange. Rabobank, based in the Netherlands, is the world's leading bank for the food and agriculture industry. It is the only privately held bank to receive the prestigious AAA-rating from Moody's, S&P and IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals . FBIX is a Web-enabled network that provides electronic commerce solutions for the foodservice industry. The network is a "shared resource Sharing a peripheral device (disk, printer, etc.) among several users. For example, a file server and laser printer in a LAN are shared resources. Contrast with shared logic. " solution in which many foodservice distributors A foodservice distributor is a company that provides food and non-food products to restaurants, cafeterias, industrial caterers, and hospitals and nursing homes. A foodservice distributor functions as an intermediary between food manufacturers and the foodservice operator and operators can exchange information electronically and save the expense of purchasing, supporting and maintaining a proprietary network solution. FBIX provides all the technical support required to exchange information electronically between trading partners--regardless of the existing software used by either partner. This is a technological advance in the $250 billion annual foodservice industry, one in which 65% of orders are still placed manually. FBIX has had an impressive performance record since it began regional operations in Jessup, Maryland Jessup (pronounced JESS-up) is an unincorporated town and census-designated place in Howard County, Maryland and Anne Arundel County, Maryland. The population was 7,865 at the 2000 census. The center of population of Maryland is located in Jessup [1]. in 1991, and its expanding business horizons attracted the attention of vTraction.com. "vTraction.com's investment in FBIX gives us the economic power and shared resources to turn FBIX from a strong regional player into a national leader in the e-commerce foodservice industry," said Michael O'Donnell Michael O'Donnell (born c 1928), is a British physician, journalist and broadcaster. He was born in Yorkshire, the son of a rural General Practitioner, and educated at Stonyhurst College and Trinity Hall, Cambridge, where he studied medicine. , Chief Executive Officer of FBIX. "Our alliance with vTraction.com gives us an opportunity to develop powerful synergies and share expertise with vTraction.com's other portfolio companies. These strategic partnerships will allow us to lead the way in food and beverage e-commerce," he added. "Our focus is on enhancing our family of food and agriculture B2B Internet solution providers, from dirt to dinner table," said Terese Engolz, Marketing Manager of vTraction.com. "We were attracted to FBIX because of their strong track record of facilitating online transactions. FBIX gives foodservice operators a simple, secure, and cost effective online procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. vehicle." vTraction.com's investment in FBIX is the latest example of how vTraction.com's unique eCooperative(TM) approach to e-commerce gives its "family" of Internet solution providers the traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. , or liquidity, to lead the way in their respective markets. The eCooperative way of doing e-business is based on cooperative principles For the principles governing the functioning of cooperatives, see . In social science generally and linguistics specifically, the cooperative principle describes how people interact with one another. in which portfolio companies share expertise, enhanced by Rabobank's know-how to grow and their century of success as a cooperative. FBIX is the eighth food and agriculture Internet company to receive a significant investment from vTraction.com since Rabobank's e-commerce initiative was founded last year. So far, vTraction.com has invested in Florida-based Foodtrader.com, Canadian-based agribiz.net and eHARVEST.com, California-based TradingProduce.com and WineryExchange.com, North Carolina-based Farms.com and Argentina-based Agrositio.com. FBIX: the Food and Beverage Information Exchange FBIX Facts Corporate history -- Founded in 1993 by Michael Fredrick, an architect of shared network technology -- Chief Executive Officer: Michael O'Donnell Executive Vice President: Michael Fredrick -- Corporate headquarters: Jessup, Maryland -- Equity stake from vTraction.com: 19 percent How FBIX works -- FBIX replaces error-prone manual order entry systems with a fast, accurate Web-based electronic ordering network; -- Users conduct their transactions via a standard modem and PC; -- FBIX maintains a series of servers and a database of its distributors' products and their pricing. Operators access the distributors of their choice and place their orders electronically. FBIX verifies and accepts the transaction and forwards them to distributors for processing. Simultaneously, distributor pricing and product information is updated on the FBIX system. FBIX consists of: -- an Internet connection, or: -- an online electronic interface for foodservice distributors; -- an order entry browser browser Software that allows a computer user to find and view information on the Internet. The first text-based browser for the World Wide Web became available in 1991; Web use expanded rapidly after the release in 1993 of a browser called Mosaic, which used on the computers of foodservice operators; -- communication between the order entry browser and electronic interface through a virtual private network between the foodservice vendors and operators (via the FBIX servers) for automated order entry, or an Internet connection. Food for thought: facts about the food service industry -- Food and beverage industry sales total $250 billion a year -- the food service industry accounts for approximately 48% of those sales; -- Sales are generated by over 740,365 operators. These include restaurants, convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. , vending machine vending machine, coin-operated, automatic device for selling goods. Many vending machines are capable of making change, and some of the more sophisticated ones accept paper money or credit cards. operators, hotels, schools, hospitals and institutional dining operations; -- The food service industry is served by approximately 3,400 distributors in 5,500 locations; -- Distributors purchase products from an estimated 2,000 processors and manufacturers of food and consumer products; -- The average food service operator deals with an estimated 15 distributors, and places 50 orders a week. With FBIX, operators use one simple system. vTraction.com: From Agriculture. For Agriculture. Facts of interest -- vTraction.com is the Rabobank Group's Internet initiative. -- Corporate head office for vTraction.com: New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . -- 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 vTraction.com: Ejnar Knudsen Vice President, Rabobank e-commerce Group: Ot Quast Business Development Manager: James Coulter James Coulter was a coach of the University of Georgia Bulldogs football team during the 1909 season. A graduate of Brown University, Coulter had no head coaching experience before leading the Georgia team. European Business Development Manager: Robert Wolthuis Marketing Manager: Terese Engolz -- vTraction.com's mission is to facilitate food and agriculture e-commerce using a cooperative model based on strategic alliances and partnerships. -- vTraction.com distinguishes itself from traditional venture capital firms by inviting Rabobank clients and other strategic partners to participate in vTraction.com, or co-invest in specific food and agriculture ventures. -- vTraction.com has made strategic alliances with these food and agriculture Internet companies: -- Canadian-based agribiz.net -- Argentina-based Agrositio.com -- North Carolina-based Farms.com -- Canadian-based eHARVEST.com -- Florida-based Foodtrader.com -- Maryland-based FBIX.com -- California-based TradingProduce.com -- California-based WineryExchange.com -- Will announce Europe and Asia teams in the coming months. The Rabobank Group The know-how to grow Facts of interest -- Founded 100 years ago in the Netherlands; began as a cooperative by the agricultural community to solve their financial needs. -- The world's largest financial institution specializing in the food and agriculture industry. -- Rabobank's financial health and stringent risk control have earned the bank the coveted cov·et v. cov·et·ed, cov·et·ing, cov·ets v.tr. 1. To feel blameworthy desire for (that which is another's). See Synonyms at envy. 2. To wish for longingly. See Synonyms at desire. triple-A rating Moody's, S & P and IBCA, the top three rating agencies. This makes Rabobank unique in the world of commercial banking. -- 100 offices in over 32 countries; headquarters in Utrecht, the Netherlands. -- $290 billion in assets. -- Five offices in the US with a primary focus on food and agribusiness agribusiness Agriculture operated by business; specifically, that part of a modern national economy devoted to the production, processing, and distribution of food and fibre products and byproducts. , and an increased presence in media and telecommunications, life sciences and global financial markets. -- Provides corporate banking, corporate finance and investment banking services, as well as food and agricultural research (FAR), a global knowledge management network. -- The Rabobank Group provides services to almost 500 autonomous local banks which make up the Rabobank cooperative, as well as these specialist companies: De Lage Landen (leasing and trade finance), Interpolis (insurance), Robeco (asset management-50% Rabobank owned), Gilde Investment Management (venture capital), Schretlen & Co. (private banking) and Rabobank International, and its two subsidiaries: Rabo Securities and Rabo Vastgoed (domestic real estate projects). -- On January 1, 2000 the Rabobank Group joined the World Business Council for Sustainable Development Sustainable development is a socio-ecological process characterized by the fulfilment of human needs while maintaining the quality of the natural environment indefinitely. The linkage between environment and development was globally recognized in 1980, when the International Union (WBCSD WBCSD World Business Council for Sustainable Development ), an international network which brings together 120 companies in more than 30 countries. |
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