Razorfish And U.S. Navy Modernize Financial Accounting System; Project Provides Improved Accountability and Control of Funds for Navy's Spares.Business/Technology Editors BOSTON--(BUSINESS WIRE)--Sept. 19, 2000 The U.S. Naval Supply Systems Command (NAVSUP NAVSUP Naval Supply Systems Command ), the organization responsible for providing supply support to U.S. Naval forces worldwide, recently completed a project with Razorfish Inc., (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 : RAZF), that has dramatically improved the Navy's financial accountability and control of funds used to procure equipment, supplies, and services. Razorfish and NAVSUP's information systems support organization, the Fleet Material Support Office (FMSO FMSO Foreign Military Studies Office FMSO Fleet Material Support Office FMSO Foreign Military Sales Order FMSO Fleet Materiel Support Office FMSO Fleet Material Supply Office ), joined forces and created, developed and incorporated two new modules for the Navy's Material Financial Control System. These two modules perform Allotment Accrual Accounting Accrual Accounting An accounting method that measures the performance and position of a company by recognizing economic events regardless of when cash transactions happen. Notes: and Expenditure Processing for the $5 billion in annual funds processed by the Naval Inventory Control Point (NAVICP NAVICP Naval Inventory Control Point NAVICP NAVSEA Inventory Control Point ) for equipment, supplies, and services. "With the implementation of these two modules, we have significantly improved the Navy's Material Financial Control System," said the Navy's Program Manager Commander Doug Borrebach. "The only step remaining before we can officially declare that we have met the Congressional requirement of ensuring our system is Chief Financial Officer (CFO See Chief Financial Officer. ) compliant, is the certification process by an independent accounting agency." The two new modules, referred to as PX02/04, replaced a mainframe system consisting of approximately one million lines of computer code. PX02/04 is an Internet-ready, flexible, and secure n-tiered client/server architecture An environment in which the application processing is divided between client workstations and servers. It implies the use of desktop computers interacting with servers in a network in contrast to processing everything in a large centralized mainframe. See client/server. that provides such key benefits as fault tolerance See fault tolerant. (architecture) fault tolerance - 1. The ability of a system or component to continue normal operation despite the presence of hardware or software faults. This often involves some degree of redundancy. 2. , system security, expandability, and scalability. Razorfish also provided extensive training on the new modules to Navy's personnel, enabling the operation to be self-sustaining from inception on. No outside consulting resources are required for day-to-day operations and maintenance. "Working with the U.S. Navy's information systems (FMSO) experts allowed Razorfish to completely demonstrate the full scope of our strategic ability and deep technology experience and expertise," said Razorfish chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Jean Philippe Maheu . "We help our clients leverage digital technology to improve their business. Additionally, we ensure they have the knowledge to maintain the project upon its completion, and that equates to significant cost savings." Opportunities with Razorfish Razorfish is aggressively recruiting talented leaders. To inquire about a career with Razorfish, please submit a resume to jobs@razorfish.com. About Razorfish Founded in 1995, Razorfish, Inc. leverages digital technologies to help companies invent and reinvent the way they do business. The company delivers a complete set of end-to-end solutions including strategy, design, and technology services across platforms, devices, and networks. With offices in Amsterdam, Boston, Frankfurt, Hamburg, Helsinki, Los Angeles, London, Milan, Munich, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Oslo, San Francisco, San Jose, Stockholm, and Tokyo, Razorfish employs more than 1,800 people and is headquartered in New York. Recent Razorfish clients include NatWest, thomascook.com, Nissan-Europe, Vodafone Airtouch, and Charles Schwab. For further information visit: www.razorfish.com. About the Naval Supply Systems Command NAVSUP's primary mission is to provide U.S. naval forces with quality supplies and services. With headquarters in Mechanicsburg, PA, and employing a worldwide work force of more than 9,000 military and civilian personnel, NAVSUP oversees logistics programs in the areas of supply operations, conventional ordinance, contracting, resale, fuel, transportation, and security assistance. In addition, NAVSUP is responsible for quality of life issues for our naval forces, including food service, postal services, Navy Exchanges, and movement of household goods. About the Fleet Material Support Office FMSO is the Navy's premier Central Design Agency with responsibility for designing, developing, and maintaining business information systems supporting numerous shore activities. As a major field command of the Naval Supply Systems Command, FMSO serves a worldwide customer base including the Naval Inventory Control Point, Fleet and Industrial Supply Centers, Naval Air Stations, Submarine Bases, Defense Finance and Accounting Service The Defense Finance and Accounting Service (DFAS), an agency of the United States Department of Defense, provides finance and accounting services for the military and other members of defense. In FY 2004, DFAS:
Forward-Looking Statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Disclaimer Certain statements made in this press release are not statements of historical fact and may 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. Readers are cautioned that a number of risks and factors could cause actual events to differ materially from those indicated in the "forward-looking statements." Such risk factors include, without limitation, Razorfish's ability to successfully integrate acquisitions, manage our growth and international operations effectively, compete in a highly competitive market, retain our professionals and other risk factors identified from time-to-time in our filings with the Securities and Exchange Commission. |
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