Summit Energy, AgEx.com and ePIT Join to Launch New Energy Procurement Internet Auction Site.Business Editors/Energy & High-Tech Writers SACRAMENTO, Calif.--(BUSINESS WIRE)--Jan. 17, 2001 Summit Energy Services, Inc., Louisville, KY, has launched a new private-label energy auction facility driven by AgEx.com, the leading commodity and agricultural product auction and trading site, and built on ePIT's technology platform. Summit's goal is to use this facility to efficiently manage the procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. of electricity, natural gas and other fuels for its customers. "AgEx.com, Summit and ePIT have brought their e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. , energy and technical experience together to build a site that furthers the evolution of energy procurement," said Blair Richardson, AgEx.com vice president for auction services. "The strength of our auction facility has always been its flexibility, and Summit was quick to understand how it could work to the advantage of their clients." Summit is an independent energy manager that assists clients in procuring Procuring, in general, is the act of acquiring goods or services, usually by contract. It may refer to:
"Summit strives to optimally position our clients with respect to energy supply. Our success depends on implementing effective price management strategies as well as contracting for appropriate physical energy," Summit Executive Vice President Mark Boyer Mark Boyer (born September 16 1962 in Huntington Beach, California) is a retired american football tight end. Professional career Boyer played for the Indianapolis Colts and New York Jets between 1985 and 1992. said. "Sourcing the supply through the reverse auction format offered by AgEx.com and ePIT streamlines the procurement process, increasing efficiency which contributes to reduced costs for our customers." Summit will primarily use the reverse auction technique AgEx.com has used to successfully host auctions for The Pillsbury Co., Kraft Foods Kraft Foods Inc. (NYSE: KFT) is the largest food and beverage company headquartered in North America and the second largest in the world after Nestlé SA. The Philip Morris Company (now known as Altria Group), a company that produces tobacco products, acquired Kraft for and other well-known companies to procure To cause something to happen; to find and obtain something or someone. Procure refers to commencing a proceeding; bringing about a result; persuading, inducing, or causing a person to do a particular act; obtaining possession or control over an item; or making a person products ranging from natural gas to juice concentrate. The host selects the participating vendors, who attempt to win contracts through progressively lower bids. All participants see the current bids, but the source of the bid remains anonymous. The auctions have used ePIT's Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the trading software platform. "Summit's new energy e-marketplace is an excellent example of how trading on the Internet can bring a new level of efficiency to the marketplace," said Jeffrey Engelmann, ePIT vice president of marketing and alliances. "In this case, we're all working together to provide Summit's clients with an even greater return on their investment. The combination of AgEx.com's experience with ePIT's enterprise-class internet trading solutions create an ideal business environment for a company like Summit Energy, which places a premium on serving its clients." AgEx.com, based in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and Sacramento, California “Sacramento” redirects here. For other uses, see Sacramento (disambiguation). Sacramento is the capital of the State of California and the county seat of Sacramento County. , is a leading private auction and agricultural commodity trading site. ePIT, based in San Francisco, is an enterprise solution provider for e-marketplaces. www.agex.com www.summitenergy.com www.epit.com |
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