elcom, inc. Forms Global Marketing Alliance With Visa International.Business/Technology Editors NORWOOD, Mass.--(BUSINESS WIRE)--May 14, 2001 Alliance will Integrate Payment Solutions with Online eProcurement and eMarketplace Products, Enabling More Informed Strategic Sourcing Decisions elcom, inc., the wholly-owned eProcurement and eMarketplace solutions subsidiary of Elcom International, Inc. (Nasdaq: ELCO ELCO Eastern Lebanon County (school district, Pennsylvania) ELCO El Camino ELCO Electrolytic Capacitor ELCO Early Opening Local Census Office ELCO Electronic Company ) and Visa International today announced an integration and marketing agreement which will allow mid-sized enterprises to establish their own branded eProcurement or eMarketplace solution incorporating Visa's extensive range of commercial payment services. Initial roll-out of the agreement will take place in Visa's Latin America/Caribbean and Central Europe/Middle East/Africa Regions. The agreement does not include the US market. Under the agreement, elcom, inc. will integrate Visa Purchasing--Visa's payment solution that supports all the procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. needs of medium to large-sized firms--and other Visa business services, into its eProcurement and eMarketplace products, thus offering Visa products as the preferred method of payment for goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. procured through elcom's international eCommerce Network (TM). The combined solution will provide business customers with a comprehensive on-line procurement solution with embedded Inserted into. See embedded system. payment and settlement capabilities, enabling companies to manage total spend, eliminate manual processes and make more informed sourcing decisions. Targeted at mid-sized companies seeking a hosted product with a reasonable price point, elcom's e-procurement product is a rapidly deployable, low cost solution that automates the procurement process from product information discovery and ordering through to financial settlement. It requires only a web browser The program that serves as your front end to the Web on the Internet. In order to view a site, you type its address (URL) into the browser's Location field; for example, www.computerlanguage.com, and the home page of that site is downloaded to you. to access and streamlines the procurement process at all levels. elcom's eMarketplace solution allows market-makers to create commerce communities and private corporate marketplaces without the need to invest in infrastructure and ongoing system management. Remotely-hosted by elcom, the product enables trading partner self-service through an open collaborative commerce architecture, which preserves the control necessary to e-marketplace management. Robert J. Crowell, Chairman 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 elcom, inc. stated, "This agreement further establishes elcom, inc. as a leader in delivering remotely-hosted eProcurement solutions and trusted eMarketplaces to international organizations. We look forward to working with Visa, the most trusted brand name in payment solutions. As the global market for eProcurement and eMarketplace solutions continue to grow, companies will choose a platform that offers integrated, convenient value-added payment services, like Visa's Purchasing card A Purchasing Card is a form of company credit card that allows goods and services to be procured without utilising a traditional purchasing process. Purchasing Cards are usually issued to employees who are required to operate within a set of company rules and guidelines which ." elcom, Inc.'s Product Offerings Include: PECOS Internet Procurement Manager (PECOS.ipm) is elcom's remotely-hosted best-of-breed eProcurement solution designed to automate To turn a set of manual steps into an operation that goes by itself. See automation. the procurement process from product selection and ordering through financial settlement. PECOS.ipm supports the procurement of all major categories of corporate spending including indirect materials (IT equipment, office supplies Office supplies is the generic term that refers to all supplies regularly used in offices by businesses and other organizations, from private citizens to governments, who works with the collection, refinement, and output of information (colloquially referred to as "paper work"). , etc.) and industrial MRO MRO In currencies, this is the abbreviation for the Mauritanian Ouguiya. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. , capital equipment, services and direct materials. PECOS.ipm provides client's personnel with browser-based self-service purchasing functions directly from their desktops including multi-vendor electronic catalogs and supports standard or negotiated "custom" pricing with preferred suppliers. PECOS.ipm's full-circle functionality improves service at various levels, including support for "order status" inquiries, automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. e-mail authorization, and time-stamped audit trails throughout the entire transaction cycle. Additional functionality includes access to external eMarketplaces or supplier web sites (punch-out), multi-organizational "tiered" capabilities, flexible approval routing, electronic forms routing, receiving, financial settlement using P-cards, excel spreadsheet routing based on label (cell) amounts and electronic invoicing in·voice n. 1. A detailed list of goods shipped or services rendered, with an account of all costs; an itemized bill. 2. The goods or services itemized in an invoice. tr.v. or evaluated receipt settlement. PECOS.ipm includes a web-based training system for large companies and a comprehensive self-service administrative environment enabling clients with the ability to control procurement processes including approval routing, access rights to functionality and catalogs, and business rules and policies. Importantly, PECOS.ipm can function independently from a client's back-end computer system and is easily interfaced to legacy or ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. systems. PECOS.ipm is hosted on the elcom, inc. eCommerce Network which powers and supports the creation of private branded online eMarketplaces (formerly referred to as Internet Exchange See IXP and NAP. Manager) without the need for the client or market-maker to invest in infrastructure, application software or ongoing system management services. As elcom, inc. remotely-hosts the systems for its clients, elcom, inc. offers a unique, single point of accountability relationship that enables clients to focus on major initiatives such as strategic supplier relationships and procurement best practices. elcom's eCommerce Network(TM) technology platform is a remotely-hosted solution that provides a technology framework for the enablement and organization of various eBusiness solutions such as public and private eMarketplaces. It provides an infrastructure that includes a destination hub, directory services, search engine, platform access manager and XML-based interfaces designed to enable and facilitate the exchange of information between 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 eCommerce technology platforms. About Visa International Visa is the world's leading payments brand and the largest payments system worldwide. Visa-branded cards generate more than US$1.8 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. in annual volume and are accepted at over 21 million locations around the world. The Visa organization plays a pivotal role in advancing new payment products and technologies to benefit its 21,000 member financial institutions and their cardholders. Visa is a leader in Internet based payments and is pioneering the creation of u-commerce, or universal commerce - the ability to conduct commerce anytime, anywhere, over any type of device. Visa's Internet Address There are two kinds of addresses that are widely used on the Internet. One is a person's e-mail address, and the other is the address of a Web site, which is known as a URL. Following is an explanation of Internet e-mail addresses only. For more on URLs, see URL and Internet domain name. is www.visa.com. About Elcom International, Inc. Elcom International, Inc. (www.elcominternational.com), operates two wholly-owned subsidiaries: elcom, inc., a leading provider of eProcurement and eMarketplace solutions and Elcom Services Group, Inc., which specializes in enterprise level business product sales and services. elcom, inc.'s innovative technology leadership is represented by PECOS Internet Procurement Manager, the world's first "live" remotely-hosted eProcurement platform, and PECOS Internet Exchange Manager, its second generation eMarketplace platform. elcom, inc. has established the next standard of value and enables enterprises of all sizes to realize the many benefits of B2B eCommerce without the burden of infrastructure investment and ongoing content and system management. elcom, inc. competes against such companies as Ariba, Inc., Commerce One and Clarus Corporation. Statement Under 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 This press release includes statements that may constitute forward-looking statements 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. . All statements other than statements of historical fact, including, without limitation, those with respect to the Company's objectives, plans and strategies set forth herein and those preceded by or that include the words "believes," "intends," "expects," "will," "plans," "anticipates," or similar expressions, are forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Such risks and uncertainties include: the overall markets' and individual customers' acceptance and usage of the Company's electronic commerce software systems, the receptiveness re·cep·tive adj. 1. Capable of or qualified for receiving. 2. Ready or willing to receive favorably: receptive to their proposals. 3. of the capital markets to technology-related companies, corporate demand for (and price decreases of) PC products and other office products, changes in manufacturer policies reducing price protection and tightening on returns and other policies, the risks of doing business in foreign countries, and the impact of competitive technology products, competitive pricing pressures and specifically the availability and terms of appropriate working capital and/or other financing, including for elcom, inc., the Company's eBusiness subsidiary, as well as factors and other risks detailed in the Company's Registration Statement on Form S-3 and from time to time in the Company's other reports filed with the SEC. The Company assumes no obligation to update any of the information contained or referenced in this announcement. |
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