CIT Commercial Services Joins with TradeCard to Offer Credit Protection Services on the
TradeCard Platform
Alliance Combines Online Transaction Management and Factoring Services to Provide Credit-Enhanced Procurement in
a Paperless Environment
New York, NY, April 5, 2004 - CIT Commercial Services, one of the United States' leading
providers of factoring, accounts receivable management, credit protection, and lending services, today entered
into a strategic alliance with financial supply chain services provider TradeCard to provide CIT's credit
protection on the TradeCard platform. This gives TradeCard vendors the option to obtain credit protection from
CIT instead of bank letters of credit.
Companies that use the TradeCard platform can manage their credit-protected receivables online while taking full
advantage of the rest of TradeCard's suite of online financial supply chain services, including electronic
documents, automated workflow/messaging, compliance, settlement and financing. Under the terms of a Factoring
Agreement between CIT and each vendor, vendors may elect, on a transaction-by-transaction basis, to purchase
credit protection from CIT. Payment for the receivable will be made by the buyer, or failing that, CIT, subject
to the terms and conditions of the Factoring Agreement. TradeCard manages this entire process - from PO to
payment.
TradeCard enables companies to obtain credit protection via an automated Web-based platform that is able to operate
in companies with disparate technologies and infrastructures. As well as providing the flexibility of
transaction-by-transaction factoring, TradeCard's financial supply chain platform greatly reduces the risk of
human error, eliminating re-keying of numbers and communication by paper - two major causes of financial errors
in trade.
"This alliance is yet another way in which forward-thinking companies can get more value out of their financial
supply chain," said Kurt Cavano, CEO of TradeCard. "By combining the efficiencies and visibility of
the TradeCard platform with the financial strength and global reach of CIT, we have made credit-enhanced trade
exponentially easier, more efficient and more accurate. We believe this will be welcome news for the many
thousands of suppliers who rely on letters of credit today."
"We are delighted to provide our factoring and credit protection services via the TradeCard platform,"
said John F. Daly, President of CIT Commercial Services. "We are committed to continually finding ways to
streamline the credit process enabling business to be conducted in a more efficient manner. Our alliance with
TradeCard will allow us to utilize our factoring product to expand CIT's global presence."
About TradeCard
TradeCard, the leading Financial Supply Chain services provider is revolutionizing global trade with a web-based
platform that automates the financial processes in supply chains that have been plagued with decades-old paper-
based solutions. By using TradeCard, buyers and sellers can manage their transactions with complete visibility to
initial orders through final settlements. TradeCard's global network of partners provides additional automated
services on the platform including supply chain financing, credit protection, money movement and inspection. In
addition to process improvements, customers realize immediate cost savings, optimized cash flow, reduced reliance
on credit lines and improved supply chain relationships. Headquartered in New York City, TradeCard, Inc. has
offices in San Francisco, Hong Kong, Brussels, Taipei, Seoul, Tokyo and Shenzhen. TradeCard is a registered
trademark in the United States and elsewhere throughout the world. TradeCard is located online at
www.tradecard.com.
About CIT Commercial Services
CIT Commercial Services is a unit of CIT Group Inc. and is one of the United States' leading providers of
factoring, accounts receivable management, credit protection, and lending services. Commercial Services
specializes in serving the apparel, footwear, furniture, home furnishings, consumer electronics and other
industries that sell into retail channels of distribution. CIT Commercial Services is headquartered in New York
City and has offices in Charlotte, Dallas, Los Angeles, Danville, VA, Hong Kong and Shanghai.
About CIT
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing
and leasing products and advisory services. Founded in 1908, CIT has nearly $50 billion in assets under
management and possesses the financial resources, industry expertise and product knowledge to serve the needs of
clients across approximately 30 industries. CIT, a Fortune 500 company, holds leading positions in vendor
financing, U.S. factoring, equipment and transportation financing, Small Business Administration loans, and
asset-based and credit-secured lending. CIT, with its principal offices in Livingston, New Jersey and New York
City, has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America,
and the Pacific Rim. For more information, visit www.cit.com
*****
This press release contains a number of matters that constitute forward-looking
statements. The presentation reflects the current views of TradeCard's
management with respect to future events and is subject to risks and
uncertainties that could cause actual results to differ materially
from those contemplated in such forward-looking statements.
