WALLS INDUSTRIES IMPLEMENTS TRADECARD TO REDUCE COSTS, IMPROVE VENDOR RELATIONS, AND DRIVE GROWTH
Global Trade Platform Streamlines Sourcing Processes to Optimize Cash Flow, Enhance Margins, and Enable Collaborative Finance Programs That Assist Vendors
NEW YORK, September 26, 2006 - TradeCard Inc., the leading provider of on-demand supply chain automation products, announced today that Walls Industries, Inc., a leading designer and manufacturer of workwear, industrial, hunting and outdoor apparel has gone live on the TradeCard global trade platform to automate financial processes in its sourcing operations. TradeCard enables Walls to reduce costs from bank fees and manual processes, frees up lines of credit and streamlines accounts payable operations to increase efficiency and improve vendor relations.
The TradeCard implementation, which went live in September of 2006, was up and running in 120 days. TradeCard's on-demand technology, financial services, global support and extensive trade network allows Walls to eliminate manual tasks by automating operations from procurement to payment. The platform helps Walls extend visibility and improve margins by driving collaboration with vendors to enable pre-export financing and reduce transaction costs throughout the supply chain.
"TradeCard streamlines our global trade transactions and eliminates inefficient, time consuming data keying and paper-based tasks from our financial processes," said William Aisenberg, Vice President of Finance for Walls Industries. "Our sourcing operations extend to the Far East and collaboration with suppliers is vital to our business. Automation of processes from procurement to payment helps us optimize cash flow, lower transaction costs and ensure that our suppliers get paid when they expect to."
Collaboration with suppliers through TradeCard adds agility to the supply chain to help buyers and suppliers meet rapidly shifting pressures and demands, such as increased transaction frequencies and specialized orders. TradeCard's platform and financial services enable Walls to assist suppliers in obtaining capital without risk to its own balance sheet. Walls has extended TradeCard to six of its main suppliers. Walls' next phase will involve activation of all vendors in the supply chain.
"Walls Industries is taking a strategic approach to its supply chain by synchronizing the movement of cash and goods," said Kurt Cavano, CEO of TradeCard Inc. "The TradeCard Platform enables Walls to implement collaborative financing programs to help vendors access capital and reduce overall costs. Walls is actually creating margin growth for itself by partnering with and assisting its suppliers."
Walls has automated processes for document reconciliation, discrepancy approval, payment authorization, receipt reconciliation and chargeback management through TradeCard. Reducing these manual processes will free up time and resources, allowing Walls to remain focused on strategic initiatives.
TradeCard's unique strategy for helping businesses manage global sourcing is unmatched. TradeCard provides a local "feet on the street" customer support team that speaks 32 languages and supports customers in 40 countries. The TradeCard Platform integrates financial services into a trading network that brings together thousands of buyers and suppliers around the globe.
About TradeCard
TradeCard is the leading provider of on-demand supply chain management solutions. The TradeCard Platform synchronizes financial transactions with physical events in the global supply chain to help customers automate trade transactions from purchase order to payment and chargebacks. Buyers, sellers and their trading partners manage transactions through a web-based platform with online financial services integrated into the workflow. This turnkey transaction management enables customers to improve margins and enhance growth, with extra-organizational supply chain visibility. TradeCard's on-the-ground trade experts throughout the world assure superior supply chain agility.
TradeCard manages global trade for thousands of users in over 40 countries, including Columbia Sportswear, Rite Aid and Wolverine Worldwide. TradeCard Inc. is headquartered in New York City and has offices in San Francisco, Hong Kong, Brussels, Taipei, Seoul, Tokyo, Colombo, and Shenzhen. TradeCard is located online at www.tradecard.com
About Walls Industries
Walls is a market-leading designer, manufacturer and marketer of branded workwear, industrial, hunting, outdoor and ranch wear apparel. Walls products are sold under a number of highly recognized brand names including Walls®, Liberty®, Big Smith®, 10X®, Duxbak® and Zero Zone®; collectively serving a full range of price points. These trade names have developed significant brand equity through heritages dating back to the early 1900s. The Company's product line includes a full range of insulated and non-insulated apparel for use in the workplace and recreational activities, including coveralls, bib overalls, jackets, jeans, pants, shirts and vests.
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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.