 991203 GlobalFoodExchange.com's World Commodity MarketDecember 1, 1999 Atlanta, GA - Buyers and sellers of food commodities now have a new way to cut costs, improve efficiency and expand their trading horizons: Global Food Exchange (www.globalfoodexchange.com), a revolutionary Internet marketplace for business-to-business food trade. Global Food Exchange's markets include seafood; meat and poultry; produce; specialty commodities, such as coffees; and processing ingredients. The site brings together new trading partners, reduces the cost and hassle of trading, and increases the variety of goods from around the world available to buyers. Connecting buyers and sellers quickly via the Web also can help reduce the waste and spoilage of perishable goods. Chief Operating Officer Christopher Swann says Global Food Exchange will streamline food commodities trading. "Instead of having to make hundreds of phone calls a day to find out who is buying and selling at what price, people can go to globalfoodexchange.com and quickly transact at a fair price," said Swann. "Web technology is the perfect answer for this market that has been plagued by inefficiency for too long." Mark Moore, president, stresses that while the Web site improves the processes of making deals, it does not change what's right about the market: strong personal relationships. "Obviously, personal relationships and the trust that goes with them are very important when you're dealing in an area where quality of product and quality of service are vital," said Moore. "That's why our site isn't based on ending broker relationships. We encourage and enhance relationships between buyers and sellers so people can trade with partners they trust." Moore points out that other Web-based trading environments do not reveal the identities of the buyer and seller to each other until after a deal has been struck. "That's not fair to either partner," said Moore. "People need to know who's on the other end in order to feel confident making these deals. If you take away that personal aspect, people aren't going to be comfortable giving up the telephone to do their trades online. It's too intimidating." Global Food Exchange not only lets traders know who their partners are, but helps them get to know new partners with a user-based ratings system. Buyers and sellers that have done business through Global Food Exchange can submit evaluations, grading their trading partners on such criteria as service, quality of product or promptness of payment. Those evaluations can then be viewed by potential new partners. Food producers, processors, distributors and retailers can join the Global Food Exchange marketplace free of charge by visiting www.globalfoodexchange.com.
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