000647 On-Line Meat Exchange Closes $10 Million in Sales

Madison, WI - FoodUSA.com has achieved $10 million in closed transactions only 46 days after the launch of the company's on-line meat and poultry exchange.

Since the company's record-breaking first day of trading on April 12, 2000, FoodUSA.com has attracted over 1000 registrants to its neutral bid/ask exchange, averaging daily product postings of over $15 million.

“We knew we had the formula right,” explained FoodUSA.com's Chief Marketing Officer Tom O'Connell, “but the proof is in the numbers. Achieving the $10 million mark this early confirms our belief in FoodUSA.com's total solutions approach to electronic commerce in the meat and poultry industries.”

In addition to bringing meat and poultry buyers and sellers together in a neutral exchange environment, FoodUSA.com offers complete domestic and international logistics, inspection services, product tracking, inventory management and ERP/EDI integration.

The company has also developed the concept for a branded exchange allowing buyers and sellers to customize e-commerce solutions to maintain investments in past relationships with customers or suppliers while allowing for confidential pricing and customized programs to each of their core customers, linked through EDI by FoodUSA.com. Complementing its core exchange with market-leading value added services, FoodUSA.com distinguished itself from its competitors, building a high level of liquidity and emerging as the leading internet exchange in the food industry.

According to O'Connell, both buyers and sellers within FoodUSA.com's exchange report that the key draw is the company's domain expertise and facilitated trading options. In addition, exchange participants cite FoodUSA.com's customer service as a key to the company's success.

Recognizing the potential of an e-commerce exchange for the meat industry, FoodUSA.com was conceived in 1996 as a total solution for the meat industry. FoodUSA.com was founded as a .com company in 1999 and today enjoys a strategic partnership with the American Meat Institute. Based in Madison, Wis., FoodUSA.com is dedicated to the advancement of the meat and poultry industry by increasing its profitability through technology.

RETURN TO HOME PAGE

E-mail: sflanagan@sprintmail.com