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ContractorHub.com to Use Technologies from Actrade Capital, Inc. to Enable Contractors and Suppliers to Complete Transactions Online
New Exchange to Improve the Way the Construction Industry Does Business
Kirkland, Wash. – April 3, 2000 – ContractorHub.com, the most comprehensive business-to-business (B2B) e-commerce exchange for the construction industry, and Actrade Capital, Inc., a wholly owned subsidiary of Actrade International, Ltd. (NASDAQ: ACRT), today announced a strategic partnership that will enable contractors and suppliers to pay for materials and services online. ContractorHub.com (www.contractorhub.com), in combination with Actrade Capital Inc.’s patented Trade Acceptance Draft (TADtm) Program, will allow contractors and suppliers to negotiate competitive pricing and complete payment of the transaction online. Contractors can easily purchase materials and services online in high dollar volumes with customary, flexible payment terms while suppliers will receive payment within 48 hours.
“The ability to complete payment transactions online for an industry as significant and large as the construction industry has never been done before,” said The Hub's CEO, ContractorHub.com. “ For the first time, ContractorHub.com and Actrade Capital Inc. make it possible to complete the high dollar transactions necessary to conduct e-commerce in the construction industry."
Contractors log on to ContractorHub.com to submit a Request for Quote (RFQ), which is instantly transmitted to a private network of suppliers of choice or to the entire public network. Responding suppliers submit quotes through ContractorHub.com to enable contractors to sort by price, supplier, product or CSI code. ContractorHub.com, in conjunction with the TAD Program, automates the transaction process and manages the paperwork needed to initiate and complete the purchase online.
The TAD Program satisfies the basic requirements of any online commercial transaction: financing, credit protection, collections and security. The TAD Program's patented process allows TADs to clear through the banking system in a secure manner, similarly to the way a check is processed. Actrade Capital’s proven solution has gained acceptance across diverse industries including Fortune 1000 companies and multinational corporations.
"ContractorHub.com significantly enhances our exposure to the construction community, while users of the ContractorHub.com Web site gain a secure payment method for online purchasing," commented Alexander C. Stonkus, President of Actrade Capital, Inc. "The TAD Program will provide contractors with more flexibility and payment terms, while suppliers will receive immediate payment from an expanded market."
About ContractorHub.com
ContractorHub.com is a B2B e-commerce exchange that improves the procurement and payment processes for the construction industry. ContractorHub.com's comprehensive exchange gives contractors the most efficient method for procuring materials and services and suppliers, wholesalers and manufacturers access to an established customer base. Since its inception in 1999, the Kirkland, Washington based company has attracted a core group of general contractors, large subcontractors and suppliers. For more information, please visit ContractorHub.com on the web at www.contractorhub.com
About Actrade Capital, Inc
Actrade Capital, Inc. is a wholly owned subsidiary of Actrade International Ltd. (NASDAQ: ACRT). Actrade's flagship product is the TAD Program; an innovative trade finance tool for B2B transactions.
The patented TAD Program is an unsecured payment method that has become a powerful alternative to "cash" or "open account" methods typically used in B2B transactions. With flexible cash flow management features, the TAD Program is a comprehensive B2B payment solution. Introduced in 1993, the TAD program has gained acceptance with major multinational and Fortune 1000 companies.
Headquartered in Somerset, NJ, Actrade Capital, Inc., maintains sales offices in U.S. and Canada through it's subsidiary, Actrade Capital Canada Inc. Parties interested in learning more about Actrade can visit the company's Web site at www.actrade.com or contact Marc Kravitz at (732) 868-3100, ext.203, email: mkravitz@actrade.com
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