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Technology Stocks : Cornerstone Internet Solutions (CNRS)

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To: hunchback who wrote (52)	6/30/1999 2:35:00 PM
From: PHarris	Read Replies (1) of 131

NEWs biz.yahoo.com NEW YORK, June 30 /PRNewswire/ -- Cornerstone Internet Solutions Co. (Nasdaq: CNRS - news) announced today the launch of FOODgalaxy.com, the first Internet portal designed to lower the cost of food and supplies for restaurants and other food service providers through increased price competition. In connection with the launch of FOODgalaxy.com, Cornerstone also said New York restaurants Tavern on the Green and Sardi's are among its initial subscribers. FOODgalaxy.com enables restaurants to post a customized inventory list online and requires suppliers to continually submit their latest product bids. This competitive process drives down the cost of goods to buyers by as much as 20 percent and significantly reduces the time traditionally devoted to the comparative price shopping process. ''Our technology is being used to convert a market that has always been seller-driven to one that is buyer-driven,'' said Marty Horn, Chief Executive Officer of FOODgalaxy.com. ''The cost savings FOODgalaxy.com provides to users can virtually double the bottom line of many restaurants and slash a 12 hour process down to 12 minutes.'' Subscribers to FOODgalaxy.com will pay a start-up fee of $495 and an annualized subscription rate of approximately $2,000. Cornerstone expects to sign up at least 400-500 subscribers to the system by the end of the year. There are currently over 700,000 food establishments in the U.S., including full service restaurants, school and hospital cafeterias, catering halls and country clubs. ''The overall Business-to-Business e-commerce market opportunity is enormous,'' said Ed Schroeder, President and Chief Executive Officer of Cornerstone. ''Industry analysts estimate that the B2B market is expected to grow thirty-fold in the next four years to $1.3 trillion by 2003 and is expected to be more than 12 times larger than the Business-to-Consumer market. A five percent penetration into the food industry market would translate into a $100 million market-opportunity.'' FOODgalaxy.com is the first in a series of Internet portals Cornerstone expects to launch over the next few years through its B2Bgalaxy.com unit. Each new portal will be industry-specific and will link buyers directly with suppliers and manufacturers. foodgalaxy.com

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