January 25, 2000 09:16
ProNetLink.com and Actrade International, Ltd. Sign Agreement to Provide Acceptance Drafts for Online B-To-B Transactions
Alliance Will Give Unsecured Credit to Buyers and Suppliers on ProNetLink.com
NEW YORK, Jan. 25 /PRNewswire/ -- ProNetLink.com, the Global Trade Internetwork(TM) (OTC Bulletin Board: PNLK), today announced a partnership with Actrade International Ltd. (Nasdaq: ACRT) to supply Actrade's patented Trade Acceptance Draft (TAD(TM)) Program on the ProNetLink.com Web site. The agreement will provide third-party unsecured lines of credit to commercial buyers who make purchases on ProNetLink.com, making the company the first in its field to offer financial solutions for large online commercial transactions.
Under the terms of the agreement, Actrade International's subsidiary, Actrade Capital Inc., will become the sole provider of TADs on ProNetLink.com. A standardized business-to-business payment option used to finance transactions and strengthen relationships between buyers and suppliers, TADs are signed by a buyer and made payable to the supplier, specifying the amount to be paid, the due date and the buyer's bank account information. Actrade then purchases the TAD from the supplier at a discount for immediate cash payment. Actrade will assume collection responsibility and risk as the funds are debited directly from a customer's bank account on the due date(s).
"This deal is about improving the process of online business-to-business transactions," noted Glenn Zagoren, chairman of ProNetLink.com. "Quite often, consummating an agreement reached via the Internet is a difficult process, with payment methods frequently being the primary source of apprehension among both suppliers and buyers. With the TAD program, ProNetLink.com is the first business-to-business international trade Web site to offer proven financial functionality to its members. We look forward to working with Actrade to enhance our capabilities and offer a total online solution to the international trade community."
ProNetLink.com will build customized pages into its Web site, giving its members complete information about Actrade's TAD program and the benefits of TADs to both suppliers and buyers. ProNetLink.com will also create TAD enrollment pages on its site, providing complete access to Actrade's TAD Program for qualified members. All enrollment forms will be pre-populated with a ProNetLink.com member's company data, eliminating the need to re-enter basic information and streamlining the application process.
"The Trade Acceptance Draft program truly captures the power and promise of the Internet for the world of commercial trade," commented Alexander C. Stonkus, president of Actrade International Ltd. "By providing a quick and convenient payment method online, our agreement with ProNetLink.com will give buyers extended payment terms, unsecured lines of credit and prompt payment discounts. Additionally, the supplier gets an immediate conversion of sales to cash and eliminates collections.
"ProNetLink.com significantly enhances our exposure to the online international trade community," continued Stonkus. "Suppliers anywhere in the world can participate in the TAD Program. Buyers can participate, regardless of location, provided they have a banking relationship in the U.S. or Canada. It's a win-win proposition for all sides of the equation -- ProNetLink, Actrade, buyers and suppliers."
About Actrade International Ltd.
Actrade International Ltd. (Nasdaq: ACRT) is a rapidly growing company with business operations centered in two principal segments: the Trade Acceptance Draft Program that provides an innovative trade finance tool for business-to-business transactions, and International Merchandise Trade.
Administered through Actrade Capital Inc., the patented TAD Program is an unsecured payment method that has become a powerful alternative to "cash" or "open account" methods typically used in business transactions. Introduced in 1993, the TAD Program has rapidly gained acceptance with new participants enrolled each month representing a growing number of major multi-national and Fortune 500 U.S. companies.
The company's International Merchandise Trade operations are conducted through Actrade International Corp., which is engaged in the sale of U.S. manufactured products overseas. Additionally, Actrade S.A, and its wholly owned subsidiary Actrade Resources Inc., are engaged in the sale of foreign manufactured products in international markets, excluding the United States.
Parties interested in learning more about Actrade International Ltd. and its holdings can visit the company's Web site at actrade.com or call Deanna Thomas, BN Group, Inc., 973-366-2400, e-mail: Bngroup2@aol.com.
About ProNetLink.com
ProNetLink.com, The Global Trade Internetwork, is a comprehensive business-to-business E-commerce portal designed specifically for the international trade community. In addition to locating potential markets and trade partners, ProNetLink.com members may conduct business functions online, participate in live trade event netcasts, communicate in real-time with trading partners and receive the critical information and resources necessary for the continued growth of their businesses.
ProNetLink.com also features PNL-TV, the Internet's first trade news broadcast network. In addition to Department of Commerce programming, PNL-TV broadcasts a live newscast Monday through Friday at 11:OOAM EST featuring current global trade issues, interviews with government and international business leaders and reports from correspondents from around the world. PNL-TV can be accessed through the ProNetLink.com home page, or by visiting pnltv.com
Headquartered in New York City, ProNetLink.com maintains sales throughout the world. For more information, please contact ProNetLink.com at 212-688-8838, email: info@pronetlink.com. ProNetLink can be reached online at pronetlink.com.
ProNetLink.com is publicly traded on the Nasdaq exchange OTC Bulletin Board: PNLK (PNLK.OB).
This release contains, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect ProNetLink.com's current judgments of those issues. However, because those statements are forward-looking and apply to future events, they are subject to risks and uncertainties, which could cause the Company's results to differ materially.
SOURCE ProNetLink.com
/CONTACT: Glenn Zagoren of ProNetLink Corp., 212-688-8838,
GZ@pronetlink.com; or Alexander Stonkus of Actrade International Ltd.,
732-868-3100, ACS@actrade.com/
/Web site: pronetlink.com
(PNLK ACRT)
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