CNRS
Thursday February 24, 7:30 am Eastern Time
Company Press Release
SOURCE: Cornerstone Internet Solutions Inc.
Cornerstone's B2Bgalaxy.com Launches Packaged B2B Solution
Offers High-end B2B Functionality to Businesses Across Multiple Verticals
NEW YORK, Feb. 24 /PRNewswire/ -- Cornerstone Internet Solutions (Nasdaq: CNRS - news), a provider of comprehensive business-to-business (B2B) services and solutions, today announced that its B2Bgalaxy.com subsidiary has launched its proprietary PowerPurchasing and associated PowerProducts as a packaged and scaleable e-commerce solution that can be rapidly deployed to create vertical business-to-business marketplaces. Through licensing and joint ventures, B2Bgalaxy.com is offering this comprehensive B2B solution to organizations with significant domain presence. The bundled applications and related services are designed to improve the profitability of buyers by lowering the cost of mission-critical supplies, streamline the purchasing process and help sellers increase market share from existing and new business accounts.
``We are enthusiastic about the prospects of this comprehensive B2B offering and what it means to B2Bgalaxy.com,' said Ed Schroeder, President and Chief Executive Officer of Cornerstone and B2Bgalaxy.com. ``As we continue to build FOODgalaxy.com to become the dominant provider of money-saving procurement solutions to the food service industry, this offering provides additional opportunities to rapidly capitalize on the B2B market through other partners.'
The robust offering includes bundled e-commerce applications, technical and client support, design and hosting services, along with the infrastructure to support a competitive online marketplace. The platform is highly scalable, reliable and secure -- designed to meet the core requirements of an e-business. The Internet-based service provides for integration with supplier networks, transaction management, credit-card payments and data mining capabilities. B2Bgalaxy.com provides technical, operational and customer support for the applications, which can be rapidly deployed by any business in a wide range of industries. The service, derived from the company's successful FOODgalaxy.com marketplace where food service establishments save as much as 20 percent on the cost of essential food and supplies, is available through joint ventures and/or licensing agreements.
B2Bgalaxy.com's PowerPurchasing system is a suite of PowerProducts that address the entire procurement process. PowerPurchasing is a business-to-business solution that is currently used by the food service community to purchase food and supplies over the Internet. PowerPurchasing creates a virtual private exchange that enables members to post a customized inventory list online and requires suppliers to continually submit their latest product prices. The system produces purchase orders based upon best price and availability from buyer-selected vendors.
The PowerProduct family of applications utilizes Oracle 8i for back-end database services and BEA's Weblogics product for its Enterprise Java Bean framework, providing a robust, scaleable and future-proof architecture.
About Cornerstone Internet Solutions
Cornerstone Internet Solutions operates two subsidiaries, USWeb/CKS Cornerstone and B2Bgalaxy.com, which are in separate Internet businesses. USWeb/CKS Cornerstone is a wholly owned subsidiary of Cornerstone Internet Solutions Inc. and an independent affiliate of USWeb/CKS Corporation. USWeb/CKS Cornerstone is a full-service Internet consulting firm that uses a combination of strategic planning, technology and creative expertise to provide clients with successful solutions.
B2Bgalaxy.com, a majority-owned subsidiary, leverages Cornerstone's expertise in business consulting, Internet technology and the development of business and e-commerce solutions to create industry-specific business-to-business e-commerce marketplaces that link buyers and sellers through competitive on-line exchanges and focuses on improving member profitability.
FOODgalaxy.com enables restaurants and other food service establishments 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
FOODgalaxy.com is the first in a series of marketplaces Cornerstone expects to launch over the next few years through its B2Bgalaxy.com unit. Each new marketplace will be industry-specific and will link buyers directly with suppliers and manufacturers.
NOTE: USWeb/CKS and the USWeb/CKS logo are trademarks of USWeb/CKS Corporation.
Some paragraphs of this news release, particularly those describing Cornerstone's, FOODgalaxy.com's and B2Bgalaxy.com's future business prospects, contain 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. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of factors, including difficulties in implementing desired features, delays in completing the B2Bgalaxy and various industry specific web sites, including FOODgalaxy.com, technical challenges, cost overruns, changes in design, competition, and so on, any of which could have an adverse effect on the Company and B2Bgalaxy.com and its communities, including FOODgalaxy.com. Factors such as these could have an adverse effect on the Company's results of operations. In light of significant uncertainties inherent in forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.
SOURCE: Cornerstone Internet Solutions Inc.
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