FOR IMMEDIATE RELEASE
Contact: Jon Viberg
Commisceo Corp
708/671-0600
COMMISCEO LAUNCHES ETACH 1.2V
Chicago-Based Financial Facilitator Launches The First
Financial Instrument Portal Application
CHICAGO (September 5, 2001) – Chicago-based Commisceo Corporation,
a financial services
company providing collaborated eCommerce applications and
services around the management
of working capital, today announced its launch from alpha
into beta, eTACH our electronic Term
Allowance Clearinghouse. eTACH marks the first commercial
trade financial instrument portal
available for commercial settlement. Unlike our competitors
who underwrite their own
transactions, Commisceo’s eTACH solution is completely seamless
with our asset-based
lenders allowing the underwriting of various risks. These
risks have subsequent floating rates
and insurability. Additionally, our ability to bundle or
diversify transactions, there is no
transaction to large or risk to great. Our introduction
of eTACH IP solution is to allow any Buyer
and Seller from any where – the ability to negotiate trade
settlement.
To complete transactions, we seek the enrollment of financial
services companies particularly
asset based lenders. Our key Holders today enable the completion
of hundreds of millions of
dollars in trade transactions. We have expressed interest
from large Fortune 500 companies
that seek to mitigate risk through eTACH, thus, our need
to enroll additional recognized financial
services companies.
Our advisory board consists of key executives of alliance
companies CDS Group, HR
Management and Management-One. CDS Group, Leonard Leff -
President and CEO, is a
receivables management company providing a wide array of
services including factoring,
collections, private label purchase cards and department
outsourcing services. HR
Management Group, Ted Roberts - general partner, is a financial
services company specializing
in management consulting, liquidations and corporate restructuring.
“We are thrilled to have achieved this level of financial
support from the financial services
community – especially some of the country’s largest asset
based lenders” said Viberg. “We feel
we have the right focus, the right partners and the right
service package to truly stand out among
those electronic settlement solutions in the financial trade
space.”
Conceived in January of 2001 by Viberg, Commisceo has quickly
distinguished itself from
traditional terms settlement solutions. Where traditional
settlement may provide working capital,
Commisceo’s eTACH solution facilitates trade by reducing
risk at the point of sale. “By
implementing our financial instruments at the point of sale,
Commisceo’s eTACH solution will
automate the liquidation and insurability of transactions
with greater impact than conventional
invoicing methods”, said Viberg, “It is this approach that
makes eTACH a significantdevelopment in
the receivables management industry. eTACH will revolution
the way companies sell and manage the
80-20 rule. Where typically 20% of a company’s revenue comes
from about 80% of their customers,
it also represents a significant portion of their SG&A.
By implementing eTACH, companies will virtually eliminate
this cost while at the same time
impacting greatly their cash flow. In nearly every transaction,
our participants are negotiating
settlement that drop saving to their bottom line.”
About Commisceo
Commisceo is a next-generation working capital collaborator
whose mission is to settle and
significantly accelerate electronically commercial transactions.
Its current focus is to expand
features and functionality of eTACH with an upgrade to eTACH
1.2v in mid-2002. These
enhancements will allow commercial as well as municipalities
to settle transactions.
Additionally, we anticipate enabling back-office integration
to automating the cash application
process as well as the payment process. Lastly, our strategic
alliances are vital to the working
capital product and service offerings we provide. Commisceo
will continue to expand these
relationships or develop and expand our own capabilities
to further facilitate working capital
collaboration for our participants.
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