WTCH (Cyprus) to Offer TradeCard Platform in the Middle East, North Africa & Cyprus;
General Counsel of TradeCard to Lead New Company based in Bahrain
LIMASSOL, Cyprus and NEW YORK, Nov. 9, 2007 -- World Trade Centers Holdings (Cyprus), the licensee and owner of 15 World Trade Centers throughout the Middle East, North Africa and Cyprus has announced that it has signed a long-term agreement with TradeCard, Inc., the leading provider of extended supply chain solutions, to offer TradeCard's services in 23 countries in the region. The agreement gives World Trade Centers Holdings (Cyprus) the right to sell a customized white-label version of the TradeCard Platform to corporate buyers in the Middle East, North Africa and Cyprus.
World Trade Centers Holdings (Cyprus) will form a new company for the venture, "TradeCard Holdings Cyprus Ltd," which will operate under the name "TradeCard MENA." To ensure smooth start-up and partnership integration, Barry Lites, TradeCard's Senior Vice President and General Counsel, will join TradeCard MENA as CEO.
TradeCard MENA customers will have access to a hosted document management and financial settlement platform available via the Web or through a seamless integration with back office systems. The offering provides visibility into financial processes for information sharing among all parties in a transaction. A workflow engine triggers and records tasks of all approved parties. A range of transaction settlement services is available including open account services, a letter of credit alternative and electronic invoice presentment. A network of 200 trade services suppliers, including logistics, inspection and cargo insurance companies, currently supports system users.
"The Middle East, North Africa and Cyprus are the birthplace of trade," said Ghazi Abu Nahl, Chairman of World Trade Centers Holdings (Cyprus). "It has been the foundation of society and civilization there for thousands of years. Now, we intend to bring automation and efficiency to the process, which will enable growth, stability and even greater prosperity to companies engaged in trade."
TradeCard aligns supply and demand by linking complex supply chains together to enable quick response to continually shifting consumer preferences.
"The value that the TradeCard MENA Platform brings to companies in the Middle East and North Africa as well as Cyprus is massive," said Barry Lites, CEO of TradeCard MENA. "Globalization demands a certain level of automation. The platform achieves this in ways that internal ERP systems never could -- by connecting both buyers and their suppliers in a single electronic environment, eliminating paper and providing both parties with innovative trade finance services. I look forward to working with Mr. Abu Nahl and his team to introduce the benefits of the TradeCard MENA Platform to companies in the area and beyond."
The TradeCard MENA Platform will be configured to enable customers to seamlessly transact with TradeCard's existing 3,000 buyer and seller members around the world. Financial services available on the TradeCard MENA platform will help companies of all sizes to better compete by extending operational agility and improving margins and cash flow.
"Our partnership with the World Trade Centers Holdings (Cyprus) adds 23 new countries to the TradeCard network, which already connects trading partners in more than 45 countries by automating sourcing, logistics and supply chain finance processes," said Kurt Cavano, CEO of TradeCard, Inc. "Our on-demand platform has enabled thousands of customers to improve revenue, margins and cash flow without adding offices or resources overseas. We're excited to introduce our platform, supply chain services and award-winning support to the Middle East, North Africa and Cyprus."
The TradeCard Platform and SourceView visibility suite offer a key competitive advantage by enabling a responsive supply chain for customers in industries where consumer preference is key, including consumer electronics, apparel, footwear, sporting goods, toys, hardware, furniture and home furnishings.
About World Trade Center Holdings (Cyprus)
World Trade Centers Holdings Cyprus Ltd is a licensee of 15 World Trade Centers in Cyprus, Middle East and North Africa regions.
World Trade Center Holdings Cyprus is a member of the World Trade Centers Association with headquarters in New York, fully integrated into a network of 300 World Trade Centers with 750,000 affiliated companies in 90 countries on six continents; that makes it a virtual treasure trove for any business aiming to expand its activities beyond the shores of our areas. (www.wtchcy.org)
World Trade Centers Holdings (Cyprus) is a wholly-owned subsidiary of Nest Investments Holdings a Group specializing in Insurance, Re-Insurance, Real Estate and Trading activities covering 20 countries in the Middle East, Far East, Europe and USA (www.nestco.org)
About TradeCard, Inc.
TradeCard, Inc. is the leading provider of on-demand supply chain management solutions. The TradeCard Platform synchronizes financial transactions with physical events in the global supply chain to help customers automate trade transactions from purchase order to payment and chargebacks. Buyers, sellers and their trading partners manage transactions through a web-based platform with online financial services integrated into the workflow. This turnkey transaction management enables customers to improve margins and enhance growth, with extra-organizational supply chain visibility. TradeCard's on-the-ground trade experts throughout the world assure superior supply chain agility.
TradeCard manages global trade for thousands of users in over 40 countries, including Columbia Sportswear, Rite Aid and Wolverine Worldwide. TradeCard Inc. is headquartered in New York City and has offices in San Francisco, Hong Kong, Brussels, Taipei, Seoul, Colombo, and Shenzhen. TradeCard is located online at www.tradecard.com.