FOR IMMEDIATE RELEASE
October 31, 2001
FARMS.COM Spins off FARMS TECHNOLOGY To Facilitate Growth of the Ag Software Business.
Chapel Hill, NC ? October 31, 2001- Farms.com Inc., a leading agriculture eBusiness, announced that it has spun off its software and technology business into a newly formed company called Farms Technology Inc .
Farms Technology Inc . will focus on supplying customers in agriculture and related industries with real time marketplace and risk management software solutions. The company has an extensive portfolio of technology and software that has been developed and used by Farms.com Ltd. over the past five years. In the near future, the fourth generation marketplace application, which combines a real-time commodity marketplace with risk management systems, will be launched. (www.farmstech.com)
BID/ASK MARKETPLACE
The first generation of this software was developed over five years ago and has been in continuous use since, at Farms.com selling millions of dollars worth of cattle, genetics and commodities. The Bid/Ask software has been through a number of technical audits and has received a Microsoft DNA award. This platform is scalable to several thousand simultaneous users and works in a number of modes allowing for the utmost flexibility in creating and operating a marketplace. The unique patent pending user interface requires no typing and provides instantaneous feedback on price and market information.
DYNAMIC PRICING PLATFORM
Buying and selling agricultural commodities and managing risk can now be accomplished with one marketplace software solution. The Dynamic Pricing Platform (DPP) is an Internet trading and risk management platform that will allow agricultural participants to buy and sell in cash markets while managing hedge positions simultaneously. Both farmers and commodity purchasers will now be better able to manage risk and cash purchases or sales. This product is now on the test market phase and should be released to customers for sale, by the end of the year.
Farms Technology Inc. has appointed, Benjamin Zaitz as President. Mr. Zaitz has a long history of accomplishments in the agriculture technology sector and is the original founder of Farms.com Ltd. Mr. Zaitz commented, "With industry leading software systems, a strong management and technology team and strong financial backing, we are ready to create innovative solutions for our partners and clients." Mr. Zaitz holds a majority equity ownership in the new company, which will operate from an office in Chapel Hill, N.C.
Doug Maus, President of Farms.com Ltd. noted "We have built significant experience in these software systems and we believe that they are of value to customers in the agriculture industry. Our strategic alliance with this new company will let them focus on software technology and we will concentrate on our core businesses. We are excited about having Ben Zaitz, a real agri technology pioneer, champion this business and develop improved software and services for Farms.com Ltd. and the agriculture industry." (www.farms.com)
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