Green Isle Foods, one of the largest manufacturers of convenience foods and owner of the prestigious brand Goodfellas Pizza, has announced a major initiative with IngredientsNet.com, the leading online exchange for the food manufacturing industry. This move highlights the increasing recognition of the benefits of e-commerce within the £105 billion food ingredients market.

This week the company successfully completed procurement for Vegetable Oils worth approximately $1m in a private bidding process, whereby selected leading suppliers were invited to an auction to sell their produce.

"IngredientsNet.com offers us access to the benefits of eProcurement without having to invest in the technology ourselves" says Ray Ryder, Director of Supply Chain in Green Isle. "We're very pleased with the results. Being a member of IngredientsNet.com has allowed us to purchase our ingredients online allowing us to do business more effectively, increasing our buying power by opening up the market and giving us that edge within the industry to move forward"
The Green Isle auction is the latest in a series of auctions hosted by some of the world's largest food companies using IngredientNet.com's neutral online platform.

"We're delighted that Green Isle have chosen our online market exchange to enjoy the benefits of eProcurement, namely time saving benefits, higher levels of liquidity and wider market reach", says Tom Galvin, CEO of IngredientsNet.com. "Bringing buyers and sellers together to trade online in real time will greatly reduced costs and improve overall supply chain efficiency and effectiveness. It is estimated that 20% of food ingredients will be traded online within the next three years and IngredientsNet.com aims to capture a substantial part of that business" reports Galvin.

About Green Isle Foods
Green Isle is part of Northern Food Group, one of the largest manufacturers in convenience foods. As part of their extensive product portfolio is the prestigious pizza brand Good Fellas Pizza, other brands including Donegal Catch.

About IngredientsNet.com
IngredientsNet.com is the worlds's first global online marketplace dedicated 100% to the food ingredients business. Buyers and sellers register with the netmarket where they can buy and sell food ingredients openly or privately on-line. IngredientsNet.com is set to revolutionize the way ingredients buyers and sellers conduct business by providing an efficient, global means of exchange that will become the industry standard. Run by ingredients professionals from ingredients industry, IngredientsNet.com currently employs 27 people in total with offices in Dublin, UK and the US. Since commencement of trade on 14th August 2000, IngredientsNet.com have built up a membership of over 280 major blue chip companies with 26 of the top 100 European companies as registered members. Seed capital of £5 million has been provided by Fyffes and Glanbia.

For further information on IngredientsNet.com visit www.ingredientsnet.com

Contact: Liz Finlay,
IngredientsNet.com
00353 1 887 2775
lfinlay@ingredientsnet.com