Cornerstone Internet Solutions, a provider of comprehensive Internet-based business-to-business (B2B) services and solutions, today announced that its FOODgalaxy.com business unit has been recognized as one of the top 200 B2B marketplaces in Forbes.com’s first annual “Best of the Web: B2B” issue.
In its “Best of the Web: B2B” guide, Forbes.com reported that more than 1,000 Web marketplaces have been announced in the past twelve months. Out of those, Forbes.com researchers had selected 200 of the most promising B2B sites in each of 25 different industries. Forbes.com judged each company on its strategy, execution, financial staying power, and Web site. The Forbes.com article can be found online at http://www.forbesbest.com.
“The recent recognition of FOODgalaxy by Forbes.com further validates our business model, technology and go-to market strategies. In addition to FOODgalaxy, we continue to offer the underlying exchange technology as a full-service ASP under a branded license, as well as B2Bgalaxy-operated marketplaces, either exclusively or through joint venture ownership,” said David Rowe, CEO of B2Bgalaxy.com. “The flexibility we have built into our software provides each purchaser with multiple procurement methods that can be combined to offer a complete procurement solution.”
Through B2Bgalaxy.com’s expanding suite of PowerProducts, including PowerPurchasing and PowerVendor, buyers purchase commodity and non-commodity supplies online from their existing or new vendors, through a virtual private exchange. This exchange enables members to post a customized inventory list online and suppliers submit their latest product prices or contracted prices. This flexible procurement solution combines price comparison, contracted pricing and aggregated purchasing for multiple locations as determined by the purchaser. The system produces electronic purchase orders based upon price, quality and availability from buyer-selected vendors, driving down the cost of goods to buyers by as much as 20 percent and significantly reducing the time traditionally devoted to the comparative price shopping process. In turn, the platform increases the overall efficiency in the sales and procurement process for vendors and buyers and reduces the costs of errors & omissions as well as time and resource.
About Cornerstone Internet Solutions
Cornerstone Internet Solutions operates two subsidiaries, B2Bgalaxy.com and marchFIRST Cornerstone, which are in separate Internet businesses.
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The B2Bgalaxy.com subsidiary creates industry-specific business-to-business e-commerce marketplaces that link buyers and sellers through competitive on-line exchanges and focuses on improving member profitability through the use of PowerPurchasing, the award-winning marketplace exchange technology.
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. Additional functionality is available to distributors allowing them to reduce their cost of customer acquisition, and there cost of conducting business through the power of the Internet.
Cornerstone expects to launch a series of marketplaces over the next few years through its B2Bgalaxy.com unit. New marketplaces will be industry-specific, link buyers directly with suppliers and manufacturers and utilize B2Bgalaxy.com’s PowerProduct suite of e-procurement application services.
marchFIRST Cornerstone, a wholly owned subsidiary of Cornerstone Internet Solutions Inc, is a full-service Internet consulting firm that uses a combination of strategic planning, technology and creative expertise to provide clients with successful solutions in the B2B, B2C, Knowledge Management and Enterprise Integration Domains.
marchFIRST and the marchFIRST logo are trademarks of marchFIRST, Inc.
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.