SOURCE: GT Nexus

October 16, 2006 06:27 ET

GT Nexus Appoints Dan Riley to Its Board of Directors

Banking Executive's Expertise to Support Company's Expansion Into Global Trade Finance

ALAMEDA, CA -- (MARKET WIRE) -- October 16, 2006 -- GT Nexus today announced that Dan Riley has joined its board of directors. Now retired, Mr. Riley was previously president of Bank of America's Global Treasury Services, a division that operated in more than 30 countries, with over 12,500 employees and revenues in excess of $5.5 billion.

"GT Nexus has built a global network that is already capturing and processing information that the finance community desperately needs," noted Riley. "Global companies are increasingly recognizing the financial value of supply chain data networks because efficient global trade requires mastery of the multi-party information exchange that takes place between all of the various vendors and service providers."

"Dan is a visionary in the global trade finance world and an excellent addition to our board," said Aaron Sasson, CEO of GT Nexus. "As our industry logistics portal has grown and matured, customers have asked for and received new capabilities in the trade finance area. Dan will be a huge asset for us as this segment of our business develops."

Companies that globalize operations are encountering challenges that go beyond the supply chain and into trade finance. According to Aberdeen Group, the average $1 billion company can free up $10 to $40 million in cash through global trade process improvement and automation.

For example, a Fortune 100 retailer currently uses the GT Nexus portal to automate and capture digitized trade and logistics documents from worldwide suppliers, forwarders, carriers, and customs brokers. The solution not only eliminates the need for huge amounts of paper, it also opens new possibilities for automating such processes as trade compliance and payment approval. That data can then be fed to internal and external trade finance participants as supply chain data critical to financial processes. Considering the amount of cash that is typically tied up in manual processes, streamlining payment approval this way can drastically improve the bottom line.

About GT Nexus

GT Nexus runs the world's only industry-backed, on-demand global logistics portal. Today, more than 40,000 registered users, from over 15,000 organizations use a range of capabilities on the portal to control and optimize the flow of goods and information from order to delivery, worldwide. GT Nexus also is backed by several leading ocean carriers who transact over the portal with thousands of their importer, exporter and 3PL customers. For more about GT Nexus, visit www.gtnexus.com.

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