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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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