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Toro Cites PrimeRevenue's Supply Chain Finance Solution
PrimeRevenue’s SCF Solution and Working Capital Improvements Cited in Earnings Call of Leading Provider of Turf and Landscape Maintenance Equipment
Atlanta – March 16, 2010 - PrimeRevenue, the leading provider of open platform SCF Solutions, was mentioned in the Toro Company’s earnings call. During the call, Toro CFO Steve Wolfe made the following statement regarding PrimeRevenue’s Supply Chain Finance Program:
“In the area of trade payables, we recently initiated a Supply Chain Finance program that will help us drive improvement in the third leg of our working capital stool. This Supply Chain Finance program provided by PrimeRevenue, and the Wells Fargo Trade Bank, will allow us to lengthen our payable terms while providing attractive cash flow and financing options for our suppliers, a great win-win for both sides. We are very much on track to achieve our goal of reducing working capital into the teens. The [resulting] cash flow benefits of these specific actions will enable us to continue to deploy capital for acquisitions as opportunities become available along with regular dividends and repurchases,” stated Steve Wolfe, Vice President and Chief Financial Officer.
Toro also highlighted PrimeRevenue in its 2009 annual report:
“On the receivables and payables front, we expect two key partnerships launched in fiscal 2009 to help us reach our working capital goal in the coming year. ….A second important development was the implementation of a new trade payables program with PrimeRevenue and Wells Fargo Trade Bank that will help us lengthen our payable terms and provide attractive cash flow and financing options for our suppliers. Together, these efforts are expected to further improve our use of working capital and strengthen our cash position to drive future growth and shareholder value.”
“We’re extremely proud of our ability to support the working capital initiatives of a leading manufacturer like Toro,” said P.J. Bain, PrimeRevenue CEO. “It’s very gratifying to provide value to both Toro and their supply chain.”
About PrimeRevenue, Inc.
For Global 2000 organizations who view their supply chains as a strategic asset and are seeking to increase supply chain efficiency, PrimeRevenue is the leading provider of open platform Supply Chain Finance (SCF) technology and services. Our open SCF platform and working capital advisory services provide these organizations with the control and flexibility required to drive superior SCF results, reducing cost, capital and risk throughout their supply chains and forging stronger trading partner relationships. Headquartered in Atlanta, Georgia, USA, PrimeRevenue has offices and customers throughout the world. For more information, visit www.primerevenue.com.
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Contact:
Emma Flack
PrimeRevenue
+1 678-904-7132
pr@primerevenue.com
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