|
Kohl’s Highlights Benefits of PrimeRevenue’s Supply Chain Finance Solution
PrimeRevenue’s SCF Solution and Working Capital Improvements Cited in Leading Retailers Earnings Call and Annual Report
Atlanta – March 22, 2010 - PrimeRevenue, the leading provider of open platform SCF Solutions, was recently mentioned in the Kohl’s Corporation annual report and earnings call. During the question and answer session of the call, Kohl’s CFO, Wesley McDonald included PrimeRevenue in his response to an analyst question on the company’s increase in accounts payable and associated cash flow improvement:
“We partnered with…Banc of America, and a company called PrimeRevenue to give our vendors a platform to take advantage of the fact that most of our vendors have lower credit ratings than us, so they can trade our payables on the platform and get a much lower cost of funds than they could through a factor or things like that, so we’ve been moving vendors to that over the course of the last 18 months and of -- I would say of that accounts payable benefit, probably a little bit more than half of the benefit has been from moving to that platform,” said Mr. McDonald.
Further, Kohl’s went on to state in their 2009 annual report, “The most significant source of operating cash flow for 2009 was a $258 million increase in cash flows from accounts payable activities.”
“We’re extremely proud of our ability to help drive results for our clients and of course it’s very gratifying to be recognized by a leading organization such as Kohl’s,” said P.J. Bain, PrimeRevenue CEO. “To have multiple clients each achieve more than $100 million in working capital reductions and to be the only SCF provider cited for our contribution in client earnings calls is a tremendous indicator of the value we’re providing.”
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.
###
Contact:
Emma Flack
PrimeRevenue
+1 678-904-7132
pr@primerevenue.com
|
