PrimeRevenue Powers Supply Chain Finance Platform for Big Lots
Fortune 500 Retailer Deploys Supply Chain Finance in Domestic and Asia-Based Supply Chains
ATLANTA, December 5, 2006 -- PrimeRevenue, the leading provider of Supply Chain Finance (SCF) solutions, announced that Big Lots (NYSE:BIG), a US-based Fortune 500 retailer offering consumers a unique shopping experience in over 1,400 locations, has deployed PrimeRevenue's technology and services to power the Big Lots SCF platform. National City Bank is providing funding to suppliers electing to sell their invoices through the platform to improve their cash flow.
Suppliers based in the US currently enjoy access to Big Lots-generated payment obligations and the ability to sell their invoices for cash flow in advance of the posted maturity date. Big Lots is currently offering participation in its SCF platform to select suppliers based in Asia.
PrimeRevenue's SCF solution is intended to create a win-win working capital environment for its customers and their suppliers in the US as well as internationally. PrimeRevenue believes a stronger, more reliable supply chain will result in better returns for its customers, and ultimately better value for their customers.
Joe Juliano, CEO of PrimeRevenue said that "Big Lots is an early SCF innovator and we're pleased to have them live and in production with their domestic suppliers. PrimeRevenue looks forward to working with Big Lots and National City to continue to expand our service delivery to Big Lots' Asia-based supply chain partners and drive additional value."
About PrimeRevenue, Inc.
PrimeRevenue's leading global Supply Chain Finance (SCF) platform and solutions enable dramatic new working capital efficiencies for the benefit of buyers and their suppliers. PrimeRevenue achieves this through the delivery of secure, robust, industry-leading technology, a global community of the world's most innovative financial institutions and partners, and flexible working capital solutions and advice. Companies are relying on SCF deployments powered by PrimeRevenue to increase profitability, remove risk from their supply chain, and forge stronger trading partner relationships. Headquartered in Atlanta, Georgia, PrimeRevenue has offices and customers throughout the world. For more information visit www.primerevenue.com.
About Big Lots
Big Lots (NYSE: BIG) is the nation's largest broadline closeout retailer with over 1,400 stores in 47 states. Big Lots offers consumers a unique shopping experience and wide range of bargain-priced merchandise, including brand-name closeouts, one-of-a-kind deals, seasonal products, consumables, furniture, housewares, toys, and gifts. For more information, visit www.biglots.com.
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