NEW YORK, Jan. 10, 2002 (PRIMEZONE) -- eB2B, Inc. (Nasdaq:EBTBD), a leading provider of business-to-business transaction management services, announced today that it has reached its announced goal of achieving positive cash flow from operations in the month of December 2001(unaudited). Full financial results for the 4th Quarter and calendar year will be released when they become available.
The Trade Gateway, eB2B's Web-based business-to-business engine, and its Trade Network, the community of trading partners it serves, have supported growing numbers of transactions and trading partners in 2001. eB2B's technology enables suppliers and retailers to send and receive a variety of business documents, including purchase orders, invoices, advance shipping notices, acknowledgements and inventory movement.
The company processed over 2.4 million transactions in 2001, an increase of 41% over 2000. These transactions represented over $350,000,000 in retail purchasing volume from approximately 1,500 suppliers.
Richard Cohan, chief executive officer of eB2B remarked, "Reaching this significant milestone for the company is further evidence of the acceptance of the Trade Gateway in our targeted vertical markets, including chain drug, telecommunications, consumer electronics and general merchandise. Both retailers and suppliers are realizing operating efficiencies and real return on investment. In concert with our recently announced financing and the acquisition of Bac-Tech, the company is positioned for both revenue growth and growth in operating cash flow in 2002. Based upon our current outlook, we contemplate being cash flow positive from operations in each quarter of 2002."
About eB2B, Inc.
eB2B Commerce is a leading provider of business-to-business transaction management services that simplify trading partner integration, automation and collaboration across the order management life cycle. The eB2B Trading Network and Transaction Lifecycle Management solutions provide enterprises large and small with a total solution for improving trading partner relationships that enhance productivity and bottom line profitability. eB2B Commerce is currently trading under the symbol: Nasdaq:EBTBD.
Note: Certain statements contained in this news release which are not based on historical facts are forward-looking statements, as the term is defined in the Private Securities Litigation Reform Act of 1995, and are subject to uncertainties and risks that may cause actual results to materially differ from projections. Although eB2B believes that its expectations are reasonable assumptions within the bounds of its knowledge of its business operations, there can be no assurance that actual results will not differ materially from its expectations. The uncertainties and risks include, among other things, the Company's plans, beliefs and goals, the Company's limited operating history, the ability to raise additional capital, if needed, the risks and uncertainties associated with rapidly changing technologies such as the Internet, the risks of technology development and the risks of competition that can cause actual results to differ materially from those in the forward-looking statements. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements.