Company Press Release
June 19, 2000
PROVIDENCE, RI and NORTHFIELD, IL -- Textron Financial Corporation, a subsidiary of Textron Inc (NYSE:TXT;www.textron.com)
and Entrade Inc. (NYSE:ETA; www.entrade.com) announced Friday that over $3
million worth of assets have been sold across multiple asset categories through AssetControl.com, a business-to-business
(B2B) e-commerce marketplace for the management and disposition of used industrial equipment, excess inventory
and commercial real estate for the Fortune 500/Global 2000. This success helped the company generate an operating
profit during each of the three months since its creation.
AssetControl.com was created on March 9, 2000 through a joint venture between Textron Financial (47.5%), Entrade
(38%), Entrade licensee ATM Service, Ltd (9.5%) and Safeguard Scientifics (NYSE:SFE;www.safeguard.com;
5%). AssetControl.com is powered by Entrade's B2B e-commerce software.
``From these early results, it's clear that AssetControl fills a critical need of global businesses to more efficiently
manage and dispose of inventory and equipment,'' said Textron Financial Chairman, President, and CEO Steve Giliotti.
``AssetControl brings efficiency, centralization and transparency to an otherwise fragmented and complex market.''
AssetControl.com offers a full range of services - from helping customers identify their excess assets and determine
the optimal combination of online and offline marketplaces for listing and disposing of assets, to providing a
full suite of management services including appraisals, inspections, repossessions and improving utilization of
excess capacities.
About AssetControl.com
AssetControl.com is a business-to-business e-commerce marketplace for the management and disposition of used industrial
equipment, excess inventory and commercial real estate. AssetControl.com uses Internet technology to organize a
network of disposition partners creating ``one-stop'' asset disposition solutions. AssetControl.com offers Fortune
500/Global 2000 companies internal redeployment of assets, online and land- based remarketing, and a vast portfolio
of asset management services to reduce market inefficiency and improve return on assets.
About Textron Financial Corporation
With over $6.5 billion in managed receivables and twenty-one years of record earnings, Textron Financial is a diversified
commercial finance company with three groups of products and services: term financing for Aircraft, Equipment and
Golf (including the financing of Textron products); revolving credit arrangements; and specialty finance. Other
services include syndications, asset management, portfolio servicing and insurance brokerage.
Textron Financial is a subsidiary of Textron Inc. (NYSE: TXT), an $11.6 billion, global, multi-industry company
with market-leading businesses in Aircraft, Automotive, Industrial and Finance. Textron has a workforce of over
68,000 employees and major manufacturing facilities in 30 countries. Textron is among Fortune magazine's ``Global
Most Admired Companies.'' Additional information is available at www.textron.com.
About Entrade
Entrade (NYSE:ETA; www.entrade.com) offers a combination of e-commerce technology,
experienced management and support to create sustainable B2B marketplaces. This foundation, strengthened by partnerships
with established industry leaders and land-based networks, provides an opportunity to build solid businesses with
speed, fulfillment capability and efficiency. To date, Entrade has supported the development of AssetControl.com,
AssetTRADE.com, ATMCenter, Nationwide Auction Systems, pricecontainer.com, printeralliance.com, TradeTextile.com,
TruckCenter.com and utiliparts.com.
Statements contained in this press release, which are not historical facts, are forward-looking statements. Such
forward looking statements are necessary estimates reflecting the best judgment of the party making the statements
based upon current information and involve a number of risks and uncertainties. Forward-looking statements contained
in this press release or in other public statements of the parties should be considered in light of those factors.
There can be no assurances that such factors or other factors will affect the accuracy of such forward-looking
statements.
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Contact:
Textron
John Mayers, 401/621-5046
jmayers@tfc.textron.com
or
Entrade
Paula Conrad, 847/784-3324
pconrad@entrade.com
or
AssetControl.com
Mike Livatino, 401/752-5182
mlivatino@assetcontrol.com