USA: CIT And EcomTextile Create Strategic Alliance

CIT Commercial Services, one of the largest providers of factoring services, today announced a strategic alliance with EcomTextile Inc, a Fullerton, California-based business-to-business marketplace for electronic procurement and supply-chain services for the textile, apparel, machinery and sewn products industries. Under the agreement, CIT will be a resource to provide factoring and financing services to EcomTextile.com users. "Beyond providing users with an exchange platform for auctions, EcomTextile has developed a proprietary technology, eRFB (electronic Request for Bid), the ultimate sourcing tool for the textile, apparel, machinery and sewn products industries," said John C Adams, chief executive officer of EcomTextile. "In addition to our technological innovations, we believe the key to obtaining market leadership lies in the creation of key strategic alliances. As the largest provider of factoring services in the nation, CIT's reputation within the industry coupled with the wide array of financial services it offers will prove an invaluable resource to our clients." "The alliance with EcomTextile brings us closer to fulfilling our mission of becoming the premier provider of business-to-business financing services via the Internet," said John F. Daly, president of CIT Commercial Services. "CIT's credit protection service will give EcomTextile buyers increased purchasing and sourcing power, while at the same time providing sellers with additional security by guaranteeing that they will get paid on all approved orders."