San Francisco July 11, 2001 Pure Markets, an online provider of tools and services for conducting secured finance, today announced it has signed a business collaboration agreement with Mitsui & Co, Ltd., (Mitsui) one of the world's largest global trading companies.
As part of the agreement, Mitsui, together with its U.S. subsidiary Mitsui & Co. (U.S.A.), Inc. (Mitsui USA), has made an investment in Pure Markets and has selected the company as its core provider of equipment financing solutions for its global network of businesses, subsidiaries and associated companies.
Under the terms of the agreement, Pure Markets will facilitate equipment finance transactions generated by Mitsui and Mitsui USA's business units and associated companies, including their freight car, locomotive, marine, construction machinery and other equipment finance-related businesses. Adding Pure Markets online financing services to their global logistics, finance and supply chain management capabilities, Mitsui and Mitsui USA will expand their finance offering to their global base of customers.
Commenting on the agreement, Takao Sunami, President of e-Mitsui, a Division of Mitsui & Co., Ltd., Tokyo, stated, "We are impressed by the power of Pure Markets' service and technology solution, not only because it brings increased efficiency and effectiveness to our internal finance business, but also because it enriches our finance service offering and expands the value we deliver to our clients and trading partners."
"This relationship with Mitsui is a significant milestone in realizing Pure Markets' vision for secured finance," said Jay Fudemberg, founder and CEO of Pure Markets Corp. "As one of the world's largest trading companies, Mitsui has extensive need for and expertise in equipment finance. Their selection of Pure Markets as a core financing solution underscores the value and utility of the tools and services we provide to enterprise customers."
Using Web-based tools, online marketplace and advisory services, Pure Markets enables corporate borrowers and funding sources to conduct secured financing with lower total cost, less effort, and greater visibility and control across the enterprise. Since the launch of its service in April 2000, the company has been successful in sourcing over $900 million in secured finance transactions.