WorldCatch Provides Customers New Financing Solution; Factoring Service Guarantees Early Payment On Seafood Sales

Business Wire, Nov 9, 2000

Business Editors

SEATTLE--(BUSINESS WIRE)--Nov. 9, 2000

WorldCatch, the leading online marketplace for the global seafood industry, today launched a new financing solution that allows sellers of seafood to collect funds from a sale much more quickly, and securely, than they normally do.

This service, known as "factoring", guarantees 100% payment to sellers, eliminating customer credit risk. Sellers of seafood can receive up to 80% of the sales proceeds from a seafood transaction from WorldCatch within 48 hours of product delivery. The remaining balance is forwarded when the buyer pays the invoice. Seafood buyers also benefit from this service, as it provides them another source of trade credit, thereby reducing the amount of working capital necessary to complete transactions.

This new WorldCatch financing solution is being offered through a partnership with SunTrust Bank, one of the nation's largest and most respected commercial banking organizations serving the financial needs of the seafood industry. By factoring their transactions through WorldCatch, seafood companies benefit through:

-- Increased working capital

-- Improved cash flow

-- Customer credit protection

-- Account receivables management and Collection

-- Early Payment (Advances up to 80%)

"This payment option gives seafood professionals what they want while transacting business online. It provides the security of guaranteed payment from buyers and the financial flexibility offered through advances up to 80% of transactions. These value added services are afforded through the factoring service offered on our site," said Jim Hilger, CEO of WorldCatch.

Factoring is just one of a number of new business solutions WorldCatch is developing to help seafood professionals transact commerce more efficiently and effectively. Over the next few months, WorldCatch will introduce a range of exciting new products and services designed to improve the commercial potential of the seafood industry.

About WorldCatch:

WorldCatch offers the largest global source for commerce, content and community to the global seafood industry. WorldCatch's proprietary online marketplace allows buyers and sellers of seafood products to quickly and cost-effectively transact business over the Internet. The site also features real-time industry information including news, market pricing and trend reports written by leading seafood professionals.

WorldCatch also offers community features that allow seafood professionals to share information and obtain access to service providers, who specialize in shipping, packaging, banking, insurance and credit reporting. The company is headquartered in Seattle with offices in Toronto, Paris, London and Santiago, Chile. For more information, visit www.worldcatch.com

About Sun Trust Banks, Inc.

SunTrust Receivables Capital Management (SRCM), a division of SunTrust Bank, specializes in the processes associated with managing the receivables generated in business-to-business commerce. SRCM expertise includes managing customer credit; collecting, posting and reporting of invoices; and the funding of receivables for clients. SunTrust Receivables Capital Management is headquartered in Atlanta with offices in Los Angeles, Charlotte and New York.

SunTrust Banks, Inc. is a premier financial services company based in Atlanta, and the nation's 10th-largest commercial banking organization. The company provides a wide range of services to meet the financial needs of its growing customer base in Alabama, Florida, Georgia, Maryland, Tennessee, Virginia and the District of Columbia.

Its primary businesses include traditional deposit and credit services as well as trust and investment services. Through various subsidiaries the Company provides credit cards, mortgage banking, insurance, data processing and information services, brokerage and investment services. For more information, visit www.suntrust.com