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FOR IMMEDIATE RELEASE
IRVINE, California (Aug. 30, 2001) --- SYSCO Corporation (NYSE: SYY), the largest marketer and distributor of foodservice products in North America, and Oinke, Inc., a provider of Internet-based commercial finance solutions, have announced a strategic alliance to offer access to a commercial financing marketplace.
Through SYSCO's web site, www.sysco.com, www.sysco.com. SYSCO's customers will be able to access Oinke's FS Financial Center and apply for commercial real estate loans, equipment leasing and business loans from $5,000 to $500 million from a variety of third-party lenders.
The FS Financial Center, Powered by Oinke, gives borrowers access to a competitive Internet finance center in which more than 160 lenders participate. Lenders whose criteria match those of the requesting customer submit a proposal to meet the borrower's financing needs. Oinke provides the finance center technology behind the proposal process and offers borrowers a secure, paperless "vault" in which to upload and store their financial request information.
"SYSCO.com provides on-line automation and informational tools to streamline the needs of our customers," noted Richard J. Schnieders, president and chief operating officer of SYSCO. "We believe providing easy access to third-party financing services is a natural extension of our efforts to help our customers succeed. Any of our customers who are interested in applying for a loan can now access Oinke's financial services center through our web site, saving them time and money."
Tom Markel, chief executive officer of Oinke, said, "We are fired up about this relationship with SYSCO. Now SYSCO's 7,700 marketing associates can direct their customers to a variety of on-line financing solutions. With the Internet, companies such as SYSCO are offering more and more services and products to remain competitive and to provide their customers with easy access to a greater range of services. Providing direct access to the FS Financial Center, Powered by Oinke, is another way that SYSCO can offer a solution to its customers' needs."
About SYSCO
SYSCO is the largest foodservice marketing and distribution organization in North America. Generating sales of $21.8 billion for the fiscal year 2001 that ended June 30, 2001, the company provides food and related products and services to about 370,000 customers, including restaurants, healthcare and educational institutions, lodging establishments and other foodservice operations. The SYSCO distribution network currently extends throughout the entire contiguous United States and portions of Alaska, Hawaii and Canada.
About Oinke
Oinke provides the only Internet finance center connecting commercial borrowers with qualified lenders in a secure environment for commercial financing. Oinke's standardized online Financial Application Summary Templates simplify the borrowing process for 75 different loan types, dramatically reducing typical loan paperwork and facilitating negotiations with a nationwide network of lenders. Oinke was the first Internet-based commercial finance company to offer Moody's Risk Management Services credit scoring reports to its customers, and has subsequently formed partnerships with Integra and Transunion.
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For SYSCO:
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