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June 15, 2000
ForgeFinder.com and First
International Bank Launch e-commerce Financing Program for Global
Forged Metals Industry
Buyers and Sellers Gain Online Access to 14 Types
Of Credit Products Up to $5 Million Per Transaction
ForgeFinder.com, the first and only e-commerce marketplace
dedicated exclusively to the forged metals industry, and First
International Bank, a subsidiary of First International Bancorp, Inc.
(NASDAQ:FNCE), today announced that they have agreed to make online
financing available to metal forgers and forging buyers worldwide.
The strategic alliance will facilitate the settlement of
transactions between members of ForgeFinder.com, as well as meet many
other credit needs of companies buying and selling open die, closed
die and impression die forgings and seamless rolled rings.
To support ForgeFinder.com's goal of linking forgers and buyers
via an online auctioning process, First International Bank will make
and service 14 types of commercial and international loans comprising
its e-CreditMenu(sm). The bank will fund loan amounts up to US $5
million per transaction under the agreement, which is significantly
greater credit availability than the US $100,000 maximum "credit card"
levels typical of the online business loan market today. First
International's e-CreditMenu product offerings range from basic
payment guarantees, working capital lines, equipment loans and
industrial mortgages to sophisticated international trade, barter and
energy financing programs.
First International Bank will underwrite loans and other
facilities appearing in the e-CreditMenu in accordance with
Riscope(sm), the bank's proprietary commercial credit scoring system.
Riscope applies to most types of industrial companies around the world
and assures them of an efficient and rapid credit approval process.
First International Bank will integrate the e-CreditMenu with
ForgeFinder.com transactions using ThruCredit(sm), the bank's
technological solution for automating e-business financing.
Kyle Gillman, President of ForgeFinder.com, stated that, "We are
building a one stop shop that provides instant access to the global
forging community, enables companies to slash their procurement and
sales costs, and fosters dynamic relationships between customers and
suppliers. First International Bank's online financing capabilities
will help our members close deals, no matter where in the world they
are located. We are very pleased to be associated with First
International, which has a long track record of financing metal
forgers and their customers."
According to Brett N. Silvers, First International Bank's chairman
and CEO, "ForgeFinder.com's industry leading online services include
an extensive product and service catalogue, electronic purchasing and
billing, an auction site -- and now our bank's global lending
capabilities. Our alliance with ForgeFinder.com will help bring a new
level of efficiency to the worldwide marketplace for forged metal
products and services."
About ForgeFinder.com
ForgeFinder.com (www.forgefinder.com) is based in Manassas,
Virginia and debuted in April 2000. The company operates a unique
metals marketplace for buying and selling open die and closed die
forgings and seamless rolled rings. Designed to allow buyers to obtain
multiple quotes from qualified sources, ForgeFinder.com also gives
sellers the opportunity to submit competitive quotes on selected
business opportunities.
About First International Bank and First International Bancorp, Inc.
First International Bank (www.firstinterbank.com) - a world leader
in the use of SBA, USDA and Export-Import Bank-backed loans - provides
innovative credit, trade and financial solutions for small and medium
size industrial businesses. The company has more than 200 employees
and representatives at 28 locations worldwide. U.S. offices are in
Boston, Cleveland, Detroit, Hartford, Los Angeles, Miami, Morristown,
Philadelphia, Pittsburgh, Providence, Rochester, Springfield, St.
Louis, and Washington, DC. International representatives are based in
Argentina, Brazil, Central America, Egypt, India, Indonesia, Korea,
Mexico, North Africa, the Philippines, Poland, South Africa, Turkey
and West Africa. During 1999, the company originated $551 million in
loans primarily within its industrial niche, and closed the year with
a managed loan portfolio of $1.1 billion. Established in 1955, the
bank is a subsidiary of the publicly traded First International
Bancorp, Inc. (NASDAQ: FNCE), with headquarters in Hartford,
Connecticut.
CONTACT: ForgeFinder.com: First International Bank:
Kyle Gillman Michele Zommer
(703) 530-8171 (860) 241-4705
keg@forgefinder.com zommerm@firstinterbank.com
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