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Noosh Announces Noosh V34, with New Purchasing Functionality

Press release from the issuing company

PALO ALTO, Ca., - May 1, 2001 - Noosh, Inc. (www.noosh.com), a leading provider of collaborative eBusiness solutions, today announced the release of Noosh V34, the latest version of the company's award-winning eProcurement solution. Noosh V34 includes new functionality, including Open Bid and a Vendor Rating System based on GE's Six Sigma technology. Noosh helps customers and their suppliers manage and procure commercial print, packaging, direct mail and media services for major companies like GE Capital, Aetna, Bank of America, Wells Fargo and Cigna. In a recent research study by CAP Ventures, Inc., Noosh's collaborative solution was directly linked to 20% reductions in purchasing costs for a well-known, Fortune 100 insurance company. The Open Bid and Vendor Rating System will enable Noosh to extend even greater cost savings to its customers. Open Bid The Open Bid feature benefits both Buyers and Suppliers. Open Bid is a simple method of enabling buyers to negotiate the lowest possible price on a job. At the discretion of the buyer, suppliers will be able to view competitive pricing in real time. They can then submit further estimates based on that knowledge. It is a feature that lets both buyers and suppliers know exactly where the bidding process stands. Supplier Rating System The Supplier Rating System allows Buyer organizations to rate their Suppliers using GE's Six Sigma technology, a proven process improvement methodology. Noosh V34 allows buyers to define their own rating criteria and is the first vendor rating system using Six Sigma techniques for the B2B commercial print market. In summary, these features enable customers to have enhanced visibility and accountability through enterprise-wide data collection, leading to greater control over all purchasing processes. GE Capital is currently using the Noosh eBusiness service in 35 purchasing locations, managing orders with nearly 100 suppliers, and its' renowned Six Sigma program is integrated into Noosh's methodology as a process to evaluate and objectively measure the performance and quality of its print and creative services vendors. "Our customers are truly partners in the development of Noosh products," said Dave Hannebrink, SVP of Marketing and Business Development. "We are pleased to continue our commitment to provide market-leading eProcurement solutions to help them increase efficiency and cut costs."