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Cirqit Contracted To Provide Comprehensive Procurement And Sourcing Services To Nortek

Press release from the issuing company

WHIPPANY, N.J.—May 20, 2003 — Cirqit, a leading provider of eProcurement and Price Management software for the print category, announced today that it has completed the first phase of an enterprise wide deployment with Nortek, Inc. Under the terms of a three-year agreement, Nortek will outsource print related procurement, sourcing, and supply chain management activities to Cirqit. “Cirqit has delivered impressive results,” said Raj Bhalla, Head of Strategic Sourcing at Nortek. “In our first full quarter of deployment, we have realized significant hard cost savings and captured almost all of the commercial print spend from eight of our largest operating divisions.” Cirqit is providing managed print procurement services for Nortek that includes eProcurement software, business services, and print purchasing experts. In addition to managing print procurement at the buyer level, Cirqit has consolidated Nortek’s print supply chain, negotiated contract pricing, standardized processes, and implemented best practices. Cirqit’s eRFQ application, Order-It, is used by Nortek to submit requests for print production. Cirqit’s buyers then use Order-It and the price management application, Price-It, to source work to the most cost effective supplier. We are pleased to be working with Nortek’s corporate sourcing group and all of the Nortek operating units,” said Mark Hausser, President and Chief Executive Officer of Cirqit, Inc. “This agreement presents Cirqit with the opportunity to deliver maximum value for the Nortek organization by utilizing our full software and service offering.” Cirqit will continue to extend across the Nortek organization to additional business units, and will incorporate additional types of printed material including labels and business forms.