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Noosh Reports 10% Increase in Transaction Volume, $22 Million

Press release from the issuing company

SANTA CLARA, CA., - May 20, 2002- Noosh, Inc., a leading provider of collaborative e-Business software solutions, today announced that customer procurement transaction volume for the first quarter of 2002 grew to $22M from $19.9M in the similar period in 2001, an increase of 10%. "While many in the B2B sector have reported stagnant deployments, we are pleased to report greater adoption and usage compared to year ago levels," said Dave Hannebrink, Sr. VP of Marketing and Business Development at Noosh. "We are steadily gaining customers who increasingly rely on Noosh." According to Forrester Research: "User firms with big commodity category inefficiencies will choose specialty vendors that streamline all of the associated process steps -- not just the single procurement transaction." The report, entitled "eProcurement: Winners Will Thrive On Process Skill," also noted that several vendors, including Noosh, are thriving because their apps focus on the full cycle of process steps particular to the products being purchased. In the quarter just ended, Noosh added several major customers and another reported outstanding deployment results. Honeywell Consumer Products Group and the Star Tribune Company both inked deals with the company in Q1. Honeywell will use Noosh to manage the graphic design and procurement of printed marketing materials for their well-known line of brands, including FRAM, Prestone, and Autolite. The Star Tribune Company will use Noosh to help manage its interactive media, direct mail, and other marketing materials. By automating manual processes both companies expect to significantly improve time-to-market. As well, both will rely on Noosh commerce tools to enhance spending visibility, improve sourcing, and reduce procurement costs. TSO, Britain's largest publisher by new title volume, reported savings to exceed $700K (U.S.) in the first year by using Noosh. The company also reported numerous business process improvements and customer satisfaction benefits as having even greater long-term value.