Elcom Announces Commercial Availability of PECOS(TM) Version 10.0
February 01 2006 - 2:00AM
PR Newswire (US)
New Version Offers Enhancements in Financial Settlement,
Integration and Deployment NORWOOD, Mass., Feb. 1
/PRNewswire-FirstCall/ -- Elcom International, Inc. (OTC:ELCO)
(BULLETIN BOARD: ELCO) and (AIM: ELC and ELCS), a leading
international provider of remotely-hosted eProcurement and
eMarketplace solutions, today announced the commercial availability
of PECOS(TM) Version 10.0, Elcom's flagship eMarketplace and
eProcurement platform that enables buyers and their suppliers to
conduct highly interactive commerce over the Internet. PECOS(TM)
Version 10.0 offers Elcom's clients a multitude of enhancements
designed to improve the requisition to payment procurement
lifecycle. Major improvements include enhancements to financial
settlement, requisitioning, receiving, tax and freight handling,
usability for professional buyers and requisitioners and
communication interface tools designed to optimize integration with
legacy computer systems and to simplify large scale deployments.
PECOS(TM) Version 10.0 offers a number of improvements in the area
of requisitioning including enhancements in freight and tax
handling, the ability to enter decimal quantities in requisitions,
delegation of approval, non- catalog supplier lookup, requisition
selectable supplier terms and requisition processing types.
Approval delegation allows an approver to assign their approval
tasks to another user for a specified time period. Using the new
selectable supplier terms feature, a user can now select payment,
FOB and freight terms when creating a requisition or the
administrator can establish defaults that cannot be changed by the
user. The new requisition processing type feature enables a user to
record a requisition in the system but not send it to a supplier as
a purchase order. This feature can be used to record an external
order that was initially made outside of PECOS, e.g., one that was
purchased using a cash payment that may be recovered later via an
expense report submission. A number of enhancements have been made
to the XML interfaces used to communicate with external computer
systems and a new generation of tools and utilities are available
to assist in the initial setup of large scale deployments. Robert
J. Crowell, Elcom International, Inc.'s Chairman said, "The
commercial availability of PECOS(TM) 10.0. represents another major
milestone in the evolution of our PECOS technology platform. With
the introduction of PECOS(TM) Version 10.0, we are expanding our
technical leadership in the area of large scale deployment of
highly interactive B2B eCommerce systems while still preserving our
position in the marketplace as the leading provider of affordable
eMarketplace and eProcurement solutions." "The commercial release
of PECOS(TM) 10.0 establishes a new standard of value for companies
who are seeking to lower operating costs while still improving
efficiencies," said Gregory King, Elcom's Vice President of
Marketing and Sales. "Payment processing remains one of the most
costly of procurement activities and PECOS(TM) Version 10.0 offers
significant value for money by addressing client's needs to
streamline the presentment, matching and exception processing of
payments." In addition, PECOS(TM) Version 10.0 contains significant
enhancements to assist customers with the automation of invoice
presentation and matching processes. Invoice settlement workflow, a
major new feature, provides the ability to route invoices for
approval prior to sending them to accounts payable for payment. A
PECOS 'Administrator' creates an invoice settlement workflow plan
that dictates which invoices get routed for approval. In addition,
the two and three way matching feature has been enhanced to enable
a designated PECOS Administrator to specify if matching orders for
a given supplier should be a two-way match between the order and
invoice, a three-way match including receipts, or if the workflow
plan will make this decision for a particular supplier's orders.
Other settlement related improvements include the invoice
presentation process with enhancements in invoice entry and
editing, when required. Lastly, a number of enhancements have been
made to provide enhanced integration with legacy computer systems
and to support very large scale deployments of the PECOS system. A
new feature allows Administrator(s) to create customized user
definable fields to capture additional information in requisition,
order, and invoice documents. PECOS(TM) Version 10.0 has been fully
tested by Elcom's U.K. clients and upgrades are currently being
scheduled for U.S. clients. About Elcom International, Inc. Elcom
International, Inc. (OTC:ELCOOTC:andOTC:AIM:OTC:ELCOTC:and ELCS)
(BULLETIN BOARD: ELCO and AIM: ELC and ELCS) , operates elcom, inc.
("Elcom"), an international B2B Commerce Service Provider offering
affordable solutions for buyers, sellers and commerce communities
to automate many or all of their procurement processes and purchase
most or all of their goods and services in a 'private' eMarketplace
system. PECOS, Elcom's remotely-hosted flagship solution, enables
enterprises of all sizes to achieve the many benefits of
eProcurement and eMarketplace functionality, with the system hosted
by Elcom at its own data center, eliminating the burden and cost of
in-house programming, IT infrastructure and ongoing catalog content
and system management. More information is available from our
integrated Internet web site at: http://www.elcominternational.com/
STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT Except
for the historical information contained herein, the matters
discussed in this press release could include forward-looking
statements or information. All statements, other than statements of
historical fact, including, without limitation, those with respect
to the Company's objectives, plans and strategies set forth herein
and those preceded by or that include the words "believes,"
"expects," "targets," "intends," "anticipates," "plans," or similar
expressions, are forward-looking statements. Although the Company
believes that such forward-looking statements are reasonable, it
can give no assurance that the Company's expectations are, or will
be, correct. These forward-looking statements involve a number of
risks and uncertainties which could cause the Company's future
results to differ materially from those anticipated, including: (i)
the possibility that the Company will have to raise additional
working capital to fund operations during 2006 and the availability
of any such funding to the Company; (ii) its history of ongoing
operating losses; (iii) the substantial number of common shares
issued in the Company's recent Regulation S issuance and the
possible impact on the market for the Company's shares; (iv) the
ability of the Company to perform under its contracts with
Capgemini UK plc and PA Shared Services Limited ("PASSL"), a member
of the PA Consulting group of companies; (v) the overall
marketplace and clients' acceptance and usage of eCommerce software
systems, eProcurement and eMarketplace solutions including demand
therefor by both Scottish and U.K. public entities; (vi) the costs
of building the Zanzibar eMarketplace system versus the revenues
derived therefrom; (vii) the impact of competitive technologies,
products and pricing, particularly given the substantially larger
size and scale of certain competitors and potential competitors;
(viii) control of expenses; (ix) the consequent results of
operations given the aforementioned factors; and (x) other risks
detailed from time to time in the Company's Annual Reports on Form
10-KSB, Quarterly Reports on Form 10-QSB and in its other SEC
reports and statements. The Company assumes no obligation to update
any of the information contained or referenced in this press
release. Company Contact: Investor Relations e-mail: First Call
Analyst: FCMN Contact: DATASOURCE: Elcom International, Inc.
CONTACT: Investor Relations of Elcom, Inc., Web site:
http://www.elcom.com/
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