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NEWS RELEASE |
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Cyber Merchants Exchange Announces Quarterly Results San Diego, CA May 16, 2000 - FACTORY 2-U STORES, INC. (Nasdaq: FTUS) and Cyber Merchants Exchange, Inc. d.b.a C-ME.com (OTC-BB: CMEE) today announced a joint marketing and cooperation agreement whereby current and future vendors of Factory 2-U will be encouraged to utilize C-ME.com's Internet Sourcing Network ("ISN"). Terms of the agreement were not disclosed. C-ME.com, a business-to-business e-commerce solution provider, facilitates global merchandise sourcing for retailers. Its ISN connects retailers - like Factory 2-U - with their vendors, streamlining global merchandise sourcing to make supply chains more efficient. C-ME.com's ISN consists of secure private extranets that the company builds and maintains at no cost to retailers. Using the ISN, vendors are able to directly communicate product offerings to Factory 2-U buyers and receive immediate feedback. Mike Searles, Chairman and Chief Executive Officer, of Factory 2-U, commented, "We are constantly trying to improve how we source product and believe utilizing C-ME.com supports this goal. Our partnership with C-ME.com will improve communication with our suppliers and will be instrumental in opening up international sourcing options for us, as well." "We are pleased that our relationship with Factory 2-U is expanding," said Frank Yuan, Chairman & CEO of Cyber Merchants Exchange, Inc. "This amendment to our existing agreement and the associated equity interest that Factory 2-U now has in C-ME.com," continued Yuan, "validate the value the ISN has for retailers and strengthen our ability to serve Factory 2-U's buying team and suppliers." The mission of Cyber Merchants Exchange, Inc. d.b.a. C-ME.com (http://www.c-me.com) is to use its proprietary web-based software to create a global business-to-business e-commerce solution that streamlines the way retailers locate viable merchandise sources. The company also provides vendors with custom web design and hosting, and the Virtual Trade Show TM ("VTS"), a vertical marketplace for vendors to display their product in an open environment. The company has formed joint ventures in Taiwan, Thailand and the Philippines, and is continuing to form overseas joint ventures to facilitate direct international merchandise sourcing for its U.S. retail partners. FACTORY 2-U STORES, INC. operates 203 "Factory 2-U" off-price retail stores which sell branded casual apparel for the family, as well as selected domestics and household merchandise at prices which generally are significantly lower than the prices offered by its discount store competitors. The Company currently operates 50 stores in Southern California, 57 stores in Northern California, 16 stores in Washington, 11 stores in Oregon, 7 stores in Nevada, 30 stores in Arizona, 11 stores in New Mexico and 21 stores in Texas. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risk and uncertainties, and actual results could differ materially from the Company's present expectations. Among the important factors that could cause actual results to differ materially from those indicated in the forward-looking statements are: customer demand and trends in the off-price apparel industry, the effect of economic conditions, the impact of competitive openings and pricing, supply constraints or difficulties, and other risks detailed in the Company's Securities and Exchange Commission filings. |
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