C-Me Announces First Quarter Results

NEW YORK, August 10, 2000 – CIT Commercial Services, a unit of The CIT Group, Inc.
(NYSE: CIT; TSE: CIT.U), announced that it has signed a strategic alliance with Cyber Merchants Exchange, d.b.a. C-ME.com (OTC-BB: CMEE).  The alliance, which involves the development of multiple joint projects, will focus on integrating CIT’s factoring services with C-ME.com’s global sourcing business for the retail industry.  CIT Commercial Services is the nation’s largest provider of factoring services.  C-ME.com is an innovative, web-based business-to-business service provider that connects retailers with manufacturers to provide rapid access to the world’s products.

The alliance represents a logical extension of both companies’ business lines and international scope.  C-ME.com, a first mover in the area of global merchandise sourcing, has signed up hundreds of vendors to provide retail buyers with unparalleled access to the international marketplace.  CIT will provide a worldwide financing platform for participants in C-ME.com generated transactions.  Under this agreement, CIT will establish pre-approved credit lines for buyers so they can easily and efficiently purchase products on the C-ME.com web site and, at the same time, provide credit protection to sellers.  CIT will assume the buyer’s financial ability to pay its debts on all approved orders on the C-ME.com site.

John F. Daly, President of CIT Commercial Services, commented on the exceptional joint international opportunities in the business-to-business e-commerce arena for CIT and C-ME.com  “CIT and C-ME.com have remarkably complementary services that together have the capability to revolutionize the process of global sourcing and purchasing.  On one end, C-ME.com offers an innovative e-commerce forum for cross-border transactions that make it easy and cost-efficient for retailers to source a broad range of products from the international CIT

marketplace.  At the other end, with our in-depth knowledge of the U.S. retail marketplace, CIT can further streamline the process by providing a seamless financing platform for these online transactions.”

Frank Yuan, Chairman and CEO of C-ME.com, described CIT’s expertise in the retail industry.   “As the national’s largest factoring company, CIT can really be considered the essential core of the retail industry.  When it came to thinking of a partner with whom we could develop innovative global strategies and implement services that offer the best experience for retailers and vendors, CIT was our first and only choice.  The alliance with CIT is an example of how we keep focus on the development of technologies and services that will increase value for our customers and establish C-ME.com’s position as an industry leader.”

About CIT:
CIT Commercial Services is the nation’s largest provider of factoring, accounts receivable management and lending services.  It is a unit of CIT Commercial Finance, one of six operating groups of The CIT Group, Inc. (NYSE: CIT: TSE: CIT: U).  Founded in 1908 and with over $50 billon in total managed assets, CIT is one of the nation’s largest commercial and consumer finance organizations.  For more information, visit the Company’s web site at www.cit.com.

About C-ME.com:
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 located viable merchandise sources.  C-ME.com’s current retail partners include Factory 2-U Stores (NASDAQ: FTUS) and Burlington Coat Factory (NYSE: BCF).  The company also provides vendors with custom web design, web hosting, and the Virtual Trade Show TM (“VTS”), a vertical marketplace for vendors to display their product in an open environment.  The company is also forming joint ventures in the Pacific Rim to facilitate direct international merchandise sourcing for its U.S. retail partners.