BRADENTON, Fla., June 22, 2000 – HandySource.com, today announced the inauguration of its bid and purchase e-commerce Web site targeted specifically to the multi-housing segment of the real estate industry. John Lie-Nielsen, chief executive officer, a renowned industry leader who founded the country’s largest multi-housing company, Johnstown American Companies, in the 1980’s will lead the company.

The HandySource.com portal enables subscribing members to streamline and manage purchasing activities for Maintenance, Repair and Operations (MRO) supplies, as well as bidding and contracting for services, through the convenience of the Internet.

MRO supplies in the multi-housing industry primarily consist of paint, roofing, carpet, window coverings, electrical, lighting, hardware and plumbing parts, as well as replacement parts for appliances, cabinets and HVAC equipment. Operational components include computers, office supplies, janitorial, pool and landscaping supplies.

Unlike other e-commerce sites that work directly with the original equipment manufacturers (OEM) in an effort to become virtual distributors, HandySource is securing strategic alliances with key suppliers, distributors and contractors. Serving as a virtual marketplace for purchasing MRO supplies, HandySource uses these relationships to improve the level of service, while maintaining previously established buyer / supplier relationships.

“The company’s management has extensive experience in the multi-housing industry on both the buyer and supplier side of the procurement process,” stated Lie-Nielsen.

“During our collective years of experience, we have used cooperation and integrity to build partnerships with distributors to secure the best price, provide the finest service and offer the most flexibility for our business and customers.

“We truly believe that distributors are a valuable asset to our company. With the successful relationships already in place, and more to come, our customers can use them to their advantage in realizing significant cost-savings in terms of efficiency and value over the Internet.”

Lie-Nielsen notes that through the HandySource service, the buying customer will benefit from management control features to reduce “maverick” purchases and the ability to bid the MRO supply out to additional vendors to secure the best price possible. In essence, the HandySource site will serve more than just an on-line buying site, it will be a complete browser-based purchasing department.

Conversely, suppliers and distributors also obtain advantages by being a member of the HandySource network, including added exposure on the Internet, complete on-line catalog development, expanded customer base and higher volumes of bid activity.

This comprehensive system encompasses legacy support, catalog development and maintenance, quick and functional pricing comparison capabilities, cost tracking and transaction archival capabilities.

The e-commerce Web site also gives multi-housing executives valuable management capabilities. The system provides the ability to set approval limits for each individual user based upon dollar amount or commodity codes. Purchases beyond the limit of a particular user are electronically routed to the appropriate manager for approval.

E-catalogs are created by HandySource using information provided by each participating supplier. Specifications and photos typically found in printed catalogs are also included in the on-line version.

When reviewing the master catalog, members have the option of issuing purchase orders from existing suppliers at a set price, or bidding the product out HandySource’s participating vendors to achieve competitive pricing efficiencies.

“While our system contains a comprehensive list of products and services, the ordering function is designed to maximize efficiency,” stated Lie-Nielsen. Additionally, the site has the ability to reduce the time and effort spent on writing reports. Management and reporting tools track requests, purchase orders, expenditures and individual performance. Reports can be customized to fit a member’s specific information need.

HandySource.com was formed in 1999 as a sister company to HandyTrac Systems, Inc., a leading supplier of computerized key control systems to the multi-housing industry. The company’s corporate office is located in Bradenton, Fla. It also has a regional support / training center in Atlanta, Ga. with an additional six centers planned throughout the United States.