Eurofrut picks ups

EUROFRUT PICKS UPS Takes Fresh Approach to Finance, Brokerage, Freight ATLANTA, Jan. 16, 2001 - In today's era of modern agriculture, bringing fresh fruit to market requires sun, soil, water, financing and a global reach. One of Europe's largest fruit importers has discovered a smart way to obtain the latter two ingredients. Eurofrut plc, a U.K. company that imports fruit from South Africa and distributes it to supermarkets across Britain, now is financing its business and moving its product through UPS (NYSE:UPS). Through its own U.K. subsidiary, UPS Capital advances Eurofrut up to 85% of the value of its invoices within one business day of issuance compared to the 28 - 35 day delay in receiving payment that is standard in the grocery-supplier industry. And Fritz, A UPS Company, now is managing Eurofrut's distribution chain, handling the air freight, pick- and-pack; import and export documentation; transportation from Cape Town to the United Kingdom, and clearance through British customs. "Because we are both the importer and the distributor, we need to have real-time access to capital," said Ian Matthews, founder and president of Eurofrut. "UPS Capital allows us to pay our growers in a timely manner by obtaining up-front advances for orders from supermarkets, dramatically improving our cash flow. Plus, our suppliers trust the UPS brand, which adds stability to our relationships. "UPS came to the table with an integrated solution that no one could match," Matthews added. "Our agreement with Eurofrut reflects UPS's vision of 21st century commerce, which is to merge the flow of goods, funds and information," said Bob Bernabucci, CEO of UPS Capital. "By integrating the capabilities of two business units, UPS offers Eurofrut a simple and efficient means of entering markets and capturing market share." "This demonstrates the power of UPS's supply chain solutions because we can touch several parts of a customer's business," added David Abney, CEO UPS Freight Services. "Ours is a tremendous value proposition with our portfolio of offerings that range from small package to air, ocean and ground freight, logistics, brokerage and financial services." About Eurofrut plc Eurofrut Plc, encompasses growers, packers, exporters of South African fruit and importers into the UK and Ireland, based both in Capetown, South Africa and Canterbury England, Eurofrut Plc supplies the major retailers, wholesale and catering companies with a complete range of South African fruit. Eurofrut Plc is investing in a new 17 hectare covered strawberry growing farm near Capetown to supply the Northern European market with Airfreight Fresh Strawberries from October 2002. Visit www.Eurofrutplc.com to view packing and distribution facilities. About UPS Capital UPS Capital (www.upscapital.com) is a wholly owned subsidiary of UPS and is a key component of UPS's business strategy of enabling the flow of goods, information and funds. Combined with other UPS subsidiaries, UPS Capital's financial services can leverage technology, transportation, e- commerce and logistics solutions for total, efficient supply chain management, allowing companies to focus on their core businesses. About Fritz, a UPS Company Fritz, a UPS Company, offers a complete portfolio of global freight solutions, including transportation, trade management, materials management and integrated logistics. Based in San Francisco, Fritz serves more than 120 countries. Visit www.fritz.com for details on Fritz services. Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding the intent, belief or current expectations of UPS and its management regarding the company's strategic directions, prospects and future results. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which we operate, our competitive environment, the failure of proposed acquisitions to be completed for any reason, strikes, work stoppages and slowdowns, governmental regulation, increases in aviation and motor fuel prices, cyclical and seasonal fluctuations in our operating results, and other risks discussed in the company's Form 10-K and other filings with the United States Securities and Exchange Commission, which discussions are incorporated herein by reference. Contacts: Janelle Alberts, UPS Public Relations jalberts@ups.com 001 404-828-6798 Carsten Helssen, UPS Europe carsten.helssen@europe.ups.com 00 32-2-776-9832 Sarah-Jane Gray, Edelman PR sarah-jane.Gray@edelman.com 00 44-207-344-1246 Ian Matthews, Eurofrut 00 44-1227-738-000 ian@eurofrutplc.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/01/16/20020116BIT00690/bit0002.doc http://www.waymaker.net/bitonline/2002/01/16/20020116BIT00690/bit0002.pdf