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June 24, 2010 |
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Overland Park, KS, June 24, 2010 --- Farms Technology, LLC, www.farmstech.com, a closely held private company that provides a variety of Internet-based procurement applications for the agricultural industry, has been awarded a second patent by the United States Patent and Trademark Office (U.S. Pat. No. 7,742,979) for proprietary technology underlying certain features embodied in its integrated online commodities trading marketplaces, called Pioneer MarketPointSM Resource and the Dynamic Pricing Platform (DPP). The patent-winning technology automatically monitors offers received from commodity producers and current futures market prices on a commodities exchange and, based on the offers received, the futures market prices and buyer-specific bidding information for the commodity, automatically generates cash contracts between farmers and buyers, as well as futures contracts between the buyers and several futures commission merchants (FCM's). Thus, the patented technology permits buyers to configure these systems to automatically purchase cash commodities from farmers only when the system has successfully obtained one or more futures contracts to hedge the offered cash contracts, thereby protecting the buyers' margins and substantially reducing or eliminating the market risks associated with executing the offered cash contracts. Notably, after the buyers have entered their buyer-specific bidding information, systems operating according to the patented technology are capable of generating the cash and futures contracts in a fully-automated manner, without further intervention or oversight from the buyers. Currently, the trading systems monitor offers against every tick of the futures market from 9:30 a.m. to 1:15 p.m. and from 6:00 p.m. to 7:15 a.m. using the CME, KCBT and MGEX electronic futures markets. "FarmsTech is pleased that the U.S. Patent Office continues to acknowledge these key innovations embodied in our trading platforms" said Jason Tatge, Farms Technology chief executive officer. "These proprietary tools are changing the way cash grain transactions will occur forever. Although we have seen exponential growth in the number of corn, soybean and wheat buyers who recognize how important it is to be simultaneously connected to both the cash and futures markets using the DPP and Pioneer MarketPointSM Resource platforms, we think we are still in just the early stages of a rapid adoption of new trading technology in the traditional grain markets. Our mission at FarmsTech is to continue providing innovative products and technologies to lead this trend." About Farms Technology, LLC
Farms Technology, L.L.C., (www.farmstech.com) is the industry leader for online grain marketing and has been serving the grain business by providing the electronic marketplaces with a mission of providing simple, useful tools to farmers and grain buyers that help improve efficiencies. Farms Tech's software suite includes the Dynamic Pricing Platform that electronically connects all three participants (buyer, seller, futures market) in the grain procurement process via the Internet and the Pioneer MarketPointSM Resource, in cooperation with Pioneer Hi-Bred.
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