DirectAg.com announced today that it has formed an alliance with Soris Financial, a diversified financial services provider serving the agricultural market. Through one of the agriculture's first e-commerce Web sites, DirectAg.com, Soris Financial will soon supply an innovative point-of-sale financing program for farmers who purchase products and services at the site.

The program will serve as a line of credit to facilitate online purchases and is believed to be the first of its kind in agriculture. "Soris Financial came to us with a unique solution to meet the needs of leading producers who are interested in buying online,'' says Kip Pendleton, President and CEO, DirectAg.com. "Agriculture has specific needs and those needs require new thinking regarding online purchasing.''

Starting in October, farmers who wish to purchase agricultural products from DirectAg.com will be able to buy "on account'' by simply providing the company with basic financial information. The credit approval process may take as little as 60 seconds. After the purchase is made, Soris will maintain and administer the account for DirectAg.com customers. DirectAg.com will be the only ag Internet company offering this program.

"A traditional credit card or farm loan doesn't meet the electronic purchasing needs of the producers we talked to. This exclusive account will allow producers to easily buy agricultural products online,'' adds Pendleton. "The Soris group did an outstanding job of listening to the needs and desires of producers to create a point-of-sale system that is fast, simple and responsive.''

This innovative program enhances the convenience of DirectAg.com, letting farmers place orders for supplies such as name-brand seed on a Web site that supplies free access to agricultural news, weather and markets. In the future, producers will be able to use DirectAg.com to order an even wider variety of products and services, such as crop protection products, animal health products and machinery parts.

Soris Financial is the latest partner to join other agricultural industry leaders offering products via the DirectAg.com site. Soris Financial builds on more than 40 years' of experience in the agricultural and construction equipment industries. Soris provides a broad range of financial services, including retail and commercial loans, leases and insurance brokerage for agricultural and construction equipment dealers, manufacturers and customers located throughout North America. Business generated through Soris Financial is part of a $7.4 billion portfolio of receivables and leases.

DirectAg.com, launched in August 1999, is one of agriculture's first e-businesses to provide producers with a broad offering of information, products and services needed to successfully farm today. DirectAg.com's Web site provides a forum for American farmers to make knowledgeable decisions when they look to buy leading brands of agricultural products and services. In addition to its e-commerce capabilities, DirectAg.com offers producers a personalized knowledge-building center called "MyDirectAg,'' timely ag news and information, comprehensive product information, chat rooms and bulletin boards.

Company news release
N2079