(Denver CO) - The contemporary marketplace is flooded with businesses providing a broad array of valuable services, but tightening budgets and shrinking staffs have put a premium on efficiency and synergy. So the ultimate value arises when industry-leading businesses team up to provide their clients with one-stop access to a variety of innovative and quality services.
In a move aimed at maximizing capital, asset management and investment recovery strategies for enterprises across America's energy industries, Network International, the global online marketplace for surplus equipment in the Oil & Gas, Petrochemical and Power industries, has announced a new strategic partnership with Accruit, which offers the only comprehensive, fully integrated 1031 like-kind exchange (LKE) solution in the country. The alliance establishes Accruit as Network International's exclusive 1031 exchange provider, assuring ready access and seamless integration for Network International clients looking to positively influence the significant cash flow benefits embodied in Section 1031 of the tax code.
"After hearing the advantages our clients will achieve by leveraging our combined services, it made perfect sense to partner with Accruit," says Boyd Heath, Chairman and CEO of Network International. "I talk to CFOs on a regular basis and what our combined companies are able to offer fits perfectly with management's overall objectives - a convenient way to decrease carrying costs associated with idle assets, alleviate the gains associated with selling common equipment, while increasing capital. What company would want to turn that down?"
Heath explains that "many of our clients are already utilizing LKEs for real estate property but may not be as familiar with utilizing LKEs to manage other kinds of valuable business assets. This partnership enhances our integrated seamless process with Accruit's easy-to-use, paperless patented software solution, helping our clients' investment recovery departments manage their processes and add cash flow benefits to the bottom line."
Brent Abrahm, President and CEO of Denver-based Accruit, says the company is thrilled about the new relationship. "Anyone who knows anything about the energy industry understands Network International's place in the market. Nobody offers more surplus energy equipment, or more potential buyers than Network International, and they've built their reputation on making a very complex process simple for their clients."
Abrahm adds that LKEs represent a tremendous financial benefit when applied to non-real estate energy industry assets, like drilling and production equipment, piping and casing, vehicles and certain types of intangibles, such as mineral rights. "Our analyses suggest that, by failing to take full advantage of the benefits to which they're legally entitled under Section 1031 of the tax code, energy companies are leaving literally billions of dollars in new operating cash flow on the table," says Abrahm. "That's cash they could be using to strengthen their businesses, even in a down economy, and to forge a competitive advantage as the economy rebounds."
Abrahm says that sometimes businesses walk away from valuable opportunities because they lack the resources and expertise to navigate complexity. "That's why we've worked so hard to help our clients maximize their return while minimizing their risk and administrative burden. This partnership will provide Network International's clients a simple, powerful new tool for keeping more of their cash at work in their businesses."
About Accruit, LLC
Accruit offers the only comprehensive, fully integrated 1031 like-kind exchange solution in the country and is the only provider with a patented like-kind exchange process and online exchange management system (U.S. Patent No. 7,379,910, and other patents pending). Accruit has served companies in more than 20 industries, helping them to transform billions of dollars in tax liability into working cash flow. For more information on Accruit and 1031 exchanges see the company's Web site at www.accruit.com or e-mail firstname.lastname@example.org.
About Network International, Inc
Network International is the world's most extensive online marketplace for surplus energy equipment for the oil and gas, petrochemical, power/utilities, and mining industries. Through Auctions, Private Sales, and Equipment Inventory Analysis for both buyers and sellers, the company provides total asset management for some of the most well-known companies in the energy sector. Based in Houston, Texas, the company serves over 50,000 buyers and sellers throughout more than 60 countries. For more information, visit: http://www.OneSiteForEquipment.com
Network International, Inc.