BOSTON--(BUSINESS WIRE)--Apr. 22, 2009-- CRA International, Inc. (NASDAQ: CRAI), a worldwide leader in providing management, economic, and financial consulting services, today announced its role as the Independent Auction Manager for Ocean Spray for its new Internet-based global trading platform for the sale of Ocean Spray’s cranberry concentrate. CRA has developed the online trading platform—believed to be the first of its kind in fruit concentrate markets—and will manage the trading sessions. The first session is scheduled for July 2009.
Ocean Spray, the world’s leading cranberry processor and a long-standing innovator in producing and marketing cranberry products, has turned to CRA International to develop the online trading platform. The innovative platform introduces a new level of efficiency to the sale of Ocean Spray’s cranberry concentrate. The information Website, www.cranberryauction.info, provides concentrate buyers and suppliers with information on future trading events, how they work, what contracts are offered, and how potential bidders can register to participate. Registered buyers will be able to track and observe prices and availability of Ocean Spray’s concentrate. Successful bidders will be able to secure supplies and pricing of concentrate for future delivery. CRA designed the Internet-based trading mechanism and developed the bidding software and systems, and will act as the independent third party in managing the operations of the trading process when it launches in July.
“We are delighted to work with an industry pioneer like Ocean Spray," said James C. Burrows, CRA's President and Chief Executive Officer. “We share Ocean Spray’s commitment to innovation and to ensuring the online trading platform facilitates ongoing business relationships for Ocean Spray and its customers.”
Michael Stamatakos, Vice President of Agricultural Supply and Development at Ocean Spray, added, “This online trading platform and auction process will ensure our customers consistency and efficiency in the supply and contracting for cranberry concentrate. CRA understands our goals and is highly-experienced as an independent manager of online trading platforms.”
In addition to Brad Miller, Vice President and leader of CRA's Auctions and Competitive Bidding Practice, other CRA senior staff assisting in this effort include Bob Lee and Geoff Phelps, as well as CRA consultant Alister Hunt.
About CRA’s Auctions & Competitive Bidding Practice
CRA offers businesses, governments, and other market participants extensive experience in the design, implementation, and monitoring of auctions and other transaction mechanisms as well as in advising bidders in these market mechanisms. CRA has developed and/or managed auctions and other market mechanisms for a range of industries including commodities, energy, telecommunications, transportation, oil and gas, natural resources, and metals. In another industry first, CRA developed the landmark online global trading platform for Fonterra Co-operative Group and manages the monthly trading events for its dairy products.
About CRA International
Founded in 1965, CRA International is a leading global consulting firm that offers business management, economic and financial expertise to major law firms, businesses, accounting firms and governments. CRA's consultants combine uncommon analytical rigor with practical experience and in-depth understanding of industries and markets. CRA is adept at handling critical, tough assignments with high-stakes outcomes. CRA's analytical strength enables it to reach objective, factual conclusions that help clients make important business and policy decisions and resolve critical disputes. Headquartered in Boston, CRA has offices throughout North America, Europe, the Middle East and Asia. Detailed information about CRA is available at http://www.crai.com.
About Ocean Spray
Ocean Spray is an agricultural cooperative owned by more than 600 cranberry growers as well as more than 50 grapefruit growers. Ocean Spray is North America's leading producer of canned and bottled juices and juice drinks, and has been the best-selling brand name in the canned and bottled juice category since 1981. Ocean Spray posted fiscal 2008 sales of $1.9 billion. Ocean Spray’s Ingredient Technology Group (ITG) sells cranberry concentrate worldwide, and offers an extensive portfolio of other fruit ingredients including sweetened dried cranberries, BerryFusions® Fruits, cranberry powders and purée – with total annual sales of approximately $160 million.
Statements in this press release concerning the expected use of CRA’s expertise, the Internet-based trading platform for Ocean Spray, the future business, operating results, estimated cost savings, and financial condition of the Company and statements using the terms “anticipates,” “believes,” “expects,” “should,” or similar expressions, are “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon management's current expectations and are subject to a number of factors and uncertainties. Information contained in these forward-looking statements is inherently uncertain and actual performance and results may differ materially due to many important factors. Such factors that could cause actual results to differ materially from any forward-looking statements made by the Company include, among others, the Company’s restructuring costs and attributable annual cost savings, changes in the Company’s effective tax rate, share dilution from the Company’s convertible debt offering and stock options, dependence on key personnel, attracting and retaining qualified consultants, dependence on outside experts, utilization rates, risks associated with acquisitions it may make in the future, risks inherent in international operations, the performance of NeuCo, changes in accounting standards, rules and regulations, changes in the law that affect its practice areas, management of new offices, the potential loss of clients, dependence on the growth of the Company’s business consulting practice, the unpredictable nature of litigation-related projects, the ability of the Company to integrate successfully new consultants into its practice, intense competition, risks inherent in litigation, and professional liability. Further information on these and other potential factors that could affect the Company’s financial results is included in the Company’s filings with the Securities and Exchange Commission. The Company cannot guarantee any future results, levels of activity, performance or achievement. The Company undertakes no obligation to update any of its forward-looking statements after the date of this press release.
Source: CRA International, Inc.
CRA International, Inc.
Andrea Goodman, 617-425-3333
Director of Communications