ANN ARBOR ? Check The Crib Corp., which provides an Internet-based procurement system for mission critical spare parts, is the second Michigan Growth Capital Symposium participant to be featured in a summer long series of elevator pitches presented by MItechnews.Com.

Company Summary

CheckTheCrib has created a system that aggregates spare parts information and processes from multiple suppliers into a single source for manufacturers, while enabling the parts and equipment suppliers to transform their parts replacement activity from a cost center to profit center. This protects existing business relationships and discourages commoditizing while providing a comprehensive and dynamic presentation of their wares.

CheckTheCrib?s Single Source Parts System uses an Internet-based B2B solution for identifying, quoting, ordering and consolidating access to mission-critical spare parts. The SSPS enables manufacturing plants to consolidate spare parts operations into single source, access accurate and verified data, and a simple and secure medium that includes all information to fulfill for the order and transaction.

CheckTheCrib has three distinct revenue streams:

Initial fees are charged to sign up and have the database of part information uploaded to the system. These are one time revenues and invoiced at the time customer accounts are created.

Recurring fees include monthly data storage and hosting, which is invoiced yearly, and part data updates, which include catalog changes, additions and deletions. Maintenance is ongoing. As parts change updated information will be added for a fee. Manufacture-based solutions have failed; suppliers are incapable of single-handedly delivering such a solution by the definition of consolidation.

Transactional revenue occurs during the order and corresponding invoice based on graduated percentages with suppliers? order volume.

Revenues

Total revenue in 2006 is projected to be $3,033,333 growing to $34,272,000 in 2010. The company will post a $414,167 loss in 2006 and anticipates an $8,349,000 profit in 2010.

Capital Needs

The company needs $700,000 to secure an efficient and fast market entry; Cost break downs include $125,000 for marketing, $150,000 for business development management, $225,000 for operations and salaries, and $200,000 for product improvement.

For more information, click on CheckTheCrib.Com