34 Clients Use FreeMarkets(R) Online Auction Marketplace, Including Raytheon,
Cinergy, Remington Arms, Cummins Engine and Dofasco
PITTSBURGH, Jan. 19 /PRNewswire/ -- FreeMarkets, Inc. (Nasdaq: FMKT) today
announced that 34 clients used the FreeMarkets online auction marketplace to
conduct industrial purchasing in the fourth quarter of 1999. This compares
with 18 clients in the third quarter of 1999, and represents an increase of 89
percent.
Among the clients to use the FreeMarkets online auction marketplace in the
fourth quarter: Raytheon; Cinergy; Remington Arms; Cummins Engine; Dofasco;
BP Amoco; General Electric; SmithKline Beecham; Honeywell International;
Eaton; Quaker Oats; Welch Foods; Navistar International; Owens Corning; United
Technologies and Emerson Electric.
"This dramatic increase in our client base demonstrates our success in
addressing the needs of Global 1000 corporations for strategic e-commerce
solutions that work," said Glen Meakem, Chairman and CEO of FreeMarkets.
"Our unique combination of proprietary online auction technology, technical
operations, industrial market making services and our global database of
suppliers positions us well to continue to grow our business in 2000 and
beyond."
FreeMarkets has conducted online auctions in more than 70 supply verticals
through 1999, including 20 new supply verticals in the fourth quarter. Among
the new verticals: ball bearings; construction and maintenance services; CRT
monitors; distributor chemicals; fluid processing equipment; hotel services;
liquid crystal displays; material handling equipment; ocean freight; pallets;
PC peripherals; sugar; temporary services; wire harnesses and wire mesh.
About FreeMarkets
FreeMarkets is the global leader in creating business-to-business online
auctions for industrial parts, raw materials, commodities and services. The
Company created online auctions for approximately $1.0 billion worth of
purchase orders in 1998 and approximately $1.4 billion worth of purchase
orders in the nine months ended September 30, 1999. Since 1995, FreeMarkets
has created online auctions for products in more than 70 supply verticals,
including injection molded plastic parts, commercial machinings, metal
fabrications, chemicals, printed circuit boards, corrugated packaging and
coal. More than 2,000 suppliers from over 30 countries have participated in
FreeMarkets auctions. FreeMarkets provides access to its online auction
marketplace to industrial buyers and suppliers. The FreeMarkets marketplace
includes proprietary online auction technology, technical operations,
industrial market making services, access to a global database of suppliers
and supplier research, call center support to buyers and suppliers in over 30
languages, and marketplace rules. The company's current clients include
United Technologies Corporation, The Quaker Oats Company, Eaton Corporation,
Emerson Electric Company, Honeywell International Inc., FirstEnergy Corp., and
SmithKline Beecham plc. FreeMarkets can be found on the Web at
http://www.freemarkets.com.
FreeMarkets is a registered trademark of FreeMarkets, Inc.
This press release contains forward-looking statements. There are risks
and uncertainties that could cause actual results to differ from those
contained in the forward-looking statements, including, without limitation,
FreeMarkets' ability to continue to execute agreements with new clients and to
increase revenue from existing clients. These and other risk factors are
described in detail in FreeMarkets' prospectus dated December 9, 1999, which
is included as part of its Registration Statement on Form S-1, filed with the
Securities and Exchange Commission.
CONTACT: Karen Kovatch of FreeMarkets, 412-297-8767, or
kkovatch@freemarkets.com.
SOURCE FreeMarkets, Inc.
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Related links:
http://www.freemarkets.com
CONTACT:
Karen Kovatch of FreeMarkets, 412-297-8767,
or kkovatch@freemarkets.com
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