PITTSBURGH, Feb. 25 /PRNewswire/ -- U.S. Sen. Arlen Specter,
(R-Pennsylvania), today announced his support for the FreeMarkets(R) online
auction marketplace concept for use in federal government procurement.
Pittsburgh-based FreeMarkets, Inc. (Nasdaq: FMKT) is the world's leading
online auction marketplace for industrial parts, raw materials, commodities
and services. In 1999, the Company began working with the Commonwealth of
Pennsylvania, which to date has identified average savings of more than 10%
through the FreeMarkets(R) online auction marketplace. The Commonwealth has
saved on the purchase of commodities such as coal; direct materials like
aluminum; indirect materials such as office furniture; as well as services,
including telecommunications installation.
"It's clear that the FreeMarkets online auction marketplace concept offers
a tremendous opportunity to fundamentally transform the federal government
procurement process and save taxpayers significant amounts of money," Specter
said.
About FreeMarkets
FreeMarkets is the world's leading online auction marketplace for
industrial parts, raw materials, commodities and services. The Company
created online auctions for over $2.7 billion worth of purchase orders in 1999
and nearly $1.0 billion worth of purchase orders in 1998. 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 3,000 suppliers from over 45 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, FirstEnergy Corp., SmithKline Beecham plc, Navistar
International and Delphi Automotive Systems Corporation. FreeMarkets can be
found on the Web at http://www.freemarkets.com. FreeMarkets is a registered
trademark of FreeMarkets, Inc.
Forward-looking statements
Statements in this press release that are not historical facts, including
those statements that refer to FreeMarkets' plans, prospects, expectations,
strategies, intentions, hopes and beliefs, are forward-looking statements.
These forward-looking statements are based on information available to
FreeMarkets today, and FreeMarkets assumes no obligation to update these
statements as circumstances change. There are risks and uncertainties that
could cause actual results to differ materially from the forward-looking
statements, including, without limitation, market acceptance of FreeMarkets'
online auction marketplace, the competitive nature of the market for
business-to-business online auction services, FreeMarkets' ability to retain
and increase revenue from existing clients and to execute agreements with new
clients, and FreeMarkets' ability to attract and retain qualified personnel.
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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