Integrated Companies Form FreeMarkets(R) AssetExchange
PITTSBURGH, April 7 /PRNewswire/ -- FreeMarkets, Inc. (Nasdaq: FMKT), the
world's leading B2B eMarketplace, today announced that it has completed the
acquisitions of iMark.com, Inc. and the assets of Surplus Record, Inc. and SR
Auction, Inc. These acquisitions, integrated with FreeMarkets' existing asset
business, form the FreeMarkets(R) AssetExchange, the world's leading B2B
eMarketplace for buying and selling new and used assets.
FreeMarkets announced a definitive agreement to acquire iMark.com, a
business-to-business online marketplace for surplus equipment and inventory
based in Austin, Texas, on March 15. A definitive agreement to acquire the
assets of Surplus Record and SR Auction, Chicago-based companies that comprise
a directory and network of dealers and buyers and an online surplus asset
trade site for business surplus, new and used industrial equipment, machinery,
and machine tools, was announced on March 22.
FreeMarkets AssetExchange provides enhanced liquidity and reach to buyers
and sellers of new and used assets. The AssetExchange features:
-- Nearly 200,000 dealers and end-users.
-- Over 50,000 listings for assets worth more than $750 million.
-- Advanced web-based technology platform and applications for efficiently
managing and trading new and used assets across multiple Web sites
including corporate intranets, vertical marketplaces and other
exchanges.
-- Online and offline listing partnerships for maximum exposure.
-- Value-added services for business customers such as leasing,
transportation, rigging, storage, refurbishing, investment recovery
and full service asset management
-- A track record of over $30 million in online sales to date.
About FreeMarkets
FreeMarkets is the world's leading B2B eMarketplace, with online auction
markets 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 the FreeMarkets B2B eMarketplace. FreeMarkets provides access to its
eMarketplace to industrial buyers and suppliers. The FreeMarkets B2B
eMarketplace includes industry-leading online auction technology, technical
operations, 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 customers include The
Commonwealth of Pennsylvania, United Technologies Corporation, The Quaker Oats
Company, Owens Corning, 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 our 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,
FreeMarkets' ability to attract and retain qualified personnel, the size of
the market for used equipment and surplus inventory, the demand for online
auction and other asset recovery services by buyers and suppliers, and
FreeMarkets' ability to successfully integrate acquisitions. Risk factors are
described in more detail in FreeMarkets' filings 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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