PITTSBURGH, April 10 /PRNewswire/ -- FreeMarkets, Inc., (Nasdaq: FMKT) the
world's leading B2B eMarketplace, today announced that it has signed an
agreement with the United States Postal Service, the ninth-largest enterprise
in the country. Under the terms of the agreement, FreeMarkets will provide
the Postal Service with access to its B2B eMarketplace, which the federal
entity will use to purchase goods and services. FreeMarkets will provide web
hosting and market operations from its headquarters in Pittsburgh.
The Postal Service is the first federal entity to use FreeMarkets' B2B
eMarketplace. "For some time, the Postal Service has provided a model within
the federal government for adopting best-of-breed, private sector solutions,"
said Dave McCormick, FreeMarkets vice president for public sector business.
"We look forward to enhancing the procurement process already in place at the
Postal Service through our industry-leading technology, technical operations,
market making services and global database of suppliers."
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 eMarketplace
includes industry-leading 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, 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 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 attract 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 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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