PITTSBURGH, May 2 /PRNewswire/ -- U.S. Sen. Rick Santorum
(R-Pennsylvania), today announced his support for the FreeMarkets B2B
eMarketplace for use in federal procurement by agencies such as the Department
of Defense (DoD). FreeMarkets, Inc. (Nasdaq: FMKT), is the original and
world's leading B2B eMarketplace.
The endorsement by Sen. Santorum follows the release of a memorandum
authorizing the use of online auctions for defense procurement. Issued by the
Office of the Under Secretary of Defense for Acquisition & Technology, the
memorandum states, "The Office of the General Counsel has advised that, if
properly structured, auctioning is permissible within the framework of
existing law and regulation."
"The FreeMarkets B2B eMarketplace has already proven hugely beneficial to
private sector companies," Sen. Santorum said. "Now, public agencies can
benefit from the same reductions in the cost of a range of goods and services.
This will not only enhance the efficiency of government procurement, but
directly benefit our nation's taxpayers."
FreeMarkets already is serving federal entities and government agencies
through its B2B eMarketplace, including the United States Postal Service and
the Commonwealth of Pennsylvania.
About FreeMarkets
FreeMarkets is the original and world's leading B2B eMarketplace, with
online markets for industrial parts, raw materials, commodities and services.
The Company has executed online auctions for over $5.4 billion of purchase
orders to date, and created potential estimated savings of more than
$1 billion for its customers. Since 1995, FreeMarkets has created online
auctions for products in more than 100 supply verticals, including injection
molded plastic parts, commercial machinings, metal fabrications, chemicals,
printed circuit boards, corrugated packaging and coal. More than 4,000
suppliers from over 50 countries have participated in the FreeMarkets B2B
eMarketplace. FreeMarkets is the only B2B eMarketplace that 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 customers include Visteon
Corporation, 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'
B2B eMarketplace, the competitive nature of the market for
business-to-business online auction services, FreeMarkets' ability to retain
and increase revenue from existing customers and to attract new customers,
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.
For further information, 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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