<A> FreeMarkets Nearly Doubles Client Roster in Fourth Quarter
(the 170-180s seems a pretty good buy)
biz.yahoo.com
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 -
news) 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 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. |
