(COMTEX) B: U.S. SEN. ARLEN SPECTER ANNOUNCES SUPPORT OF FREEMARKETS
B: U.S. SEN. ARLEN SPECTER ANNOUNCES SUPPORT OF FREEMARKETS CONCEPT FOR USE IN
FEDERAL GOVERNMENT PROCUREMENT
PITTSBURGH, Feb 25, 2000 /PRNewswire via COMTEX/ -- 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 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.
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
-0-
CONTACT: Karen Kovatch of FreeMarkets, 412-297-8767, or
kkovatch@freemarkets.com
WEB PAGE: freemarkets.com
GEOGRAPHY: Pennsylvania
INDUSTRY CODE: MLM
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