FACTS!
FreeMarkets Announces Agreement with Naval Supply Systems Command
/FROM PR NEWSWIRE PHILADELPHIA 800-523-4424/
TO BUSINESS AND TECHNOLOGY EDITORS:
FreeMarkets Announces Agreement with Naval Supply Systems Command
US Navy Command to Purchase Goods and Services Through
FreeMarkets(R) B2B eMarketplace
PITTSBURGH, May 5 /PRNewswire/ -- FreeMarkets, Inc. (Nasdaq: FMKT), the
original and world's leading B2B eMarketplace, today announced that it has
signed an agreement with Naval Supply Systems Command (NAVSUP), a US Navy
command. Under the terms of the agreement, FreeMarkets will provide NAVSUP
with access to its B2B eMarketplace, which the Navy will use to purchase goods
and services. The Navy is the first department within the Department of
Defense to use the FreeMarkets B2B eMarketplace.
"The Navy is a leader among federal agencies in adopting best-of-breed,
private sector solutions for purchasing," said Dave McCormick, vice president
for public sector business at FreeMarkets. "We look forward to working with
Navy officials to deliver the same savings and efficiencies that we deliver to
our customers in the private sector through our combination of industry-
leading technology and market making services."
The agreement with the Navy is the second that FreeMarkets has signed with
the United States federal government. In April, the Company announced a
contract with the United States Postal Service.
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. Through an alliance with American Management Systems,
Inc., FreeMarkets delivers best-of-breed online auction and market making
solutions that enable public sector procurement professionals to make market-
based buying decisions for commodities and services. FreeMarkets' 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
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.
SOURCE FreeMarkets, Inc.
/CONTACT: Karen Kovatch of FreeMarkets, 412-297-8767,
orkkovatch@freemarkets.com/
/Web site: freemarkets.com /
May-05-2000 08:16 GMT
Symbols:
US;FMKT
Source PRN PR NewsWire
Categories:
NWR/PA NWI/CST NWI/CPR NWI/MLM NWS/CON |
