NEW YORK--(BUSINESS WIRE)--Sept. 19, 2000--CoreMarkets, the
premier global online marketplace of raw materials for the steel
industry, announced today that it has entered into a strategic
relationship with VerticalNet Solutions, an innovator in building open
digital marketplaces, and a division of VerticalNet, Inc.
(Nasdaq:VERT.O), to develop its next generation trading platform for
global trading of raw materials.
"CoreMarkets' strategic relationship with VerticalNet Solutions
will allow us to deliver a highly efficient, robust solution to our
marketplace," says Howard Feldman, CEO of CoreMarkets. "VerticalNet
eMarketplace Suite(TM) allows our users to search and transact on
multiple attributes, other than simply on price, and to match relevant
buyers and sellers in real time."
eMarketplace Suite is a flexible transaction solution uniquely
developed for building open digital marketplaces focused on the
procurement of direct goods. "With this matching platform at its
heart, CoreMarkets is positioned to greatly improve the efficiency of
trading raw materials and to drive liquidity in our online exchange,"
says Feldman.
"CoreMarkets is ahead of the curve in delivering a B2B digital
marketplace solution to answer the evolving market need within the
metals industry," says Zev Laderman, president and CEO of VerticalNet
Solutions. "We believe that the combination of our leading transaction
platform and CoreMarkets' industry expertise will deliver a commanding
industrial online marketplace."
CoreMarkets, www.coremarkets.com, is an online commodities
exchange that provides an innovative, secure and efficient way to
manage worldwide buying and selling of industrial metals. It brings
together producers, consumers, and trade service providers for a
comprehensive e-commerce solution for the metals industry. The site
also provides information on the shipping, financing, insurance, risk
management and warehousing of these materials.
About VerticalNet Solutions
VerticalNet Solutions delivers comprehensive open digital
marketplace solutions to industry alliances, global 2000 enterprises,
Net market makers, VerticalNet Markets, and VerticalNet Exchanges.
VerticalNet Solutions combines existing resources of VerticalNet
technology groups and recent acquisitions to form a single technology
group dedicated to selling and delivering the most comprehensive
product suite and services available in the industry. This business
unit is uniquely positioned to leverage the experience of VerticalNet
Markets and Exchanges as owners and operators of trading communities
in order to deliver proven, tested end-to-end solutions to customers.
Headquartered in San Francisco, California, VerticalNet Solutions
can be reached at www.verticalnetsolutions.com or 415/995-2080.
About VerticalNet, Inc.
VerticalNet, Inc. (www.verticalnet.com) provides end-to-end
e-commerce solutions targeted at distinct business segments through
three strategic business units: VerticalNet Markets owns and operates
57 industry-specific marketplaces providing commerce, community and
content in a hosted environment; VerticalNet Exchanges focuses on
direct material open and spot markets; and VerticalNet Solutions
builds digital marketplaces for global 2000 customers and neutral Net
market makers.
VerticalNet International leverages the Company's three strategic
business units to create global Internet B2B marketplaces, offering
products and services internationally and partnering with companies
that have strong local presence and domain expertise.
VerticalNet and NECX are registered trademarks and/or trademarks
of Vert Tech LLC in the United States and/or other countries.
About CoreMarkets
CoreMarkets is the world's leading online digital marketplace for
the international trading of raw materials for the steel industry.
Unlike simple business-to-business industry Web sites, CoreMarkets
delivers a neutral, non-aligned trading environment, one designed to
extend the reach of all participants by providing frictionless access
to trading information. In addition to buying and selling, CoreMarkets
(www.coremarkets.com) offers a complete complement of trade services,
including financing, risk management, insurance, freight forwarding
and warehousing. The company, with offices in China, South Africa and
Israel, is headquartered in New York City, and supports strategic
partnerships with many of the industries leading participants.
For more information about CoreMarkets, contact Garrett Allen or
Tony DeFazio at 610/642-8253.
This announcement contains forward-looking statements that involve
risks and uncertainties, as well as statements that are preceded by,
followed by or include the words "believes," "plans," "intends",
"will," "expects," "anticipates," or similar expressions. For such
statements, VerticalNet claims the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. Actual results may differ materially
from the results predicted, and reported results should not be
considered as an indication of future performance. Factors that could
cause actual results to differ from those contained in the
forward-looking statements include those factors set forth in the
VerticalNet's Annual Report on Form 10-K for the year ended December
31, 1999 and its quarterly report on Form 10-Q for the quarter ended
June 30, 2000, both of which have been filed with the SEC. VerticalNet
undertakes no responsibility to publicly update the forward looking
statements contained in this press release.
--30--JD/ph*
CONTACT: CoreMarkets
Larry Schwartz, 212/807-6200
email: lschwartz@coremarkets.com
www.coremarkets.com
by
Gregory Communications, Inc.
Garrett Allen
or
Tony DeFazio
610/642-8253
email: garrett@gregcomm.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS E-COMMERCE INTERNET
MINING/METALS MARKETING AGREEMENTS
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