CheMatch.com Acquires The Energy Group.Business/Energy Editors & High-Tech Writers HOUSTON--(BUSINESS WIRE)--Dec. 8, 2000 CheMatch.com -- The Global Trading Network, a leading Internet-based marketplace and information resource for buying and selling bulk commodity chemicals, plastics and fuel products, announced today that it has acquired The Energy Group (TEG teg also tegg n. A sheep in its second year or before its first shearing. [Origin unknown.] Noun 1. teg - two-year-old sheep lamb - young sheep ). TEG is a leading petrochemical feedstock and gasoline components brokerage firm based in Houston. This acquisition will bring to CheMatch.com valuable knowledge, experience and contacts in a number of product categories. Year-to-date TEG has transacted more than 1.5 million metric tons of products, and the addition of these transactions will enhance CheMatch.com's position as the liquidity leader in the Internet-based buying and selling of bulk commodity chemicals. TEG's primary markets include servicing the major oil refiners and petrochemical producers and the associated trading community. Products regularly traded include components for refined motor fuels (reformulated and conventional gasolines), naphtha naphtha (năp`thə, năf`–), term usually restricted to a class of colorless, volatile, flammable liquid hydrocarbon mixtures. (petrochemical feedstock and gasoline blending), high-octane blendstocks (alkylate alkylate to treat with an alkylating agent. , reformate and MTBE MTBE Methyl-tert-butyl-ether Surgery An aliphatic ether that rapidly dissolves cholesterol stones in vivo, introduced under local anesthesia via a percutaneous transhepatic cholecystectomy catheter, as a non-invasive method for treating gallstones; after injection, ), natural gas liquids, aromatics and OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). financial derivatives. Michael Appling Jr., CheMatch.com's chief financial officer, stated, "We would like to welcome Steve Leahy and Bob Josephs, the founders of TEG, to the CheMatch.com team. Steve and Bob have a keen understanding of the Internet and recognize the power of e-commerce. They created and were conducting e-commerce through their affiliated company's Web site www.NRGLine.com. Their years of industry experience, knowledge and relationships will allow CheMatch.com to broaden its customer base." "The Energy Group is an excellent fit with CheMatch.com and is a win-win for our customers. TEG will substantially increase the liquidity on the CheMatch platform, particularly in the feedstock products that we launched earlier this year," said Larry McAfee, CheMatch.com's president. "Their traction in naphtha and key gasoline components is a good addition, as it is a link from our aromatics products back to the oil market. With TEG's experience in the financial derivatives market this acquisition should accelerate our OTC derivatives activity and provide our customers with better risk management tools." Steve Leahy, TEG managing partner, remarked, "We are excited to have this opportunity with CheMatch.com -- the original Internet marketplace for chemicals and fuel products. As the energy trading and brokerage business moves on-line, our belief is that CheMatch.com is best positioned to take advantage of the extraordinary opportunities that new digital technologies provide. After carefully considering several possibilities, with an eye on better serving our clients, we chose CheMatch.com because we believe that they embrace the best overall value proposition to their on-line customers and have the highest probability of success in both the short and long run." About CheMatch.com CheMatch.com -- The Global Trading Network is a business-to-business, Internet-based marketplace for purchasers and sellers of bulk commodity chemicals, plastics and fuel products. The marketplace incorporates a real-time, interactive trading exchange where members can trade 24 hours a day, seven days a week. Strategic and financial investors include Battery Ventures, Bayer AG (NYSE NYSE See: New York Stock Exchange :BAYZY FSE FSE 1. feline spongiform encephalopathy. 2. focal symmetrical encephalomalacia. :BAYG.F), Computer Sciences Corporation (NYSE:CSC), E.I. DuPont de Nemours and Company (NYSE:DD), GE (NYSE:GE), Methanex (Nasdaq:MEOH; TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :MX), Millennium Chemicals (NYSE:MCH See Intel Hub Architecture. ), H. Muehlstein & Co. Inc., Reed Elsevier, Sprout Group, Stolt-Nielsen S.A. (Nasdaq:STLTF; Nasdaq:STLBY; Oslo Stock Exchange Oslo Stock Exchange An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. :SNIB snib tr.v. snibbed, snib·bing, snibs Chiefly British To latch (a door or window): "[The] window is snibbed on the inner side" ),TownsendTarnell and YourEnergySource.com. Headquartered in Houston, CheMatch.com has international offices in Brussels, Hong Kong, Manchester (United Kingdom), Sao Paulo, Singapore, Tokyo and Zurich. For more information about CheMatch.com, visit our Web site at www.chematch.com |
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