FreeMarkets Signs New Agreement with CLP Power Hong Kong Limited.
PITTSBURGH--(BUSINESS WIRE)--Jan. 29, 2002
Long-Term Deal With Leading Asian Utility Follows Completion Of
Successful Pilot; Includes Access to FullSource(TM) and
FreeMarkets, Inc. (Nasdaq:FMKT), the leading global provider of e-sourcing software and service solutions, today announced that it has signed a new, long-term agreement with CLP Power Hong Kong Limited, one of the leading investor owned electric utility companies in Asia. Under the terms of the agreement, FreeMarkets will provide CLP Power with access to its FullSource and QuickSource solutions, which CLP Power will leverage to source a wide range of goods and services for its operations. The agreement follows the completion of a successful pilot, which FreeMarkets and CLP Power began in 2000.
"CLP Power is leading the Asian utility industry in the adoption and implementation of e-sourcing solutions," said Richard Hawtin, Head of Contracts and Purchasing at CLP Power. "We are very pleased with the technology, services and results that FreeMarkets demonstrated during our pilot program, and we look forward to generating further efficiencies and savings as we continue to integrate them in a structured way into our process for sourcing goods and services."
Among the goods and services CLP Power has sourced through FreeMarkets to date using FullSource: transmission and distribution equipment, installation contracts, IT hardware, shared services, and more.
By adding FreeMarkets QuickSource to its portfolio of e-sourcing solutions, CLP Power is further enhancing the productivity and efficiency of its purchasing organization. This tool will help its sourcing professionals to automate further the processes of creating Requests for Quote (RFQs), negotiating and communicating with suppliers.
QuickSource is the only e-sourcing solution designed for sourcing professionals by sourcing professionals. This comprehensive, full-featured e-sourcing platform is ideal for automating, streamlining and providing visibility into the sourcing project processes.
"We are thrilled to be extending our relationship with CLP Power," said Daryl Rolley, vice president and managing director of FreeMarkets Asia Pacitfic." CLP Power is a proven leader among Asian utilities in the use of e-commerce applications, and we welcome the opportunity to continue to provide them with the e-sourcing software and service solutions they need to effectively source goods and services online and gain competitive advantage."
About CLP Power Hong Kong Limited
CLP Power Hong Kong Limited, being a world-class power company providing excellent customer services, operates a vertically integrated electricity generation, transmission and distribution business in Hong Kong. The company currently supplies electricity to 2 million customers, representing over three quarters of the total number of electricity users in Hong Kong. CLP Power is the principal subsidiary of CLP Holdings Limited, which also invests in other energy businesses in the Chinese Mainland and other parts of the Asia-Pacific region.
FreeMarkets is the leading global provider of e-sourcing software and service solutions. Through its unique combination of industry-leading, web-based software, in-depth supply market information, market operations and expert sourcing services, FreeMarkets has helped customers around the world source more than $30 billion in goods and services in over 195 different supply verticals and identify savings of $6.4 billion. FreeMarkets can be found on the Web at www.freemarkets.com. FreeMarkets(R) and BidWare(R) are registered trademarks of FreeMarkets, Inc., and FullSource(TM) and QuickSource(TM) are pending trademarks of FreeMarkets, Inc.
Statements in this press release that are not historical facts, including those statements that refer to FreeMarkets' plans, prospects, expectations, financial projections, strategies, intentions, 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' products and services, the competitive nature of the market for e-commerce products and services, FreeMarkets' ability to predict its revenues and earnings, FreeMarkets' ability to develop competitive new products and services on a timely basis, introduction of new products and services by competitors, declining or uncertain economic and industry conditions, FreeMarkets' ability to attract and retain personnel and other risk factors that are described in more detail in FreeMarkets' most recent Annual Report on Form 10-K/A, and its other filings with the Securities and Exchange Commission.
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|Date:||Jan 29, 2002|
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