Pantellos and WorldCrest Announce Strategic Partnership; Partnership Brings WorldCrest Suppliers and Content to Pantellos Marketplace.Business Editors THE WOODLANDS, Texas--(BUSINESS WIRE)--Jan. 16, 2001 Pantellos, the independent online marketplace for the utility and energy services industries, and WorldCrest, a leading provider of procurement solutions for indirect goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. , today announced a strategic partnership that will expand and strengthen the offerings of both companies. The WorldCrest/Pantellos partnership gives each company access to complementary new areas, enhancing the Pantellos marketplace while expanding WorldCrest's customer base. "Our companies have an aligned vision of how to create value," said Tom Walker, WorldCrest chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "Our relationship with Pantellos allows us to significantly expand our presence in the utility market." For WorldCrest, the deal brings access to Pantellos' deep utility industry knowledge, domain expertise, and industry-focused solutions and marks the first partnership with a vertical marketplace. WorldCrest complements Pantellos' approach to contract solutions by providing strategically sourced contracts and content management specifically for indirect goods and services such as business supplies, office furniture and equipment, bulk gases and chemicals and MRO MRO In currencies, this is the abbreviation for the Mauritanian Ouguiya. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. . "This partnership benefits Pantellos members by accelerating the availability of content in the Pantellos Marketplace through WorldCrest's extensive supplier base," said Graham Collins, president and chief executive officer of Pantellos. "WorldCrest brings more than 50 established suppliers to the trading community. Their comprehensive managed catalogs will enhance speed-to-market with new and existing suppliers over an extended array of materials and services." "We chose to partner with WorldCrest due to the strong synergies between our business models and their ability to help us deliver value to our members," said Mike Zirkle, Pantellos vice president of commercial services. "We are currently incorporating WorldCrest content into the Pantellos Marketplace. This content will be available to our members in March, 2001." Pantellos Overview Pantellos is an independent online marketplace for the utility and energy services industries that brings buyers and suppliers together to improve the way they do business. Founded by 21 of the leading utility and energy companies in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Pantellos offers all members access to deep industry and supply chain expertise, a broad suite of supply chain solutions and leading-edge technologies. The founding investors of Pantellos include: American Electric Power American Electric Power (NYSE: AEP) is a major investor-owner electric utility in various parts of the United States. It is headquartered in Columbus, Ohio. It serves parts of 11 states, and is currently the largest electricity generating utility in the United States. , Cinergy, Consolidated Edison, Inc., Dominion Resources, DTE Energy, Duke Energy, Edison International, El Paso Energy, Entergy, Excelon (formerly Unicom), FirstEnergy Corp., FPL Group, GPU GPU: see secret police. (Graphics Processing Unit) A specialized logic chip devoted to rendering 2D or 3D images. Display adapters contain one or more GPUs for fast graphics rendering. , Ontario Power Generation Ontario Power Generation (OPG) is a public company whose shares are wholly owned by the Government of Ontario. It is responsible for approximately 70% of the electricity generation in the province of Ontario, Canada [1]. , PG&E Corp., Progress Energy (formerly Carolina Power and Light), Public Service Enterprise Group, Reliant Energy, Sempra Energy, Southern Company, and TXU TXU Texas Utilities (Electric and Gas Company) TXU Transmitter Unit . Pantellos is based in The Woodlands, Texas. For more information visit www.pantellos.com. WorldCrest Overview Headquartered in Atlanta, Ga., WorldCrest is a leading provider of procurement solutions that help member companies reduce total costs for indirect goods and services. Through WorldCrest's innovative business model, members benefit from strategic sourcing expertise, catalog management services and cost effective e-commerce connectivity powered by Oracle OEX OEX The ticker symbol for the Standard & Poor's 100 Index. Notes: The S&P 100 is a market-capitalization weighted index of 100 stocks from a broad range of industries. technology. WorldCrest also has developed a network of global suppliers that benefit from immediate access to the company's entire member base. WorldCrest is funded by Kohlberg Kravis Roberts Kohlberg Kravis Roberts & Co (commonly referred to as KKR) is a New York City-based private equity firm that focuses primarily on late-stage leveraged buyouts. It was founded in 1976 by Jerome Kohlberg, Jr., and cousins Henry Kravis and George R. & Co. For more information on WorldCrest and its products and services please visit www.worldcrest.com. SOURCE: Pantellos |
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