FreeMarkets Joins Visteon/Patrick Racing Team; Company Exclusive eMarketplace Sponsor of Visteon Car
13 October 2000
FreeMarkets Joins Visteon/Patrick Racing Team; Company Exclusive eMarketplace Sponsor of Visteon Car
PITTSBURGH--Oct. 13, 2000--FreeMarkets, Inc. , the leading B2B eMarketplace, today announced that it has joined the Visteon/Patrick Racing team.Under the terms of a strategic alliance formed with Visteon and Patrick Racing, FreeMarkets will serve as an associate sponsor and the exclusive eMarketplace sponsor of the No. 20 Visteon/Patrick Racing car driven by Roberto Moreno for the FedEx Championship Series.
"Patrick Racing is pleased to welcome FreeMarkets to our racing family," said U.E. "Pat Patrick," Owner of Patrick Racing. "Like the Patrick Racing team, FreeMarkets is a champion in its industry and lends not only a strong brand name, but solid sponsorship support -- both of which are critical to success in the racing world."
FreeMarkets' sponsorship of the Visteon/Patrick Racing team further expands a five-year strategic relationship the company began with Visteon earlier this year. Since April, Visteon has been using the FreeMarkets(R) B2B eMarketplace as a platform for sourcing goods and services for its operations around the world.
Roberto Moreno will pilot the FreeMarkets-sponsored No. 20 Visteon/Patrick car. The car is one of two Patrick Racing entries in the 2000 FedEx Championship Series season.
"We are very pleased to be joining the Visteon/Patrick Racing Team," said Rebecca Thompson, director of corporate marketing for FreeMarkets. "Like FreeMarkets, Visteon and Patrick racing are committed to excellence, and we look forward to associating the FreeMarkets brand with their world-class team."
About FreeMarkets
FreeMarkets is the leading B2B eMarketplace. FreeMarkets combines its industry-leading technology platform with unparalleled sourcing information and world-class services to deliver huge savings to customers. FreeMarkets has executed over 5,000 online auctions for more than $7.6 billion worth of goods and services to date, and created estimated savings of nearly $1.5 billion for its customers. The FreeMarkets B2B eMarketplace enables buying organizations to source products from more than 130 supply verticals. More than 5,600 suppliers from over 50 countries have participated in the FreeMarkets B2B eMarketplace. 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. The Company also operates the largest B2B eMarketplace for surplus assets and inventory, the FreeMarkets Asset Exchange. FreeMarkets can be found on the Web at www.freemarkets.com.
About Patrick Racing
Patrick Racing is entering its 29th year of competition. It is one of the most successful teams in the history of CART/Indy car racing with 43 victories, three Indianapolis 500 wins and two national championships. U.E. "Pat" Patrick is the co-founder of CART and the father of the Dayton Indy Lights Championship Series.
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.