Trade-Ranger, formerly the Energy and Petrochemical Exchange, announces incorporated status
The following news release was issued by Trade-Ranger Inc.
HOUSTON, Aug. 7, 2000 - Trade-Ranger Inc., the global Internet marketplace launched by 14 energy and petrochemical companies, today announced the completion of several important milestones, including completion of regulatory procedures required by the Federal Trade Commission and the European Union's Mergers Taskforce, incorporation as an independent Delaware corporation, and a first round of funding. Trade-Ranger is a neutral online platform for the exchange of energy industry goods and services providing support to all sectors of upstream, downstream and petrochemical operations.
"Incorporation as an independent company represents an important step for Trade-Ranger," said Timothy H. Ling, executive vice president for Unocal and chairman of the board. "The 14 founding shareholders have been working together to ensure that we can offer the most effective online trading community for the energy and petrochemical industry, and we are in dialogue with several new buyers and sellers to become members of Trade-Ranger. We have taken the lead and are working with other buyers, sellers and exchanges to set global standards for e-catalog content and e-procurement to drive complexity and costs from our industry."
Trade-Ranger will begin conducting transactions in September 2000 and has been working with customers and technology partners, particularly Commerce One, to define functionalities of greatest value. These features will be rolled out progressively over the coming months.
The new exchange will enable buyers and sellers to achieve significant savings in time and money by simplifying transaction processes while providing broad access to larger numbers of customers. Membership is available to all companies, buyers and sellers, in the energy and petrochemical community and provides the ability to trade goods and services in a secure, independent and open marketplace.
Trade-Ranger announced its plans to launch an exchange dedicated to procurement for the energy and petrochemical industry in April 2000. Peter Lamell and Allen May from Shell and BP respectively, have been working as interim CEOs to provide the leadership and strategic direction for start up and operation of the independent exchange until a permanent CEO is selected. The company is based in Houston, and has already planned offices in several key energy markets located throughout the world. Trade-Ranger's web site is at www.trade-ranger.com
Updated: August 2000