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ENRON ANNOUNCES THE LAUNCH OF CLICKPAPER.COM
FOR IMMEDIATE RELEASE: Tuesday, September 5, 2000
HOUSTON -- Enron Industrial Markets announced today the launch of Clickpaper.com, an Internet-based transaction system dedicated to the forest products industry.
Clickpaper.com provides a transactional platform to buy and sell physical and financial pulp, paper, and wood products, which is principal-based, commission-free, and real-time. It also provides news, resources and information directly related to the industry.
“Enron is the world’s leading provider of financial risk management services to the pulp and paper industry. By adding firm contracts for physical products with defined quality and performance specifications in a wide range of pulp, paper and wood commodities, Clickpaper.com will become the preferred web-based system for principal-based transactions in this industry,” said Jeffrey McMahon, president and CEO of Enron Industrial Markets. “Utilizing the proven business model created with EnronOnline, Clickpaper.com offers customers in the pulp and paper industry a unique set of benefits, including competitive pricing and price transparency, which we believe will provide liquidity to this market.”
The launch of Clickpaper.com coincides with the Aug. 28, 2000 closing of the previously announced purchase of Garden State Paper Company, Inc., which is a recycled newsprint mill located in Garfield, New Jersey.
Future plans for Clickpaper.com include expanding the product menu with additional financial risk management products, and additional physical pulp, paper, and wood products on a global basis.
The system is currently available at www.clickpaper.com. Guest passwords and user IDs are available to interested customers in the industry.
Enron has provided risk management products and financing for the pulp, paper and wood products industry since 1997. To date, Enron has completed financial transactions totaling more than 17 million tons of pulp and paper products with a notional value exceeding $8 billion. Producers and consumers have used these products to hedge the price risk associated with their raw materials and finished products.
Enron is one of the world’s leading electricity, natural gas and communications companies. The company, with revenues of $40 billion in 1999 and $30 billion for the first six months of 2000, produces electricity and natural gas, develops, constructs and operates energy facilities worldwide, delivers physical commodities and financial and risk management services to customers around the world, and is developing an intelligent network platform to facilitate online business. Fortune magazine has named Enron “America’s Most Innovative Company” for five consecutive years, the top company for “Quality of Management” and the second best company for “Employee Talent.” In addition, Enron ranks in the top quarter of Fortune's "Best 100 Companies to Work For in America.” Enron’s Internet address is www.enron.com. The stock is traded under the ticker symbol “ENE.”
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For additional information please contact:
Eric Thode
(713) 853-9053
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