CMXchange To List Ferrous Metals on Electronic Platform

NORTHFIELD, Ill.--(BUSINESS WIRE)--July 22, 2003--Commodities Management Exchange Inc. (CMXchange), the pioneering Internet-based integrated commodities management services company, has announced that it will begin listing ferrous metals on its electronic platform. Listed products will include a variety of steel products, including coil, rod and sheet, zinc, Ferro-Alloys and De-Ox. These new products bolster CMXchange's already extensive product listings in non-ferrous and platinum group metals.

Vice President of Sales David Spiegel asserted, "CMXchange's offerings must be enhanced as the business landscape continues to evolve. We are one of the few survivors of the wave of Internet-based exchanges. We must continually reinvent ourselves to maintain the level of superior service that our customer base expects."

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"The addition of the ferrous products continues our response to current market needs. CMXchange's value is in offering technology with our commodity experience," Spiegel continued. "This combination helps our customers gain efficiencies and cost savings opportunities. The goal is to support the whole metals industry - producers, consumers, and brokers/dealers. CMXchange transactions also support the price indexes from the LME and NYMEX".

Certified by both the Illinois and Michigan Minority Business Councils, CMXchange offers market-intelligent solutions for participants in the metals, manufacturing and automotive industries. Said CMXchange Chairman Tony Brown, "CMXchange is certified to award 100 percent of transaction value to companies seeking to fulfill minority business credit targets."

"Heretofore, it has been difficult for automotive suppliers to obtain minority business credits. We make this an efficient process for them," Brown said. "We get involved across the entire spectrum - from the start of the metals procurement process, to the recruiting and matching of qualified buyers and sellers, to providing the tools to support comprehensive price risk management. An added benefit of this new offering is that it will help establish a foundation for our future financial products that will support steel OTC swaps and forwards. At CMXchange, we provide Total Commodity Management(TM). "

CMXchange has added ferrous metals to its palette of commodities offerings in response to requests from Original Equipment Manufacturers (OEMs). "OEMs and other major market users recognize that ours is an electronic age and that CMXchange is uniquely qualified to help them meet their needs," noted President Tony Caravia.

"Accordingly, we have expanded our product offerings to accommodate the specific detail needs of the complex steel market. Our flexible electronic platform offers options such as coating and thickness variations that allowing the user to tailor their bids and offers. We are planning to launch ferrous products on August 4, 2003," Caravia added.

The listing of ferrous metals is the latest strategic complement to CMXchange's commodity management divisions--Physical Trading Marketplace, Financial Derivatives Marketplace, Exchange Technology Services, and CMXprofessional-services. These services provide a complete menu of strategic commodity management solutions with which customers efficiently can manage the entire spectrum of their procurement and commodity management supply chain activities.

Commodities Management Exchange Inc. is staffed by professionals with decades of experience in all aspects of total commodity management, including metals procurement, price risk management, logistics and information reporting. CMXchange operates an e-commerce service platform for non-ferrous, ferrous and platinum group metals that are used by companies throughout the metals supply chain to facilitate the procurement and sales of physical materials. A recently announced trading platform called CMXflexclear offers a family of over-the-counter cash-settled forward metals contracts, providing market participants efficient tools with which to hedge against adverse price swings.

CMXchange headquarters is in Northfield, Illinois and is a privately held certified Minority Business Enterprise. CMXchange also has offices in London and Southfield, Michigan.