Old Economy Meets New Economy

American Express and Ventro to create an e-marketplace

NEW YORK and MOUNTAIN VIEW/ PRNewswire/ NEWSdesk -- American Express and Ventro are teaming up to create MarketMile, an e-marketplace for everyday business products and services. The new company will offer everything from office and industrial supplies, to computers and peripherals, to business services such as temporary labor.

American Express will have a 65% ownership stake in MarketMile and Ventro 35%, with plans to invite future participants and service providers to become stakeholders in the marketplace through investment in the company. The Mountain View-headquatered company will begin operating for the near-term under the guidance of interim-CEO John Corsi from Ventro Corporation, and a board comprising of American Express' Ed Gilligan, Group President, Global Corporate Services; Pierric Beckert, Senior Vice President Interactive Investments; and Robin Abrams, COO of Ventro Corporation.

The new company represents American Express first separate e-commerce start-up. Meanwhile, MileMarket extends the number of Ventros operating companies to six.

The site is scheduled to launch in the first quarter of 2001. Additional functionality features will be added throughout the year.