FedBid Announces Department of the Navy Contract Award

Follows Recent Awards by International Trade Commission, Departments of Education, Commerce, Labor, and Library of Congress

VIENNA, VA, June 5, 2012 - FedBid, Inc., the online reverse auction marketplace, announced today that the Department of the Navy has awarded the company a new multi-year agreement to provide reverse auction services. The award includes a base year, plus four option years.

Bobby Feigler, FedBid’s Chief Marketplace Officer, said “FedBid is very proud to partner with the men and women of the United States Navy. As budgets are being squeezed throughout the government, we look forward to delivering increased efficiencies to ensure that the Navy is getting the most out of every dollar.”

Feigler added, “Using FedBid’s online reverse auction marketplace, the Department of the Navy will see significant reduction in the administrative burdens of managing commodity and spot buys. The full-service marketplace effectively streamlines the purchasing process and maximizes access to Navy requirements for over 50,000 qualified sellers, including thousands of Veteran-Owned and Service-Disabled Veteran-Owned Small Businesses.”

This latest contract award follows other recent federal awards from the U.S. International Trade Commission, the Departments of Labor, Commerce, and Education, and the Library of Congress.

FedBid’s managed marketplace is used by thousands of buyers from across the Federal Government to solicit competing bids from over 50,000 companies. FedBid helps acquisition professionals meet and often exceed the savings requirements and best practices initiatives advocated by the White House’s Office of Management and Budget, including the Accountable Government Initiative Presidential Memorandum issued in 2010.

ABOUT: FedBid, Inc.

FedBid® is the fully-managed online marketplace, revolutionizing how the government and businesses buy. By creating a new world of ‘FedBid-able’ buying and selling, where the principles of opportunity, transparency and competition prevail, FedBid empowers and energizes its customers, giving them the confidence to take control of the buying and selling process, and freeing them up to focus on moving their organization forward. For more information, visit FedBid online at www.FedBid.com or call (877) 9FEDBID.

FedBid — Better Buying | Smarter Selling®

CONTACT: Luther Tupponce, 703-738-6886, Lu.Tupponce@FedBid.com

Released: JUNE 5, 2012