SOUTH PORTLAND, Maine--(BUSINESS WIRE)--Apr. 27, 2009--
Pricelock, the world’s only electronic marketplace offering fuel hedging
to businesses, and Wright Express [NYSE: WXS] have joined forces to
offer fuel price and budget risk management solutions to Wright Express
fleet customers.
The new partnership enables Pricelock and Wright Express to provide
fleet customers with the option to purchase fuel at a certain fixed
daily price for a fixed volume, and to effectively manage those
purchases. Covering fleets of all sizes and levels of fuel consumption,
this unique suite of products delivers budget control and price
protection options to businesses by offering simple ways to manage the
cost of fuel.
“We are delighted to offer our fuel price protection program to Wright
Express customers,” said Pricelock Chief Operating Officer Naveen
Agarwal. “Presently, fleet managers have a great opportunity to price
protect their fuel budgets as gas and diesel prices continue to be at
historic lows. We are pleased to be part of Wright Express’ vision to
include our fuel price protection solutions as an integrated part of
their fuel management offering.”
“Customers are increasingly looking for ways to minimize the risk
associated with fuel price fluctuations and monitor and manage their
price-protected gasoline reserves on-line and in real time,” said Wright
Express Executive VP of Sales and Marketing David Maxsimic. “Wright
Express and Pricelock offer unique functionalities to their respective
customers. By combining the offerings of each company, we will be able
to jointly provide relevant new services that simplify fleet management
and save our customers time and money. This relationship is an exciting
opportunity for both companies and their customers.”
The new suite of fuel price risk management products allows customers to
continue to use their current Wright Express program, with the
settlement occurring on the Wright Express statement one month in
arrears as an ancillary statement.
About Pricelock
Pricelock, based in Redwood City, California, is the world’s first
company to combine patented technology and a novel hedging strategy to
bring businesses price predictability to increasingly volatile fuel
prices. The company also offers Carbonlock™, a unique, patented “green
fleet” program that allows fleets and businesses to efficiently acquire
certified carbon offsets and become carbon neutral. Pricelock can be
found on the Web at www.pricelock.com.
About Wright Express
Wright Express is a leading global provider of payment processing and
information management services. Wright Express captures and combines
transaction information from its proprietary network with specialized
analytical tools and purchasing control capabilities in a suite of
solutions that enable fleets to manage their vehicles more effectively.
The Company's charge cards are used by commercial and government fleets
to purchase fuel and maintenance services for approximately 4.5 million
vehicles. Wright Express markets its services directly to fleets and as
an outsourcing partner for its strategic relationships and franchisees.
The Company's business portfolio includes a MasterCard-branded corporate
card as well as TelaPoint, a provider of supply chain software solutions
for petroleum distributors and retailers, and Pacific Pride, an
independent fuel distributor franchisee network, as well as
international subsidiaries. For more information about Wright Express,
please visit www.wrightexpress.com.
This press release contains forward-looking statements, including
statements regarding potential marketplace success for the fuel price
risk management program being jointly offered by the Company and
Pricelock. These forward-looking statements include a number of risks
and uncertainties that could cause actual results to differ materially,
including: volatility in fuel prices; risks related to customer and
counterparty bankruptcies and credit failures; effects of competition;
the potential loss of key strategic relationships; decreased demand for
fuel and other vehicle products and services and the effects of general
economic conditions on the commercial activity of fleets; the ability to
rapidly implement new technology and systems; and the other risks and
uncertainties included from time to time in the Company’s filings with
the Securities and Exchange Commission, including the annual report on
Form 10-K filed on February 27, 2009, and the Company’s other periodic
and current reports. Wright Express Corporation undertakes no obligation
to update these forward-looking statements at any future date or dates.
Source: Wright Express
Wright Express
Jessica Roy, 207-523-6763
Jessica_Roy@wrightexpress.com