Pricelock CEO Robert Fell Named 2010 Risk Innovator and Responsibility Leader by Risk and Insurance Magazine

Founder of Company Offering Fuel Price Protection Recognized for Successfully Helping Businesses Protect Against Fuel Price Volatility

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Pricelock, Inc., the leading company that provides innovative business solutions for companies that rely on fuel, today announced that company CEO Robert Fell has been named a Risk Innovator™ and Responsibility Leader® by Risk & Insurance^® magazine, the publication dedicated to providing business executives and insurance professionals with the insight they need to mitigate challenging business risks. The Risk Innovator Award recognizes winners across different industries who have demonstrated innovation and excellence in risk management. Fell was recognized for developing Pricelock’s fuel price protection, a program designed to help small and large businesses mitigate the risk of fuel price volatility. Fell was also awarded the Responsibility Leader designation which was given to a select group of leading Risk Innovators whose accomplishments prove they often go beyond the call of duty.

“Our focus is identifying innovative strategies and solutions that address risk management. We knew when we saw Pricelock's fuel price protection program that it was a game-changing strategy”

Currency fluctuations, economic recovery, weather, world events and emerging market demands keep fuel prices volatile, leaving businesses exposed to significant operating risk. As a result, companies need to adopt a more strategic and proactive approach to protect their fuel budgets. Historically, a vast majority of companies were not able to hedge their fuel costs because they did not have large enough fuel budgets or the necessary in-house expertise to decipher and navigate the fuel commodities market. Through an innovative approach that leverages an online platform to aggregate demand across a broad range of businesses, Pricelock’s fuel price protection gives businesses of all sizes the opportunity to hold costs down, stay competitive and continue to service pre-existing long term contracts, without risk to their bottom line.

“I’m honored to be recognized with the Risk Innovator Award and Responsibility Leader Designation,” said Pricelock Chief Executive Officer Robert Fell. “I would like to thank our customers, our partners and the team at Pricelock for their support and helping to make fuel price protection a success. Our goal at Pricelock is to help businesses, who are exposed to fuel price changes but do not have the expertise or large volumes, by offering them the same fuel price protection solution that large airlines and buyers like Southwest Airlines have had in the past. The internet has enabled this vision to be a reality.”

"Our focus is identifying innovative strategies and solutions that address risk management. We knew when we saw Pricelock's fuel price protection program that it was a game-changing strategy,” said Paul Bomberger, Editor-in-Chief of Risk & Insurance magazine. "We're excited to name Robert Fell a 2010 Risk Innovator and Responsibility Leader, and look forward to watching Pricelock's successful ventures in the years ahead.”

For more information on Pricelock and fuel price protection, visit www.pricelock.com

About Pricelock

Pricelock, headquartered in Redwood City, California, provides solutions to manage volatile fuel prices which are top of mind concerns for businesses and individuals alike. The company’s full range of solutions has been benefitting fleets, employers, car manufacturers and consumers every day. From national brands such as Chrysler, Hyundai and Aegis to small, local businesses, Pricelock is responsible for more than 100 million gallons of price protected fuel. Pricelock 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 was recognized with the 2010 Risk Innovator™ Award by Risk and Insurance® Magazine. A full suite of Pricelock’s solutions can be found at www.pricelock.com.

About Risk Innovator™

The Risk Innovator™ designation was launched three years ago by Risk & Insurance® magazine to identify key individuals who see risk differently and resolve risk-related problems in a unique or innovative way. Qualifying individuals view risk not only as a threat, but also as an opportunity for their organizations. The Risk Innovator Award recognizes individuals in various industries.

To be considered for the award, an individual must have demonstrated excellence in any of these areas: identifying a risk that was either unknown or overlooked, and developing a unique and practical solution to address it; demonstrating how risk analysis can lead to the development of practical solutions that improve the business or organization’s performance; or demonstrating how risk analysis can lead to the development of practical solutions that improve the business or organization’s performance.

The program is open to any individual who plays a role in the risk management of an organization, or furthers the industry as a whole.

About Responsibility Leader®

Responsibility Leader® honorees were chosen based on the fact that they developed a unique and practical risk solution that benefited not only their organization but the employees and community, and were committed to doing the right thing over the easy thing to overcome obstacles. A separate panel of judges reviewed the applications of the Risk Innovator™ winners to identify eligible candidates. The editors of Risk & Insurance® then selected eight Responsibility Leader® honorees.