CORRECTING and REPLACING The University of Memphis Unveils FedEx Institute of Technology, a Pioneering Research Center; FedEx Delivers New Approach to Education and Research

CORRECTION...by FedEx Corp.
MEMPHIS, Tenn.--()--Nov. 18, 2003--First graph of release should read: The University of Memphis (the U of M) on Wednesday will officially open the FedEx Institute of Technology, a unique public-private collaboration designed to advance world-class interdisciplinary research and introduce a new generation of highly skilled graduates to the workforce. (sted The University of Memphis (the U of M) today officially opened the FedEx Institute of Technology, a unique public-private collaboration designed to advance world-class interdisciplinary research and introduce a new generation of highly skilled graduates to the workforce.).

The corrected release reads:

THE UNIVERSITY OF MEMPHIS UNVEILS FEDEX INSTITUTE OF TECHNOLOGY, A PIONEERING RESEARCH CENTER; FEDEX DELIVERS NEW APPROACH TO EDUCATION AND RESEARCH

The University of Memphis (the U of M) on Wednesday will officially open the FedEx Institute of Technology, a unique public-private collaboration designed to advance world-class interdisciplinary research and introduce a new generation of highly skilled graduates to the workforce.

The Institute, the first to adopt a major corporate name, will provide an environment in which students and researchers help solve real-world problems by incorporating businesses and leading organizations into the learning and research process. The multi-million-dollar facility will also serve as a dynamic community resource for students, faculty and private industry.

FedEx Corp. (NYSE:FDX) worked closely with the U of M in the design and scope of the Institute's vision and donated $5 million toward the new facilities. The company has more than 219,000 employees globally and expects the alliance will help develop a highly skilled recruitment pool. FedEx will work with the Institute's research teams and other companies on business standards and new technology.

"The FedEx Institute of Technology represents the 'Future of Learning' at the University of Memphis. As FedEx business stature is worldwide, now our students, faculty, and researchers also will have a worldwide reach via the most advanced technologies," said Dr. Shirley Raines, president of the University of Memphis. "At the FedEx Institute, partnerships with leading-edge companies will bring their ideas to broader audiences, the lines between industrial and university laboratories will be blurred, artists will venture into new media and civil society will use data and communications to better serve our citizens."

"Technology has long been a strategic competitive advantage for FedEx," said Frederick W. Smith, founder, CEO and chairman of FedEx Corp and a keynote speaker in today's opening ceremonies. "The Institute, as a center of excellence for information technology, will provide FedEx and other organizations in the public and private sector a forum and the resources to envision new courses of action. This highly collaborative environment will allow students of any discipline to consider unique technological options to problem solving."

The Institute will house 10 research centers focusing on an array of studies ranging from medical breakthroughs in cancer and alcoholism to artificial intelligence and RFID (radio frequency identification) tags in the supply-chain. They are:

-- Advanced Learning Center

-- Center for Artificial Intelligence

-- Center for Digital Economic and Regional Development

-- Center for Life Sciences

-- Center for Managing Emerging Technologies

-- Center for Multimedia Arts

-- Center for Next Generation Transportation

-- Center for Spatial Analysis

-- Cyber Security Center

-- FedEx Center for Supply-Chain Management

The 95,000 square-foot building incorporates wireless fidelity (WiFi) capabilities and a voice-over Internet protocol (VoIP) network, a 200-seat multi-media amphitheater, computer labs, training rooms, collaboration areas, an exhibit area, and labs for the pursuit of new technology advances and scientific research.

"The FedEx Institute of Technology will use the most technologically advanced facilities and the most sophisticated IT tools available anywhere to train the workforce of the future," said James Phillips, executive director and chairman of the FedEx Institute of Technology. "We will lead research and technology innovation in areas that address issues of worldwide interest, propelling Memphis and the Mid-South into the forefront of the competitive national research arena."

The FedEx alliance has helped the Institute forge relationships with high-profile companies including AT&T, AutoZone, Avaya, BellSouth, Cisco Systems, Computer Associates, Dell, EDS, Landmark Graphics, Methodist Healthcare, Morgan Keegan & Company, SteelCase and Time Warner, and institutions such as the St. Jude's Children's Research Hospital, Oak Ridge National Laboratory, the Technology Resource Foundation and the U.S. Department of Defense. The institute also received funding from the State of Tennessee, the City of Memphis and Shelby County. The relationships vary and have afforded the institute funding, technology-sharing and the opportunity to work with real-life business problems and settings.

The U of M expects to become the Mid-South's leading research university and bring national attention to the region's technological and research resources. The Institute will bring focus to the University's existing research portfolio, and it has established a department to manage the process of patents, royalties and licensing fees.

About the FedEx Institute of Technology

The mission of the FedEx Institute of Technology is to conduct world-class interdisciplinary research, produce a digitally savvy workforce, and be an evolving, dynamic resource for businesses at large. As the digital epicenter of the Mid-South, the institute will change the face of business, education, government, healthcare, entertainment and the arts, causing the digital re-architecture of every industry it touches. This is where emerging technologies help shape the global information economy. Learn more at www.fedex.memphis.edu.

About the University of Memphis

Since opening its doors to students in 1912, the University of Memphis has grown into a comprehensive metropolitan university that is the flagship of the 45-campus, 185,000-student Tennessee Board of Regents System. From its main campus and satellite facilities that cover more than 1,160 acres, the University of Memphis offers 129 courses of study at the undergraduate and graduate levels, via six colleges and three specialty schools, including law. Its 20,000 students come from every state in the nation and from almost 100 other countries. Situated in a scenic neighborhood area of Memphis, which is the 18th largest city in the United States, the University of Memphis offers its students and the community not only a first-class education, but cultural events, athletic competitions, and community service from a world-renowned faculty.

About FedEx Corp.

With annual revenues of $23 billion, FedEx Corp. is the premier global provider of transportation, e-commerce and supply chain management services. The company offers integrated business solutions through a network of subsidiaries operating independently, including: FedEx Express, the world's largest express transportation company; FedEx Ground, North America's second largest provider of small-package ground delivery service; FedEx Freight, the largest U.S. provider of regional less- than-truckload freight services; FedEx Custom Critical, North America's largest provider of expedited time-critical shipments; and FedEx Trade Networks, North America's largest customs broker and a provider of international freight forwarding and trade facilitation services. FedEx ranked highest in the J.D. Power and Associates 2002 Small Package Delivery Service Business Customer Satisfaction Study(SM) in the categories of air, ground and international delivery services.

Contacts

FedEx Corp., Memphis
Lourdes Pena, 901-434-7221
lourdes.pena@fedex.com
Cell: 646-391-5053
or
University of Memphis
Curt Gunther, 901-678-3812
cguenthr@memphis.edu

Contacts

FedEx Corp., Memphis
Lourdes Pena, 901-434-7221
lourdes.pena@fedex.com
Cell: 646-391-5053
or
University of Memphis
Curt Gunther, 901-678-3812
cguenthr@memphis.edu