LAS VEGAS, July 18, 2001 (PRIMEZONE) -- PurchasePro (Nasdaq:PPRO) announced today that ArvinMeritor (NYSE:ARM), a $7 billion global provider of integrated automotive systems, modules and components, that delivers advanced technological solutions for light vehicle, commercial truck, trailer and specialty original equipment manufacturers (OEMs) and related aftermarkets, has signed a software license agreement for the PurchasePro e-Source reverse auction software.
The e-Source reverse auction product allows qualified suppliers to bid for a buyer's business in real-time over the Internet. e-Source enables buyers to create and send electronic requests for information (RFI) and requests for quotes (RFQ), enhance supplier collaboration, determine auction times, resolve logistics, source from their existing suppliers as well as the PurchasePro global marketplace of more than 155,000 businesses, and conduct real-time auctions from their desktops.
In June 2001, e-Source was used in 95 e-Source-based reverse auctions conducted by nine buyers, including six Fortune 500 companies, one Global 500 company and one S&P 500 company, attracting nearly 2,200 bids from more than 500 suppliers. Low bids totaled nearly $15 million with opening or high bids totaling more than $33 million. The market spread between total low and high bids was more than $17 million.
"This is one of many key tools in our overall e-business tool box that will help us to manage our supply chain and allow us all to work together more efficiently," said Jeff Stoner, vice president of Procurement, ArvinMeritor. "Our initial agreement with PurchasePro will give us a long-term vision on how we can improve and deliver quality products and, ultimately, shareholder value."
ArvinMeritor is one of two licensing agreements PurchasePro signed last month.
ABOUT PURCHASEPRO
PurchasePro(r), www.purchasepro.com, is a business-to-business e-commerce leader that provides software to enable enterprises of all sizes to gain universal access to the world's largest commerce network. The PurchasePro commerce network comprises more than 155,000 businesses and powers hundreds of private-label marketplaces. PurchasePro provides the following business-to-business e-commerce solutions: e-Procurement for corporate procurement; e-Source for strategic sourcing, v-Distributor for online distributors; and e-MarketMaker for Internet market makers.
This news release may include forward-looking statements, which are subject to the "Safe Harbor" created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve certain risks and uncertainties that can cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements represent only the views of certain members of management and are based on limited information available to us now, which is subject to change. We have no current plan to update these statements. Actual results may differ substantially from what we say today and no one should assume at a later date that the forward-looking statements provided herein are still valid. They speak only as of today.
For more information about these risks and uncertainties, see the SEC filings of PurchasePro Inc., including the section titled "Factors That May Affect Results" in its 10-K filing for the period ended December 31, 2000, and its 10-Q for the quarter ended March 31, 2001, which are available from the company on request and on the Internet at the SEC's Website, www.sec.gov.
Note: PurchasePro is a servicemark of PurchasePro.com Inc. All other trademarks or registered trademarks are the property of their respective owners.