LAS VEGAS, Sept. 17, 2001 (PRIMEZONE) -- PurchasePro (Nasdaq:PPRO) today announced that it has restructured its relationship with America Online, Inc.
Under the new agreement, the companies' mutual promotional and payment obligations will cease, and future guaranteed payments of $20.7 million from PurchasePro to America Online will be eliminated. The agreement also includes a one-time payment to PurchasePro of $1.5 million in satisfaction of existing obligations. AOL will have the option of using PurchasePro's software for the Netscape Netbusiness Marketplace and the companies will work together to identify opportunities that will mutually benefit both corporations.
PurchasePro Chief Executive Officer, Richard L. Clemmer, said, "We are pleased to have reached this agreement with AOL and we believe it will be of mutual benefit to both companies moving forward as AOL looks for opportunities to make Netbusiness even more successful."
About PurchasePro
PurchasePro(r), www.purchasepro.com, is a B2B e-commerce leader with the stated goal of providing 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 250,000 businesses, authorized to buy and sell, and powers hundreds of private-label marketplaces. PurchasePro provides the following B2B e-commerce solutions: e-Procurement for enterprise-wide 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.com, 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 June 30, 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 service mark of PurchasePro.com Inc. All other trademarks or registered trademarks are the property of their respective owners.