LAS VEGAS, Oct. 1, 2001 (PRIMEZONE) -- PurchasePro (Nasdaq:PPRO) today announced that its board of directors has appointed Mark R. Donachie as chief financial officer. With more than 20 years of financial experience, Donachie, 41, brings a wealth of expertise, having worked with some of the country's leading companies, including: Coca-Cola (NYSE:KO), Hunt Consolidated, Inc. and, most recently, Sterling Commerce, a wholly owned subsidiary of SBC Communications (NYSE:SBC).
"Having Mark on board not only fills this important role for our company, but also enables me to relinquish my interim CFO title as I focus solely on my responsibilities as president and chief executive," said Richard L. Clemmer, president and chief executive officer. "In addition to his financial responsibilities, Mark will also manage the company's human resource and facilities functions, which were formerly reporting to our chief operating officer and general counsel."
While at Sterling, Donachie served as vice president of finance for seven years where he built and implemented financial infrastructures, developed financial models and reporting systems and ensured financial results were reported accurately and timely for the e-business integration company. Donachie's extensive experience in joint ventures, network services, banking systems and acquisitions is an important addition to PurchasePro and its new corporate direction.
"PurchasePro represents an excellent opportunity to be part of a company that has proven products, an extremely dedicated employee base and a highly experienced management team," said Donachie. "I look forward to continuing in the turnaround effort of this tremendous company, and I will personally ensure that our strategic business objectives are fully supported by a solid financial plan."
Mr. Donachie holds a bachelor's degree from Tulane University and also brings broad marketing, sales, technology and software contract experience to PurchasePro. Donachie is expected to make an immediate impact on the company and its constituencies.
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.