LAS VEGAS, Nov. 1, 2001 (PRIMEZONE) -- PurchasePro (Nasdaq:PPRO), today reported that 234 reverse auctions were held using e-Source, the company's strategic sourcing product, in the month ended October 31, 2001, compared with 130 auctions held in September.
The company said October reverse auctions attracted 4,198 bids from 1,313 suppliers, compared with the 2,256 bids posted in September from 760 suppliers. PurchasePro also reported today that the number of buying organizations in October was 10, compared with 12 in September.
Low bids in the October auctions totaled $125 million, compared with $37 million in September, with opening, or high bids totaling $175 million, compared with $51 million in the prior month. The market spread, or implied savings in October, between total low and high bids, was $50 million or 40 percent, compared with $14 million or approximately 38 percent in September.
Among the products purchased were MK1 couplings, tubing, a video conferencing system, bore tool clamps, janitorial services, production tools, red dye, plastics, high speed diesel oil, polyfoam sheets and rolls, clutch assemblies, rack bar steel, hotel services, food service equipment and installation and ferric chloride.
PurchasePro also announced today that 29,000 purchase orders, valued at $33 million crossed its commerce network in October, compared with 22,000, valued at $22 million in September. For the quarter ended September 30, 2001, 82,000 purchase orders crossed the network valued at $86 million, compared with 60,000 purchase orders in the second quarter valued at $61 million.
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 300,000 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 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 service mark of PurchasePro.com Inc. All other trademarks or registered trademarks are the property of their respective owners.