LAS VEGAS, Feb. 26, 2002 (PRIMEZONE) -- PurchasePro (Nasdaq:PPRO) today announced that Unocal (NYSE:UCL), one of the world's leading independent natural gas and crude oil exploration and production companies, has adopted PurchasePro's e-Source technology as its global reverse auction platform.
Since initial implementation of the PurchasePro solution in July 2001, Unocal has used e-Source for reverse auctions in North America, Thailand, Singapore, Indonesia and the Philippines. To date, Unocal has conducted reverse auctions on commodities including marine gas oil and high-speed diesel oil; technology products such as video conferencing systems and computer equipment; and engineered equipment such as injection pump systems.
"Providing companies with highly-scalable, strategic-sourcing solutions that offer significant returns on investment and savings is key to creating market share in this economy," said Chris Benyo, senior vice president, PurchasePro. "We believe that e-Source will enable any mid- to upper market organization to save as Unocal continues to save."
PurchasePro's sourcing process has been proven repeatedly throughout organizations worldwide, generating procurement efficiencies and price reductions that have resulted in hundreds of millions of dollars of savings. e-Source goes beyond reverse auctions and provides customers with a complete sourcing solution and automated procurement process, enabling buyers to quantify spend analysis, qualify additional suppliers, enhance RFI and RFQ management, cultivate competitive bidding and negotiations and manage supplier relationships more effectively than before.
Since PurchasePro began reporting monthly e-Source results in July 2001, 1,205 auctions have been conducted, totaling $691 million in high bids and $502 million in low bids, generating an implied savings of $189 million for companies worldwide.
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.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 September 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.
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