LAS VEGAS, Sept. 3, 2002 (PRIMEZONE) -- PurchasePro (Nasdaq:PPRO) today reported that 228 reverse auctions were held using e-Source, the company's strategic sourcing solution, in the month ended August 31, 2002, compared with 170 auctions held in July.
Low bids in the August auctions totaled $218 million, compared with $146 million in July, with opening, or high bids totaling $265 million, compared with $202 million in the prior month. The market spread or implied savings in August, between total low and high bids was $47 million, or 18 percent, compared with $56 million or 28 percent in July.
PurchasePro also reported today that the number of buying organizations using e-Source in August was 13, compared with 11 in July. The company said August strategic sourcing events attracted 3,164 bids from 767 suppliers, compared with the 2,295 bids posted in July from 621 suppliers. PurchasePro also announced that 41,000 purchase orders, valued at $39 million crossed its commerce network in August, compared with 40,000, valued at $38 million in July.
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.
Among the products purchased through e-Source in August included coal, power washing, forgings, pagers, organic peroxides, calipers, plastics, uniforms, electricity, freight management, high speed diesel oil, labels, hazardous waste removal, helical gears, propane, pistons, polyethylene wrap, drum brakes, actuators, custom-home lighting sets, paper, packaging and ferric chloride.
About PurchasePro
PurchasePro(r), www.purchasepro.com, is a B2B e-commerce leader with the objective of providing software to enable enterprises of all sizes to gain universal access to the world's largest commerce network. Founded in 1996, PurchasePro provides electronic procurement and strategic sourcing solutions to businesses worldwide.
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, 2001and the 10Q for the period ending March 31, 2002, 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.