LAS VEGAS, Oct. 1, 2001 (PRIMEZONE) -- PurchasePro (Nasdaq:PPRO), today reported that 130 reverse auctions were held using e-Source, the company's strategic sourcing product, in the month ended September 30, 2001, compared with 130 auctions held in the prior month.
PurchasePro also reported today that the number of buying organizations in September rose to 12, from 10 in August. The company said September reverse auctions attracted 2,256 bids from 760 suppliers, compared with the 2,173 bids posted in August from 726 suppliers.
Low bids in the September auctions totaled $37 million, compared with $49 million in August, with opening, or high bids totaling $51 million, compared with $56 million. The market spread, or implied savings, in September between total low and high bids was $14.3 million compared with $7 million in the prior month.
For the quarter ended September 30, 2001, 398 e-Source auctions were held with total high bids of $210 million and total low bids of $178 million from 2,319 suppliers, with a market spread or implied savings of $32 million.
PurchasePro also announced today that 22,000 purchase orders, valued at $22 million, crossed its commerce network in September, compared with 32,216, valued at $35 million in August. 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.
Combining PurchasePro e-Source and commerce network dollars, the company saw more than a quarter of a billion dollars cross its system in 90 days.
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 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.