LAS VEGAS, Aug. 1, 2002 (PRIMEZONE) -- PurchasePro (Nasdaq:PPRO) today reported that 170 reverse auctions were held using e-Source, the company's strategic sourcing solution, in the month ended July 31, 2002, compared with 230 auctions held in June.
Low bids in the July auctions totaled $146 million, compared with $97 million in June, with opening, or high bids totaling $202 million, compared with $132 million in the prior month. The market spread or implied savings in July, between total low and high bids was $56 million, or 28 percent, compared with $35 million or 27 percent in June.
PurchasePro also reported today that the number of buying organizations using e-Source in July was 11, compared with 12 in June. The company said July strategic sourcing events attracted 2,295 bids from 621 suppliers, compared with the 3,065 bids posted in June from 868 suppliers. PurchasePro also announced that 40,000 purchase orders, valued at $38 million crossed its commerce network in July, compared with 34,000, valued at $37 million in June.
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 July included bubble wrap, aluminum, organic peroxides, 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, materials management 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.