LAS VEGAS and NEW YORK, Nov. 13, 2001 (PRIMEZONE) -- PurchasePro (Nasdaq:PPRO) and Avantrust, LLC, a joint venture between American International Group Inc. (AIG) and D&B, today announced an agreement that brings Avantrust's Passport, an integrated suite of risk management solutions, to the PurchasePro Commerce Network. As a result, PurchasePro members can make more informed purchasing decisions, while PurchasePro expects to significantly increase revenues through the addition of risk reducing, value added services. The Avantrust Passport is currently in use with more than 65 of PurchasePro's leading suppliers.
The Avantrust Passport enables real-time verification of a company's identity and creditworthiness through an easy-to-use Web interface. Powered by credit and financial information from D&B's global database of more than 66 million business entities and proprietary credit algorithms created by AIG member companies, the Avantrust Passport provides PurchasePro buyers and suppliers with the information they need to make informed trading decisions, including recommended credit limits, recommended payment terms and a financial stability score.
Under the terms of the agreement, Avantrust will incorporate an Identity Seal, a visual representation of a validated business, that will be featured on PurchasePro's company profile, company search and product detail pages throughout PurchasePro's Commerce Network. The Avantrust Identity Seal will indicate those buyers and suppliers that have undergone identity verification by D&B.
"Through the Avantrust Passport and other online risk management tools, PurchasePro's customers now have access to additional services that reduce the risks of online e-commerce," said Rick Leander, chief executive officer of Avantrust. "Buyers and sellers will have the ability to differentiate their company by showing that their identity has been confirmed by D&B, a trusted third party, and all members of the PurchasePro trading network will have access to the full range of Avantrust solutions such as trade credit and cargo insurance."
"PurchasePro has always provided its commerce network members with industry-leading online security," said Richard L. Clemmer, president and chief executive officer of PurchasePro. "However, with Avantrust, PurchasePro has enhanced the 'business security' of the network, providing companies with the creditworthiness of any corporation in the commerce network. As we add new and enhanced technology to the world's largest B2B commerce network, we continue to see an increase in the number of transactions and dollars flowing through our application."
Businesses can obtain an information snapshot on companies throughout PurchasePro's network of 300,000 businesses by accessing the following Avantrust Passport tabs:
-- Member Profile: Critical contact information and whether or not
the business has undergone a D&B identity verification.
-- Business Information: Demographic information including ownership,
parent company, years in business and total number of employees.
-- Credit Information: Financial and creditworthiness information
including recommended maximum payment terms, a credit limit
guideline, and payment history compared to the industry average.
-- Exchange Verification: Information about marketplace insurance
including whether the marketplace has completed a network security
assessment or purchased Website Security Insurance.
"Risk management and authentication has been a stumbling block to online negotiations, particularly when dealing with new or unfamiliar entities," said Tim Minahan, vice president of supply chain research at Aberdeen Group, Inc. "These concerns have only grown in light of the downtrending economic environment. By incorporating the Avantrust service into its commerce network, PurchasePro is developing a secure trading environment that fosters online negotiations by maximizing trading opportunities while minimizing risk."
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.
About Avantrust
Avantrust (pronounced ah-vahn TRUST) empowers companies to buy and sell more online by reducing the risks and frictions inherent in eCommerce. Announced in October 2000 by American International Group, Inc. (NYSE:AIG) and D&B, Avantrust offers an integrated suite of insurance products, risk management services, technology and information offerings. Leveraging the two founding firms' trusted leadership in insurance, financial services, and business information, Avantrust provides innovative solutions for sellers, buyers and marketplaces. For more information, please visit www.avantrust.com.
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 June 30, 2001, which are available from the company on request and on the Internet at the SEC's Website, www.sec.gov.