PPRO--->Strategic E-Commerce Marketing Agreement With Sprint!! Yes!:-)....YAHOO!
Business Editors/High-Tech Writers
LAS VEGAS--(BUSINESS WIRE)--Dec. 3, 1999--PurchasePro.com, Inc.
(Nasdaq:PPRO), a leading provider of business-to-business e-commerce
services, announced a strategic e-commerce marketing agreement with
Sprint to promote PurchasePro.com's business-to-business e-commerce
marketplace solution to Sprint's current and future business
customers.
The agreement also positions Sprint as the preferred
communications provider on the PurchasePro.com network.
"Our relationship with PurchasePro.com positions Sprint well in
the explosive B2B e-commerce procurement market," said Jeff Anderson,
vice president of strategic development for Sprint. "We feel
PurchasePro.com provides companies of all sizes easy access to a
complete e-commerce solution offering significant time and cost
savings."
"Our relationship with Sprint is consistent with our core
strategy of working with industry leading brands with mass market
business presence," said Charles E. Johnson, Jr., chairman and chief
executive officer of PurchasePro.com.
(BSNS WIRE) PurchasePro.com Announces Strategic E-Commerce Marketing Agr
PurchasePro.com Announces Strategic E-Commerce Marketing Agreement With Sprint
Business Editors/High-Tech Writers
LAS VEGAS--(BUSINESS WIRE)--Dec. 3, 1999--PurchasePro.com, Inc.
(Nasdaq:PPRO), a leading provider of business-to-business e-commerce
services, announced a strategic e-commerce marketing agreement with
Sprint to promote PurchasePro.com's business-to-business e-commerce
marketplace solution to Sprint's current and future business
customers.
The agreement also positions Sprint as the preferred
communications provider on the PurchasePro.com network.
"Our relationship with PurchasePro.com positions Sprint well in
the explosive B2B e-commerce procurement market," said Jeff Anderson,
vice president of strategic development for Sprint. "We feel
PurchasePro.com provides companies of all sizes easy access to a
complete e-commerce solution offering significant time and cost
savings."
"Our relationship with Sprint is consistent with our core
strategy of working with industry leading brands with mass market
business presence," said Charles E. Johnson, Jr., chairman and chief
executive officer of PurchasePro.com.
"With a browser and a password, Sprint's business customers will
have immediate access to our powerful e-commerce solution. I believe
the addition of Sprint's business customers to our e-marketplace will
accelerate the benefits of the network effect and continue building
critical mass to our e-marketplace, which is the key to being the
leader in business-to-business e-commerce. This is an important step
towards reaching our objective."
Experts agree the potential size of the business-to-business
e-commerce market far exceeds that of the business-to-consumer market
and recent moves by industry giants such as Sprint could have the B2B
space quickly eclipsing its B2C counterpart. The PurchasePro.com
agreement establishes Sprint as a leader in the lucrative
business-to-business e-commerce space.
"As a preferred provider on the PurchasePro.com network, this
agreement represents a dynamic new sales channel for Sprint products
and services and extends our value-added solutions throughout
PurchasePro.com's high-velocity business trading environment," said
Anderson.
"Although there is no guarantee, we anticipate generating up to
$40 million dollars in net annualized recurring revenue with this
agreement," said Johnson. "For PurchasePro.com, this represents new
incremental business derived from the Sprint marketplace over a
twelve-month period," said Johnson.
Sprint was issued warrants to purchase 900,000 shares of
PurchasePro.com common stock and can earn up to an additional
900,000 shares of PurchasePro.com common stock based on the actual
amount of net annualized revenue that is generated for PurchasePro.com
under the agreement. Further details of the agreement were not
disclosed.
About PurchasePro.com
PurchasePro.com, Inc. (Nasdaq:PPRO) is a leading provider of
Internet business-to-business electronic commerce services. The
company's e-commerce solution is comprised of public and private
"e-marketplaces" where businesses can buy and sell a wide range of
products and services in an efficient, competitive and cost-effective
manner.
A key element of its strategy is to develop sales and marketing
relationships. These relationships include Office Depot, Inc.,
Advanstar Communications, Primavera Systems, DigitalWork, Workflow
Management, Zoomtown.com, the Greater Phoenix Chamber of Commerce and
the American Association of Franchisees and Dealers. The Company
provides extensive support and training programs. For more
information, call toll free at 1-888-830-4600 or in Las Vegas at
702/316-7000. You can also access PurchasePro.com, Inc. at its Web
site, www.purchasepro.com.
About Sprint
Sprint is a global communications company -- at the forefront of
integrating long-distance, local and wireless communications services,
and one of the largest carriers of Internet traffic. Sprint built and
operates the United States' first nationwide all-digital, fiber-optic
network and is a leader in advanced data communications services.
Sprint has $17 billion in annual revenues and serves more than 20
million residential and business customers.
This press release includes forward looking statements which are
subject to risks and uncertainties, including those associated with
rapidly changing technologies such as the Internet, the risks of
technology development and the risks of competition. The statements
about the net annualized revenue the Company expects to generate under
the agreement is a forward looking statement subject to these risks
and uncertainties as well as the risk that these efforts may not
generate the full revenue target. In addition, while Sprint and the
Company have reached agreement on the basic elements of the marketing
agreement, they must reach agreement on all material terms in order to
go forward. Delays or difficulties may be experienced in reaching
agreement and in reaching revenue targets. Accordingly, actual results
could differ materially. The Company's expectations about the network
effect that it believes can be achieved by adding Sprint's business
customers to its e-marketplace is also a forward looking statement
that depends on factors such as the additional benefits to the Company
it believes can be achieved in gaining more subscription and
transaction fees from its members and more advertising fees as its
membership grows and use of its e-marketplace increases. Another
factor is the Company's ability to accelerate the pace at which it
adds members both from its direct marketing efforts and from indirect
marketing efforts such as strategic marketing agreements. The Company
may not be successful in achieving these benefits. Actual results
could differ materially and no network effect may in fact be achieved.
For more information about the risks and uncertainties that could
cause actual results to differ from these forward looking statements,
see the SEC filings of PurchasePro.com, Inc, including the section
entitled "Factors That May Affect Results" in its 10Q filing for the
quarterly period ended Sept. 30, 1999, which is available from the
Company on request and on the Internet at the SEC's Website,
www.sec.gov.
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CONTACT: PurchasePro.com, Inc.
Richard St. Peter, 702/316-7000 (CFO)
or
Morgen-Walke Associates, Inc.
Brooke Deterline, 415/296-7383 (Investor Inquiries)
Jamie Kohn, 415/296-7383 (Media Inquiries)
KEYWORD: CALIFORNIA NEVADA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS INTERNET E-COMMERCE
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