Ready to roll ? After hours put the close at 1 11/16.
This article from V-Twin with the Bikers Dream web site in
it may be the driver.
biz.yahoo.com
V-Twin Brings PurchasePro.com's B2B E-Commerce Engine To The
Motorcycle and Powersports Industry With CycleClick.com
Secures $1.2 Million in Funding To Accelerate Business Development
WASHINGTON, March 29 /PRNewswire/ -- V-Twin Holdings (OTC Bulletin Board: VTWN - news) today announced CycleClick.com, a new on-line
marketplace for the $16 billion motorcycle and powersports industry, which will be powered by PurchasePro.com's (Nasdaq: PPRO - news) leading marketplace
solution for business-to-business electronic commerce.
As part of the agreement between the two companies, PurchasePro.com was issued warrants to purchase 200,000 shares of V-Twin common stock at $9.50 per
share and will share the transaction revenue from the e-marketplace with V-Twin. V-Twin also announced that it signed a definitive agreement for $1,225,000 equity
financing from an undisclosed group of Internet investors to expand its business development initiatives.
Richard Paone, President of V-Twin, said, ``Our goal with CycleClick.com is to create new revenue opportunities and cost savings for thousands of dealers,
manufacturers, distributors and suppliers. We are ready to hit the ground running to build CycleClick into the premier business-to-business e-commerce market for
the industry.
Mr. Paone continued, ``Cycleclick will be easy-to-use because it is powered by PurchasePro's web-based technology, so it can be accessed easily by any buyer or
seller with any Internet browser. Another advantage of PurchasePro's proven technology is that CycleClick can speed its time to market. This powerful combination
is strengthened by V-Twin's experience in retailing and e-commerce, equity financing that continues to increase, and a growing list of interested customers and
suppliers.'
Charles E. Johnson, Jr., Chairman and Chief Executive Officer of PurchasePro.com, said, ``We continue to build a base of recurring revenue by opening new
verticals to the wide range of products and services available in our public marketplaces. Our browser-based Internet end-to-end solution may bring cost savings to
buyers and potential new customers for sellers, creating a large, efficient marketplace.'
CycleClick brings PurchasePro.com's one-stop e-commerce solution to a new and fast-growing market. PurchasePro.com's system is scaleable to grow with
CycleClick, and includes on-line customer service and integration with the existing systems of dealers, manufacturers and distributors. CycleClick will be open to
companies offering and purchasing a broad spectrum of products and services such as:
New and used motorcycles, ATVs, snowmobiles and personal watercraft;
Aftermarket and OEM replacement parts, accessories and apparel;
Dealer services such as financing, insurance, health and retirement
benefits, consulting and facilities maintenance;
Raw materials such as metal, composites, fluids and paint; and
Janitorial, service center and office supplies.
The Motorcycle Industry Council reports that the value of the motorcycle retail marketplace was $12.7 billion in 1998 and that retail sales grew 24% in 1999,
implying an industry value of $15.7 billion. This excludes the snowmobile and personal watercraft sectors.
About V-Twin Holdings, Inc.
V-Twin Holdings, Inc., based in Washington, D.C., is building a nationwide motorcycle and powersports business that combines a strong retail network with
Internet sites for enthusiasts and on-line business-to-business services for the industry.
V-Twin's retail companies own seven motorcycle and powersports stores in Virginia, North Carolina, Texas and California. V-Twin licenses its ``Bikers Dream'
brand name to 16 independent dealers in 14 states. The Company also operates bikers-dream.com, an e-commerce enabled site that serves heavy
cruiser and custom bike enthusiasts.
For more information on V-Twin visit vtwin.net or contact Mr. Richard Paone at 212-539-0768 or rich.paone@vtwin.net; investors and media can
contact LaMagna Communications at 516-668-4979 or lamagna@mindspring.com.
About PurchasePro.com
PurchasePro.com, Inc. (Nasdaq: PPRO - news) is a leading provider of Internet business-to-business electronic commerce services. The company's e-commerce
solution is comprised of public and private marketplaces where businesses can buy and sell a wide range of products and services in an efficient, competitive and
cost-effective manner.
The company has designed its marketplaces to meet the needs of these customers as well as their strategic business partners. A key element of its strategy is to
develop sales and marketing relationships. These relationships include IBM, Sprint Corporation, Advanstar Communications, Office Depot, Inc., DigitalWork,
VerticalNet, Cincinnati Bell, the Greater Phoenix Chamber of Commerce and the American Association of Franchisees and Dealers.
PurchasePro.com 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, purchasepro.com.
This press release includes forward-looking statements which are subject to a number of risks and uncertainties, including the risks and uncertainties associated with
rapidly changing technologies such as the Internet, the risks of technology development and the risks of competition. Actual results could differ materially. For more
information about these risks and uncertainties, see the recent SEC filings for PurchasePro.com, Inc. and V-Twin Holdings, Inc. These include sections entitled
``Factors That May Affect Results' in PurchasePro.com's 10-Q filing for the quarter ended September 30, 1999 and the section ``Risk Factors' in its registration
statement on Form S-1/A filed on February 10, 2000. SEC filings are available from the companies on request or at sec.gov. |
