VTWN---> Interesting release,
- New and used motorcycles, ATVs, snowmobiles and personal watercraft;
(COMTEX) B: V-Twin Brings PurchasePro.com's B2B E-Commerce Engine To
B: 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, Mar 29, 2000 /PRNewswire via COMTEX/ -- V-Twin Holdings (OTC
Bulletin Board: VTWN) 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) 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) 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.
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