LAS VEGAS, Nov. 29, 2001 (PRIMEZONE) -- PurchasePro (Nasdaq:PPRO) said today that due to the resignation of its auditors, as announced in a Form 8-K filed with the SEC today, it has postponed its proxy filing and annual meeting, originally scheduled for December 10, 2001 and will announce a new date shortly.
Richard L. Clemmer, chief executive officer, said, "While the timing of the Andersen resignation is unfortunate, as it has caused a delay in our filing of proxy materials, it allows the current management to select a new independent auditor and close the book on all those matters affecting our credibility with our shareholders."
Mr. Clemmer pointed out, "At this point in PurchasePro's history, I, and senior management, firmly believe we are on track to achieve our objective of profitability. While it's taking somewhat longer than we had anticipated to overcome the company's challenging past, we have rung up very important deals in the past few weeks including, Avantrust, Corporate Express and GovernmentFirst. These transactions represent immediate and recurring revenue to PurchasePro, and clearly signify the diminishing concern in the marketplace regarding our viability. We have a well-vetted pipeline of prospective business and we will be making more announcements as appropriate."
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.
Safe Harbor: 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 September 30, 2001, which are available from the company on request and on the Internet at the SEC's website, www.sec.gov.