LAS VEGAS, Aug. 27, 2002 (PRIMEZONE) -- PurchasePro (Nasdaq:PPRO) said today that the company received a Nasdaq Staff Determination on August 20, 2002 indicating that the company fails to comply with Nasdaq's requirements for continued listing set forth in Marketplace Rule 4310(c)(14) because the company has not yet filed its 10-Q for the period ended June 30, 2002, and that PurchasePro's securities are, therefore, subject to delisting from The Nasdaq SmallCap Market.
PurchasePro has requested a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. This request for a hearing suspends the delisting action until the Nasdaq Listing Qualifications Panel reaches a final decision. There can be no assurance the Panel will grant the company's request for continued listing.
About PurchasePro
PurchasePro(r), www.purchasepro.com, is a B2B e-commerce leader with the objective of providing software to enable enterprises of all sizes to gain universal access to the world's largest commerce network. Founded in 1996, PurchasePro provides electronic procurement and strategic sourcing solutions to businesses worldwide.
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, 2001 that is available from the company on request and on the Internet at the SEC's Website, www.sec.gov. Note: PurchasePro is a service mark of PurchasePro.com Inc. All other trademarks or registered trademarks are the property of their respective owners.