AOL AND PURCHASEPRO ANNOUNCE AGREEMENTS WITH CHINADOTCOM CORP., INFORMATION MARKETS CORP. AND INSUREZONE FOR NETBUSINESS MARKETPLACE
New Marketplaces Expand Interconnected Network of Small, Medium and Large Businesses Buying and Selling Online
Information Markets Corp. Also to Provide Co-Branded Small Business Advice Exchange to Netbusiness Marketplace, Giving Site Visitors Direct Access to Experts in Vertical Markets
Dulles, VA and Las Vegas, NV - April 03, 2001 - America Online, Inc. and PurchasePro (Nasdaq: PPRO), a leading enabler of business-to-business, e-commerce solutions for companies of all sizes, today announced agreements with Chinadotcom Corp., Information Markets Corp. (IMC), and InsureZone to establish private-label marketplaces that will be interconnected with the Netscape Netbusiness Marketplace. In addition, IMC, a leading provider of fee-based question and answer marketplaces, will become a provider of expert small business advice for the Marketplace.
The Netbusiness Marketplace, jointly developed by AOL and PurchasePro, is a global e-commerce network linking hundreds of communities and marketplaces to allow small, medium and large businesses to buy, sell and interact online. These new agreements dramatically expand the procurement and supplier communities currently participating in the Netbusiness Marketplace, which also encompasses more than 140,000 businesses from PurchasePro's extensive network of more than 290 private-label marketplaces. Netbusiness Marketplace also provides the opportunity for small to medium-sized companies to create specialized industry-specific marketplaces, providing a convenient one-stop location for buyers and sellers to conduct business online.
The announcement also demonstrates the growing momentum of the joint sales, marketing and advanced product development operations recently implemented by AOL and PurchasePro in support of the Netbusiness Marketplace.
Fred Singer, SVP of AOL Interactive Services and General Manager of Netscape Netbusiness said, "We are delighted to announce the addition of Chinadotcom Corp., IMC and InsureZone - all leaders in their respective fields - to the ever expanding online trading and information communities available through the Netscape Netbusiness Marketplace. By further expanding the industry-specific and broad-based markets available to buyers and sellers from companies of all sizes, the effectiveness and relevance of the Netbusiness Marketplace increases exponentially. We can help small businesses expand their growth opportunities and open entire new distribution and procurement channels for our larger participants."
Chris Benyo, SVP of Marketing of PurchasePro, said, "The combination of PurchasePro's industry-leading e-commerce technology with AOL's vast consumer and small business customer base is a powerful draw for companies looking to create branded e-marketplaces that foster content, community, and commerce for the small to mid-sized business market. These new partners illustrate the scalability of our solution to power businesses of all sizes and interconnect hundreds of branded marketplaces."
Today's announcement includes agreements with industry leaders to create unique vertical marketplaces, including Chinadotcom Corp. (www.corp.china.com) a leading integrated Internet company offering e-business solutions, portal and e-marketing services; Information Markets Corp. (www.infomarkets.com), the leading provider of fee-based online question and answer marketplaces; and InsureZone (www.insurezone.com) a full-service, nationwide "bricks and clicks" marketplace -- backed by an independent insurance agency -- that provides fast, easy access to commercial insurance from highly rated carriers. The new agreements announced today follow on the heels of ten other strategic marketplace deals announced last week, including those with Hewlett-Packard Company, BroadVision, Inc. and Spherion Corporation, to accelerate AOL's and PurchasePro's B2B and e-commerce efforts. Last week's press release can be viewed at (http://home.netscape.com/newsref/pr/newsrelease0328a01.html).
In addition to creating a private-label solution accessible through Netbusiness Marketplace, IMC will also be enhancing the Marketplace's functionality and content. By providing a customized Q&A solution for the MyBusiness, Finance, Human Resources and Marketing channels on Netbusiness, IMC will allow users to ask questions related to small business, their vertical industry or other topics. Experts will answer and provide professional services, at times negotiating a fee, and users can also share their own advice and get paid for it, making this an open expert advice exchange.
Netscape Netbusiness is driving small business membership on the Marketplace through its popular Netbusiness Card, which provides detailed information about each member's products, services, location and industry classification to millions of potential customers online. All current and new Netbusiness Card members are automatically registered in the Marketplace and are also eligible to win one million AOL/AAdvantage Reward miles being offered by Netbusiness as part of a major three-month promotional campaign.
Networking for Success:
To help interviewees succeed, Netscape.com also announced the launch of its "Networking For Success" area, located in Netscape Careers. Featuring Netscape web-based applications such as Web Mail, Web Calendar and Instant Messenger, the package is designed to help job seekers network their way to a new career by providing them with tools to keep their job search focused, effective and organized - all from one convenient location.
About Netscape Netbusiness
Launched by AOL and Netscape in September 2000, Netscape Netbusiness (http://netbusiness.netscape.com) provides a free, one-stop home on the Internet to enable owners of small businesses to better manage both their operations and everyday lives. Netbusiness offers easy-to-use and fully customizable information resources, productivity and communications tools including message boards and custom Netbusiness version of Netscape Instant Messenger, and a free online presence with the innovative "Netbusiness Card", which enables registered users to create an "online storefront" for free.
About America Online, Inc.
America Online, Inc. is a wholly owned subsidiary of AOL Time Warner, Inc. Based in Dulles, Virginia, America Online is the world's leader in interactive services, Web brands, Internet technologies and e-commerce services.
About PurchasePro
PurchasePro (Nasdaq: PPRO), a leader in business-to-business e-commerce, operates the PurchasePro global marketplace, encompassing more than 140,000 businesses and powering hundreds of private-label marketplaces with its highly scalable, browser-based e-commerce engine. PurchasePro's solutions enable businesses of all sizes to easily buy and sell products and services, and compete more effectively by enhancing sales opportunities, reducing procurement costs and greatly increasing employee productivity. PurchasePro provides the following business-to-business e-commerce solutions: e-Procurement for corporate procurement, v-Distributor for online distributors, and e-MarketMaker for Internet market makers. PurchasePro has developed strategic sales and marketing relationships with industry leaders including America Online, Computer Associates, Gateway, Hilton, Office Depot, and Sprint. The company provides extensive support and training programs. For information, call toll free at (888) 830-4600 or in Las Vegas at (702) 316-7000 or visit www.purchasepro.com.
This press release includes 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 (which involve the company's plans, beliefs and goals, refer to estimates or use similar terms) involve certain 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 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 do not necessarily represent a consensus of all employees and managers within the company. Moreover, those forward-looking statements are based on limited information available to us now, which is subject to change. It should be clearly understood that the factors and perceptions on which these forward-looking statements are based are highly likely to change over time and that 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 Inc., including the section titled ``Factors That May Affect Results'' in its 10-K filing for the period ended December 31, 1999, and its 10-Q for the quarter ended September 30, 2000, which is available from the company on request and on the Internet at the SEC's Web site, www.sec.gov. Note to Editors: PurchasePro is a servicemark of PurchasePro.com Inc. All other trademarks or registered trademarks are the property of their respective owners.
