Sprint will purchase 900,000 shares of PurchasePro.com common stock and may
earn up to an additional 900,000 shares of PurchasePro.com common stock
if revenue targets are met.
The PurchasePro.com agreement establishes Sprint as a leader in the
lucrative business-to-business e-commerce space.
“With a browser and a password, Sprint’s business customers will have
immediate access to our powerful e-commerce solution,” said Charles E.
Johnson, Jr., chairman and chief executive officer of PurchasePro.com.
“I believe the addition of Sprint’s business customers to our e-marketplace
will accelerate the benefits of the network effect and continue building
critical mass to our e-marketplace, which is the key to being the leader in
business-to-business e-commerce. This is an important step towards reaching
PurchasePro.com is a leading provider of Internet business-to-business
electronic commerce services. The company’s e-commerce solution consists of
“e-marketplaces” where businesses can buy and sell a wide range of products
and services in an efficient manner.