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PurchasePro Partners With ProfitScape to Add GMAC Payment Solutions for Marketplace Owners; Agreement to Provide New Payment Capabilities

Business Wire, Jan 30, 2001

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LAS VEGAS--(BUSINESS WIRE)--Jan. 30, 2001

PurchasePro (Nasdaq:PPRO), a leading provider of e-commerce solutions for companies of all sizes, and ProfitScape (www.profitscape.com), a Las Vegas-based company that provides automated payment solutions to facilitate business-to-business growth, today announced a joint initiative that will enable PurchasePro to become the first e-commerce business to implement ProfitScape's GMAC-branded eNet30(TM) payment solution into its application.

The joint initiative includes the deployment of ProfitScape's eNet30(TM) system into PurchasePro's private-label marketplaces, and offers marketplace members end financing provided by GMAC's Commercial Credit business unit, a wholly owned subsidiary of GMAC.

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The eNet30(TM) system will empower PurchasePro's member businesses to benefit from a new source of payment capabilities, enabling companies of all sizes to enjoy purchasing power normally reserved for large corporations.

Jay Craig, chief financial officer of GMAC Commercial Finance, said: "We believe the eNet30(TM) system is a perfect vehicle to provide buyers and suppliers with a greater credit line, resulting in an easier, more effective way to conduct business. ProfitScape will provide PurchasePro with the technology backbone for the company's private-label marketplaces, while our company will provide the financial services foundation."

The eNet30(TM) system draws on the financial power of GMAC Commercial Credit and enables companies to pay for goods and services with an easy-to-use, online purchasing system. The payment system also provides commercial lines of credit for approved members to facilitate online business purchases and transactions.

Matt Yost, vice president of strategic development for PurchasePro, said: "The addition of the system will provide our private-label marketplaces with an immediate increase in purchasing power. PurchasePro is committed to leveling the playing field for businesses throughout the e-commerce industry, providing our members with an additional source of revenue to purchase goods and services."

ProfitScape expects to broaden its e-commerce initiative to include the creation of four private-label marketplaces on PurchasePro's global marketplace for ProfitScape's growing domestic operations. ProfitScape has also been named a preferred supplier by PurchasePro, enabling the two companies to participate in joint sales and marketing opportunities.

About GMAC

GMAC Commercial Credit, one of two business units within GMAC Commercial Finance, is one of the largest asset-based lending and factoring companies in the world. Its parent organization, GMAC, a wholly owned subsidiary of the General Motors Corp. since 1919, operates under the brand name of GMAC Financial Services.

In addition to worldwide automotive financing, its major lines of business include insurance, mortgage, and commercial finance. The company, which recorded $1.6 billion in earnings in 2000, operates in 40 countries at more than 700 facilities.

About ProfitScape

ProfitScape Inc. provides an automated payment solution to facilitate business-to-business online transactions, which streamlines the commercial buying process by providing sellers with guaranteed payment from credit-approved buyers. Once approved, buyers are provided with a payment guarantee card, known as the eNet30(TM) purchasing card.

The eNet30(TM) process reduces the credit risk associated with selling goods to anonymous trading partners on the Internet and at commercial trade shows. By providing sellers with an automated open account management system, the eNet30(TM) eliminates much of the back office credit and collection process. ProfitScape's services provide sellers with guaranteed payment, automated bill payment, financing options, transaction processing and collection.

About PurchasePro

PurchasePro (Nasdaq:PPRO), a leader in business-to-business e-commerce, operates the PurchasePro global marketplace, encompassing more than 30,000 businesses and powering approximately 240 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 responds to the most common corporate needs: 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.

Business Services Industry

PurchasePro Partners With ProfitScape to Add GMAC Payment Solutions for Marketplace Owners; Agreement to Provide New Payment Capabilities

Business Wire, Jan 30, 2001

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