Procuri Announces Record First Quarter Results; 12 New Subscription Agreements and 11 Contract...

Business Editors

International Supply Management Conference

PHILADELPHIA--(BUSINESS WIRE)--April 26, 2004

Procuri Inc., a leading provider of strategic sourcing solutions, today announced strong first quarter results with 12 new, long-term subscription agreements. Additionally,

Joining Procuri's customer base are companies from a variety of industries including high-tech, consumer goods, financial services, manufacturing and retail. Acuity Lighting Group, Alliance Capital, Cadbury Schweppes, HOVENSA, Prosero and Zorgvoorwonen selected Procuri solutions based on a variety of factors but chiefly the company's focus on self-sufficiency and its functionally rich, cost-effective sourcing solutions.

"Our results in the second quarter of fiscal 2004 were boosted by margin management initiatives and an effort to build a more globally competitive supply chain. A part of these initiatives is to empower our purchasing department with Procuri's Web-based sourcing solutions to automate sourcing processes, institutionalize best sourcing practices and make best value sourcing decisions that improve bottom line results," said Scott Clifford, director of sourcing, Acuity Lighting Group.

Continuing Procuri's momentum, 11 companies extended their contracts with Procuri including American Standard, FM Resources, Inc., GKN plc, Kraft Foods Inc. and Panasonic.

"After using Procuri's solutions domestically for two years, we are excited to expand our department's use to Europe, China, Japan and other regions. We are confident that these teams will also realize significant cost and cycle time savings within the first few weeks and months," said Brian Cooker, general manager, Panasonic.

"Procuri is delivering on the promise and potential of strategic sourcing. We're proud of our continued customer acquisition and 100 percent customer renewal rate. It demonstrates that Procuri is making a difference to our customers and that the company continues to deliver functionally rich solutions and excellent customer support," said Mark F. Morel, Sr., Procuri's president and chief executive officer.

About Procuri Inc.

Procuri's strategic sourcing solutions empower its more than 100 customers to create a competitive advantage. By accelerating business velocity, Procuri's solutions help companies achieve rapid ROI, reduce cycle times and improve buyer efficiencies. Procuri's ability to leverage industry best practices and enable its customers to better predict and control their success in the sourcing process has led to the company's unequaled 100 percent customer retention rate. Customers include Procter & Gamble, Eastman Kodak, ITT Industries, KLM Royal Dutch Airlines, Rio Tinto and U.S. Steel, among others. For more information, call 1-877-360-1600 or visit www.procuri.com.

All copyright, registration and trademarks for Procuri, Inc., Procuri, Procuri 2, Procuri 3, Procuri 4.0 and Fast-Track ROI are owned by Procuri, Inc. Other company and product names may be trademarks of their respective owners.