Canadian Ministry of Finance and Others Upgrade PurchaseSoft Electronic Procurement Systems

Business Wire, Dec 17, 1999

MINNEAPOLIS--(BUSINESS WIRE)--Dec. 17, 1999--

Six Other PurchaseSoft Customers Upgrade Software to Newest Version

PurchaseSoft, Inc. (OTCBB:PURC), a provider of business-to-business procurement software for mid-sized organizations, announced that the Canadian Ministry of Finance, an existing software customer, has added a second PurchaseSoft solution to its network, and that six other existing customers have upgraded their current PurchaseSoft systems.

The Canadian Ministry of Finance currently uses PurchaseSoft to manage procurement for maintenance, repair and operational (MRO) functions for their department. The new system, PurchaseSoft 5.1, will be used specifically to manage all IT-related procurement, from requests for quotations through back-end reporting and analysis.

The customers upgrading to version PurchaseSoft 5.1 include: Canada-based Brewer's Retail, Inc.; Schroder & Co., Inc.; Gruntal & Co. LLP, an investment firm; Country Companies Insurance Group; investment firm Donaldson, Lufkin & Jenrette, Inc.; and accounting firm KPMG, LLP.

PurchaseSoft introduced version 5.1 this past August. The new version added a web-based interface to facilitate requisitioning and receiving via the Internet, and the ability to scan and retain ancillary documents, such as packing lists, images, or specifications, in the database along with the purchase order and documentation.

"PurchaseSoft 5.1 is a proven end-to-end client/server procurement solution," said Jeffrey Pinkerton, President for PurchaseSoft. "We are pleased to provide our current users with leading-edge purchasing and sourcing solutions."

PurchaseSoft, Inc. is an industry leader in end-to-end Enterprise Procurement Management software. The PurchaseSoft family of products combines over 20 years of procurement expertise with industry-leading software design and internet technologies. As a result, PurchaseSoft offers medium and large-sized businesses strategic Procurement Intelligence(TM) that helps them to significantly reduce costs and increase productivity through their procurement process and drive more profit to the bottom line. For additional information, visit www.purchasesoft.com.

Safe Harbor Statement:

This document is neither an offer to sell nor a solicitation of an offer to buy any securities of the company. Statements made in this document that state the company's or management's beliefs or expectations and which are not historical facts or which apply prospectively are forward-looking statements. It is important to note that the company's actual results could differ materially from those contained within or implied by such forward-looking statements. Additional information concerning certain risks and uncertainties are discussed under the caption "Risk Factors" in the Company's Annual Report on Form 10-KSB for the year ended May 31, 1999.