Programmer's Paradise, Inc. Announces Signing of Stock Purchase Agreement; PC-Ware to Acquire European Holdings of Programmer's Paradise

Business Wire, Dec 1, 2000

Business Editors

SHREWSBURY, N.J.--(BUSINESS WIRE)--Dec. 1, 2000

Programmer's Paradise(R), Inc. (NASDAQ: PROG) announced today that a Stock Purchase Agreement has been signed, in contemplation of the closing of the acquisition by PC-Ware Information Technologies AG ("PC-Ware") of the European subsidiaries of Programmer's Paradise at a purchase price of Euro 14,500,000.

The closing is subject to several conditions, including approval by stockholders of Programmer's Paradise at a meeting scheduled to take place on Thursday, December 21st in New York, N.Y. The closing of the sale will take place as soon as practicable after December 21, 2000.

Bill Willett, Chairman of Programmer's Paradise, Inc. commented, "We are extremely proud of the progress our European subsidiaries accomplished in creating a strong brand for our services and the commitment each and every employee made over the past years. The opportunity to sell our subsidiaries at this time will provide the necessary resources to increase market share within the North American marketplace."

Programmer's Paradise, Inc. is an international marketer of software targeting the software development professional and information technology professionals within enterprise organizations. Programmer's Paradise enhances software development productivity by providing a single-source for software development tools from industry-leading vendors selected on a basis of features, quality, price and warranty. The Company offers over 58,000 SKUs from more than 2,000 publishers and manufacturers and distributes these products through multiple distribution channels. Programmer's Paradise web site is located at www.programmersparadise.com.

PC-Ware is a specialist service provider and developer for information technology with a focus on software and associated services. PC-Ware's full service concept includes not only procurement and license management for software but also customized consulting and support services. PC-Ware is one of the three largest Microsoft Select Partners in Germany.

Programmer's Paradise is listed on the NASDAQ (PROG). PC-Ware is listed on the Frankfurt Stock Exchange (PCW). For further information contact William H. Willett, CEO at 732-389-8950 extension 7200, William H. Sheehy, CFO at 732-389-8950 extension 7272, or Dr. Knut Loeschke of PC-Ware at knut.loeschke@pc-ware.de.