ProcureNet, Leading Provider of End-to-End Internet Purchasing Solutions, to Establish Corporate Headquarters on Long Island.

Business Editors

FAIRFIELD, N.J.--(BUSINESS WIRE)--May 15, 2000

Will Create Hundreds of Jobs for Long Island Job Market

ProcureNet, Inc., a pioneer and leading provider of end-to-end eProcurement solutions, today announced that it will relocate its corporate headquarters from Fairfield, New Jersey to the Long Island Technology Center (LITC), located in Great River in Long Island's Suffolk County. The move is expected to create at least 200 jobs for the local workforce.

"ProcureNet has shown confidence in New York by making a significant investment in our state and pledging to create hundreds of jobs for the Long Island economy," said Governor George Pataki. "It's always a pleasure to welcome an industry leader to our state, and I wish ProcureNet continued success and prosperity as a New York-based company."

In consideration for its commitment to New York to create new jobs, ProcureNet is eligible to receive a $250,000 capital grant from Empire State Development.

LITC's 82-acre campus, which houses only Internet-, technology-, and education-focused companies, will feature unparalleled connectivity, a Montessori-style daycare center, full-service restaurant, a recreational facility, fitness center, classrooms, and a conference center.

Co-owned by real estate developers Rudin Management Co. and Cogswell Realty Group, LITC also boasts a state-of-the-art "Digital Sandbox" featuring digitized video and teleconferencing capabilities, electronic whiteboards, and a remote learning facility.

"Long Island has quietly become one of the country's premier areas for securing technology talent," said Reuven Battat, president and chief executive officer of ProcureNet. "As we considered the critical factors that would help us take ProcureNet to the next level, Long Island and the Long Island Technology Center quickly rose to the top of the list. LITC gives us resources to attract the industry's best and brightest people while creating a dynamic work environment for our employees."

"The Long Island Technology Center delivers the environment that attracts leaders like ProcureNet," said John Gilbert, COO of Rudin Management Co. "By joining the other technology and education pioneers that have chosen LITC, ProcureNet has shown its confidence that the sophisticated work environment we provide will help them extend the success of the company."

About ProcureNet Inc.

ProcureNet (www.ProcureNet.com) is the pioneer and leading provider of Internet B2B and B2G solutions and services. Its flagship product, OneSource(TM), uniquely integrates Web-based procurement applications, global buying portal, and purchasing services. ProcureNet provides procurement solutions to more than 125 major commercial and public sector organizations. The company has 240 employees and revenue in excess of $70 million. Major investors include Fisher Scientific (NYSE: FSH), Thomas H. Lee Company, DLJ Merchant Banking Partners, and Chase Capital Partners. ProcureNet has offices in Fairfield (N.J.), Houston, Roswell (Ga.), Pittsburgh, Avon (Conn.), Honolulu, Bloomfield Hills (Mich.), and Chesapeake (Va.).

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