Executive to increase stake in company
Tuesday, Nov. 2, 1999 | 11:40 a.m.
The chairman and chief executive officer of a Las Vegas-based online procurement company plans to buy up to $1 million of the company's stock.
Charles "Junior" Johnson, who already owns about 26 percent of PurchasePro.com Inc., announced today he would increase his stake in the company with common stock purchases on the open market. Johnson said he plans to make the purchases from time to time at prevailing market prices.
The market reacted favorably to the announcement this morning, climbing $14.19 to $54.31, a 35.4 percent increase from Monday's closing price.
PurchasePro.com uses Internet-based technology to form public and private "e-marketplaces" where small and medium-sized businesses can buy and sell products and compete with larger competitors.
archive