PurchasePro CEO to sell shares

Shares of the Las Vegas Internet business PurchasePro rose 31 cents to $10.31 this morning, despite an announcement that Chairman and Chief Executive Charles Johnson Jr. plans to begin selling some of his shares.

Johnson's plan sets a predetermined amount of shares to be sold daily. He owns about 14 million shares, or 23 percent of the outstanding stock, and could sell as many as 5 million shares. But he doesn't plan to sell at prices below $15, PurchasePro said.

The company said Johnson previously had committed he would not sell any shares until the company reached profitability. The company said it posted cash earnings in the fourth quarter of 2000.

Johnson has not received a salary or bonus for more than a year and has not received any option grants since the company went public, the company said.

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