LV company to sell $57.5 million in stock

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Tuesday, June 8, 1999 | 11:02 a.m.

PurchasePro.com Inc. of Las Vegas filed today to sell up to $57.5 million in shares in an initial public offering of stock.

In a filing with the Securities and Exchange Commission, the provider of electronic-commerce services for businesses did not disclose the expected share price of the offering, nor the number of shares it expects to sell.

The company said it plans to use the net proceeds from the offering on sales and marketing, acquisitions, product investment and other general purposes.

PurchasePro.com is a service bringing together buyers and sellers of goods. Its buyers include big Las Vegas hotel-casinos. It changed its name from Purchase Pro on June 1.