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| PurchaseSoft, Inc. has no business operations as of the fiscal year
ended May 31, 2002 (fiscal 2002). The Company was historically an emerging
provider of strategic e-procurement and business-to-business (B2B)
solutions to medium and large organizations worldwide. PurchaseSmart was
the Company's flagship e-procurement product. This Web-based software
solution, written in Java and hypertext mark-up language (HTML), provided
operational support for an organization's strategic procurement and
e-commerce needs. While the product benchmarked well against the larger
and more entrenched enterprise resource planning (ERP) and procurement
solutions, PurchaseSoft was unable to get sufficient traction in the
market to remain viable. In December 2001, the Company suspended its
operations and commenced and orderly wind-down. PurchaseSoft continued to
evaluate its strategic alternatives in order to salvage the value of its
assets during the wind-down. |
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