Las Vegas-based technology firm PurchasePro said Monday it reached an agreement with America Online to end PurchasePro's obligation to pay AOL $20.7 million, a requirement under a previously arranged partnership.
Richard Clemmer, chief executive of PurchasePro, had said in recent conference calls to Wall Street that he had told AOL executives future payments would not be coming because his company needed the cash to operate.
The two firms co-developed the Netscape Netbusiness Marketplace, an electronic business exchange that aims to channel mutual business traffic to each others' websites.
The PurchasePro statement said AOL will have the option of using PurchasePro's software for the Netscape marketplace.
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