The Company has closed on $7 million of additional funding, inclusive of $4 million from new investors.

SiteStuff, Inc. (SiteStuff), the leading online procurement solution for the commercial real estate industry, announced today that the Company has closed on $7 million of additional funding, inclusive of $4 million from new investors.

SiteStuff is changing the way commercial real estate professionals procure MRO goods and services by streamlining the purchasing process and automating Request for Proposals (RFP) via the Internet. SiteStuff will use the funds for general corporate purposes in deploying its procurement solution, continuing to expand the services segment of the business and developing additional value-added tools for the benefit of its customers.

"We are extremely pleased with this additional funding, and are grateful for the continued support of our Octane partners," said Bill Sullivan, chairman and chief executive officer of SiteStuff. "This financial backing will assist us in meeting our goals for 2002, which include achieving both bottom-line and cash-flow profitability."

SiteStuff has registered and trained over 3,600 properties to date. The Company has seen a significant increase in adoption and engagement levels throughout 2001. During the year, SiteStuff has processed over 50,000 purchase orders for its customers. The average number of purchase orders per month has grown substantially during 2001: from 2,500 per month in the first quarter, to nearly 6,000 per month in the fourth quarter.

"This increased level of adoption and purchase order volume demonstrate the traction and momentum that we have been able to build in 2001. This growth and the commitment of new funding help to prove out the value we are bringing to our properties," explains Sullivan.