feel confident about the stability and capabilities of the PFSweb team. The team
leading PFSweb has a great history of success together. The board felt strongly
that a better chance of long-term shareholder value would be obtained from a
proven, knowledgeable and stable team.
I remain committed and excited about the future for PFSweb. We possess
the critical elements necessary to create a successful and meaningful public
company, those being: cash, people, a superior product, and world-class blue
chip customers. We are driving our business model to increase revenues,
eliminate excess capacity and to reach sustainable profitability. We currently
hope to reach this milestone by the middle of 2002 with ample cash to support
our operations until we reach profitability. I personally thank each of you for
your part in working towards achieving our future business plans and I know that
together we can be wildly successful.
THIS OFFER WILL BE MADE UNDER THE TERMS AND SUBJECT TO THE CONDITIONS OF THE
OFFER TO EXCHANGE AND RELATED DOCUMENTS. WE WILL DISTRIBUTE THE OFFER TO
EXCHANGE AND RELATED DOCUMENTS TO ALL EMPLOYEES WHO ARE ELIGIBLE TO PARTICIPATE
IN THE OFFER. BEFORE YOU DECIDE WHETHER TO TENDER ANY OF YOUR OPTIONS, YOU
SHOULD CAREFULLY READ THE ENTIRE OFFER TO EXCHANGE AND RELATED DOCUMENTS BECAUSE
THEY CONTAIN IMPORTANT INFORMATION ABOUT THE OFFER. WE WILL FILE THESE MATERIALS
WITH THE SECURITIES AND EXCHANGE COMMISSION AS PART OF A TENDER OFFER STATEMENT.
YOU WILL BE ABLE TO OBTAIN THESE MATERIALS AND OTHER DOCUMENTS FILED BY US WITH
THE SEC WITHOUT CHARGE ON THE SEC'S WEBSITE AT http://www.sec.gov. IN ADDITION,
YOU MAY OBTAIN A COPY OF THE DOCUMENTS REFERRED TO IN THE OFFER TO EXCHANGE,
OTHER THAN EXHIBITS TO SUCH DOCUMENT (UNLESS SUCH EXHIBITS ARE SPECIFICALLY
INCORPORATED BY REFERENCE INTO SUCH DOCUMENT) AT NO COST BY CONTACTING HARVEY
ACHATZ AT PFSWEB, INC. 500 NORTH CENTRAL EXPRESSWAY, PLANO, TX 75074
(972-881-2900 x 2130).