eUniverse Provides Further Comment on L90 Transaction
- Neither eUniverse nor its anticipated acquisition of L90 appear in any way to be related to the matters announced by L90 on Monday that are being investigated by the SEC and Nasdaq. - eUniverse will proceed with the acquisition of L90 only when and if it is determined that there is no undue risk of adverse consequences to eUniverse or its shareholders.
LOS ANGELES, Feb 5, 2002 /PRNewswire-FirstCall via COMTEX/ -- eUniverse (Nasdaq: EUNI chart, msgs), the leading interactive entertainment network, provided an update yesterday on its pending acquisition of L90 (Nasdaq: LNTY chart, msgs) in response to news of regulatory inquiries into the financial records of L90 and L90's announcement that there would be a resulting delay in the closing of the proposed transaction. In light of shareholder and press inquiries concerning eUniverse's comments yesterday, eUniverse today added to its statements concerning the status of the L90 transaction.
"Neither eUniverse nor its anticipated acquisition of L90 appear in any way to be related to the matters announced by L90 on Monday that are being investigated by the SEC and Nasdaq," said Christopher Lipp, Sr. Vice President and General Counsel of eUniverse. "With respect to the proposed transaction with L90, we intend to continue to monitor the SEC and Nasdaq investigations and will proceed with the transaction only when and if these matters are resolved to our satisfaction. We will not consummate any transaction that we believe poses an undue risk of adverse consequences to eUniverse or its shareholders, who remain our first priority."
eUniverse remains excited about the assets and people it would acquire in the L90 transaction as well as the range of acquisition opportunities that exist for the Company. "eUniverse's strong financial performance over the last few quarters has demonstrated our ability to succeed and grow in a tough marketplace and we will continue to do so," reiterated Brad Greenspan, Chairman and CEO of eUniverse. "eUniverse's performance has rendered the Company an attractive suitor among acquisition targets such as L90 and we intend to further capitalize on that position."
About eUniverse
eUniverse, Inc. ( www.euniverse.com ) is the leading interactive entertainment network. Focusing on diversionary entertainment, the network is consistently ranked as a top 10 weekly Internet property according to Nielsen//NetRatings. The eUniverse network includes Flowgo ( www.flowgo.com ), the largest entertainment Web site according to Nielsen//NetRatings; edgy content site Madblast ( www.madblast.com ); dating site Cupid Junction ( www.cupidjunction.com ); and one of the largest e-mail newsletter networks, delivering entertaining and informative content to more than 40 million opt-in subscribers with such titles as Infobeat, IntelligentX and GossipFlash.
Safe Harbor Statement
Information contained in this press release contains "forward-looking statements" which can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "should," or "anticipates": or the negative thereof or given that the future results covered by such forward-looking statements will be achieved. The preceding matters constitute cautionary statements identifying important factors with respect to such forward-looking statements, including certain risks and uncertainties that could cause actual results to vary materially from the future results covered in such forward-looking statements. Other factors could also cause actual results to vary materially from the future results covered in such forward-looking statements.
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Source: eUniverse, Inc.
Contact:
media, Lisa Doiron of Allison & Partners, +1-310-452-7540,
lisa@allisonpr.com, for eUniverse; or investors, Diane Will of Willstar
Consultants, Inc., +1-518-398-6222, dwill@willstar.net, for eUniverse
URL: cupidjunction.com
madblast.com
flowgo.com
euniverse.com |
