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Technology Stocks : Liquid Audio Inc - (Nasdaq- LQID)
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To: Mohan Marette who wrote ()6/17/1999 4:06:00 PM
From: Mohan Marette  Read Replies (1) of 674
 
Amazon says holds warrants for Liquid Audio stake

LOS ANGELES, June 17 (Reuters) - Internet retailer Amazon.com (Nasdaq:AMZN - news) said on Thursday it held warrants that will allow it to take a stake in online music company Liquid Audio not exceeding 10 percent.

Issued on June 9, the warrants were for common stock in Redwood City, Calif.-based Liquid Audio, Amazon spokesman Paul Capelli told Reuters.

''As part of our work with them ... there was an arrangement where we received warrants to buy a certain number of shares at a certain price,'' Capelli said.

The total stake covered by the warrants would amount to less than 10 percent, Capelli said. Some of the warrants could be exercised immediately while others could be exercised at a later date.

Details of the warrants were expected to appear in a filing Liquid Audio would make soon with the U.S. Securities Exchange Commission as part of its process to take the company public.

Liquid Audio officials were not available for comment, citing the mandated quiet period before the firm's initial public offering.

Amazon uses a digital music format marketed by Liquid Audio as part of a project to offer songs for download over its Web site. The Liquid Audio format compresses music files so they take up less space on a hard disk and can be sent more quickly over the Internet.

biz.yahoo.com
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