TALKING TO MYSELF
Thursday August 5, 7:30 am Eastern Time
Company Press Release
TownPagesNet.com Plc -TPN- Announces Third Major Transaction
Signs Letter of Intent to Acquire Bowden Publishing Limited
ALTON, England--(BUSINESS WIRE)--Aug. 5,1999--TownPagesNet.com plc (AMEX:TPN - news), a provider of Internet-based on-line information services in the UK, has signed a letter of intent to acquire 100% of the equity of Bowden Publishing Limited from the current owners, John Bowden and Lucy Bowden, for 10 times Bowden's fiscal 1999 net profits.
Based in Newcastle-Upon-Tyne, Bowden publishes the well-known Internet-based Local Authority & Public Service Buyers Guide (www.buyersguide.co.uk), which attracts 3,500 advertisers on the website annually.
The Bowden signing marks the Company's third major transaction in less than three weeks, following closely TownPages' August 2nd letter of intent to acquire Morbria Limited, which specializes in the design of websites and advertising services, for approximately US$7.2 million in TownPages common stock and the Company's July 23rd acquisition of WWW.CO.UK, the UK's leading Internet provider of cinema information, for US$6.4 million in cash and TownPages common stock.
''TownPages is determined to become Europe's number one provider of on-line information and services,'' commented Andrew Lyndon-Skeggs, TownPages' Managing Director. ''In order to achieve that goal, we are looking to buy a number of complementary companies as well as to expand internally. The Bowden deal confirms our growth commitment.''
Lyndon-Skeggs also noted, ''Bowden Publishing is a dynamic company with great potential. The Buyers Guide ties in extremely well with our plans to build partnerships with local Councils for the roll-out of our on-line information services.''
Working with local authorities and other organizations, TownPages plans to install approximately 3,500 on-line information kiosks across the UK within three years. A number of local authorities have already agreed to host the kiosks on their property and provide content for the company's community-focused information services.
''Safe Harbor'' statement under the Private Securities Litigation Reform Act of 1995:
This release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, reliance on key strategic alliances, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
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Contact:
TownPages
A. Lyndon-Skeggs, 011-44 1420 543468
or
Countrywide
Mike Rigby, 011-44 1295 224400 |
