FWHT, huge news out this morning.
Go2Net and FindWhat.com Enter Into Comprehensive Agreement
FindWhat.com Search Results to be Included in MetaCrawler and Dogpile Search Results
SEATTLE & LOS ANGELES--(BUSINESS WIRE)--March 20, 2000-- Go2Net to Receive Warrants to Purchase 725,000 Shares of FindWhat.com
Go2Net (NASDAQ: GNET - news), one of the Internet's leading networks, and FindWhat.com (OTCBB: FWHT - news), operator of a pay-for-position Internet search engine offering performance-based Net advertising services, today announced a comprehensive distribution agreement.
As part of today's agreement, Go2Net will receive warrants to purchase 725,000 shares of FindWhat.com common stock at an exercise price of $5.50 a share. The warrants represent approximately five percent of the outstanding FindWhat.com common stock on a fully diluted basis.
From a distribution standpoint, Go2Net will include FindWhat.com search results in its popular metasearch services, MetaCrawler (http://www.metacrawler.com/) and Dogpile (http://www.dogpile.com/). Overall, Media Metrix ranks the Go2Net Network the 12th most trafficked network on the Internet (January 2000.)
``Our strategic alliance with Go2Net should generate a substantial increase in the number of searches run on the FindWhat.com search engine through MetaCrawler and Dogpile, which deliver more than 65 percent of the metasearches conducted on the Internet,' Courtney Jones, chairman, FindWhat.com, said. ``With Go2Net's sites generating millions of searches per month, we expect our advertisers will benefit because links to their sites will be placed within the search results generated on the Go2Net sites.'
``The category of search remains one of the Internet's most popular and important areas of concentration, particularly as the size and complexity of the Internet continues to expand,' said Michael J. Riccio, Go2Net Chief Operating Officer. ``We're pleased to add FindWhat.com's search resources to our metasearch offerings.'
About Go2Net
Go2Net (http://www.go2net.com/) is one of the Internet's leading networks, providing consumer services, business services, and enabling services. The company offers through the World Wide Web a network of branded properties and aggregated content in the categories of search and directory, personal finance, multi-player games, small business services and ecommerce solutions. The company also develops Internet technologies for its own network and for license to strategic partners. The Go2Net Network is home to many of the Internet's leading vertical destinations, including: MetaCrawler, Silicon Investor, the HyperMart Network, PlaySite, Dogpile and 100hot.
This announcement contains forward-looking statements that involve risks and uncertainties, including those relating to the company's ability to grow its user and advertiser base. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the company's limited operating history, the competitive environment in which the company competes, the early stage of the Web as an advertising and electronic commerce medium, the company's dependence on advertising, sponsorship and commerce revenues, the company's dependence on strategic relationships to drive traffic to its Web sites, consumer acceptance of the company's new products and services, the company's ability to develop and integrate new technologies and services into its existing services and into new platforms, such as broadband, and the increased use of the Web for commerce. More information about the potential factors that could affect the company's business and financial results is included in the company's Annual Report on Form 10-K for the year ended September 30, 1999, and Quarterly Report on Form 10-Q for the quarter ended December 31, 1999, which are on file with the Securities and Exchange Commission.
About FindWhat.com
FindWhat.com operates an online marketplace where web publishers use an automated bidding process to determine the per-click fee they will pay for premier placement on the search results returned by the FindWhat.com search engine. The web sites offering the highest bid for particular keywords and key phrases appear first on the list of search results. This cost-effective, pay-for-performance model allows web publishers to pay only for those customers who click through to their sites. For more information, visit findwhat.com.
This press release contains statements that are not purely historical, and as such are forward-looking statements under the federal securities laws. These include forward-looking statements regarding management's intentions, plans, hopes, beliefs, expectations or projections of the future, and include statements in this document regarding plans of Go2Net and FindWhat.com. These forward looking statements involve risks and uncertainties, including without limitation, acceptance of the company's products and services; additional financing requirements; the impact of competitive products or pricing, technological changes; the effect of economic conditions; the ability to successfully commercialize the FindWhat.com service; identifying and establishing relationships with future online marketing participants; dependence on the company's agreement with Inktomi to provide supplemental search data; patent rights which could prevent the company from offering the FindWhat.com service in its present form; dependence on third parties for certain software and Internet services for the FindWhat.com search service; successful expansion of the company's network infrastructure and customer support capabilities; and other risks and uncertainties detailed from time to time in the company's reports filed with the Securities and Exchange Commission. These SECfilings include the company's Form 10, filed December 9, 1999. One or more of these factors have affected, and could in the future affect, the company's business and financial results in future periods, and could cause actual results to differ materially from plans and projections. There can be no assurance that the forward-looking statements made in this press release will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the company, or any other person, that the objectives and plans of the company will be achieved. All forward-looking statements made in this press release are based on information presently available to management, and the company assumes no obligation to update any forward-looking statements.
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Contact:
For Go2Net:
Go2Net, Inc.
Mark S. Peterson
Director of Public Relations
206/447-1595
E-mail: mark@go2net.com
For FindWhat.com:
Public Relations Contact:
The Bohle Company
Allison Tatum/Wendy Zaas
310/785-0515
E-mail: allison@bohle.com
wendy@bohle.com
Investor Relations Contact:
Lippert/Heilshorn Associates
Lisa Lettieri
212/838-3777
E-mail: lisa@lhai.com
www.lhai.com |
