BIG news on the wires this morning and the stock gapped up --
Jim Clark and John Doerr Announce Intent to Purchase Up to $220 Million of Healtheon/WebMD Stock in Open Market
Clark Intends to Invest up to $200 Million; Doerr up to $20 Million
MENLO PARK, Calif. and ATLANTA, April 7 /PRNewswire/ -- Two directors of Healtheon/WebMD Corporation (Nasdaq: HLTH), Jim Clark and John Doerr, have asked the Company to grant an exception to its trading window restrictions to
permit them to purchase shares of its common stock in the open market.
Mr. Clark and Mr. Doerr indicated they wish to take advantage of current depressed stock prices to increase their investment in the Company. Healtheon/WebMD and Mr. Clark and Mr. Doerr announced today in a joint press
release that the Company would grant the request.
These purchases may be affected by either Mr. Clark or Mr. Doerr or by others with whom they may be associated and may commence at any time after 12 noon eastern time on April 7, 2000. These purchases will be made pursuant
to SEC Rule 10b-18 and may be discontinued at any time.
Jim Clark said, "I am more confident than ever in Healtheon/WebMD's vision of connecting physicians, payers and consumers via the Internet. The recent
flurry of activity in the e-health space makes it clear to me that the healthcare industry is embracing the Internet. In these market conditions, I expect to increase my investment in Healtheon/WebMD by up to $200 million."
Mr. Clark has been a member of Healtheon/WebMD's Board of Directors since he co-founded the company in 1995. He co-founded Netscape Corporation in 1994 and founded Silicon Graphics, Inc. in 1981. He and his family currently
own approximately 11.7 million shares of Healtheon/WebMD.
John Doerr said, "I have great confidence in Healtheon/WebMD's strategy,and in management's ability to execute. I am pleased that the Company has
given us this opportunity to increase our investments. I expect to invest up to $20 million in Healtheon/WebMD stock."
Mr. Doerr has served as a director of Healtheon/WebMD since July 1997, and has been a general partner at Kleiner Perkins Caufield & Byers, a venture capital firm, since 1980. Kleiner Perkins Caufield & Byers owns approximately
8.1 million shares of Healtheon/WebMD. |
