CDNW is toast.
Its time for a takeunder...great for bagholders, umm, shareholders.
6/14/00 16:50
Patrick Kerins Resigns From CDNOW Board of Directors;
CDNOW Continuing Process of Seeking an Investment or Merger Partner
FORT WASHINGTON, Pa., June 14 /PRNewswire/ -- CDNOW (Nasdaq: CDNW), the leading online music destination, announced today that Patrick Kerins has resigned from the CDNOW Board of Directors.
Mr. Kerins, a Managing Director of Grotech Capital Group, joined the CDNOW Board of Directors in 1997, representing Grotech, one of the original investors in CDNOW, and continued on the Board after Grotech disposed of its interest in the company. He resigned because his commitments to other boards where Grotech has significant investments are becoming increasingly time consuming.
"We thank Patrick for his time and counsel," said Jason Olim, President and CEO of CDNOW. "It has been a pleasure working with him and his assistance to CDNOW has been invaluable over the past several years. We intend to initiate a process of finding a suitable replacement to fill the vacancy on our Board which has been created with Patrick's departure."
CDNOW also stated that the process to secure an investor or merger transaction continues with several of the groups referred to in the June 5, 2000 press release issued by the company, as well as with other parties. There can be no assurance that an offer will be received from any of these groups or that a transaction will be consummated prior to June 30, or at any time. Additionally, if an offer is received, the price of an offer may be below the current market price of CDNOW common stock.
CDNOW, Inc., is the leading online music destination that offers the most comprehensive, personalized connection to the world of music. CDNOW's offerings consist of more than 500,000 music and entertainment-related items, including CDs, music downloads, cassettes, vinyl albums and Custom CDs, as well as music samples and intelligent album recommendations. CDNOW Media, the Company's newly formed interactive division, develops CDNOW's interactive content, including allstar(TM) News, artist interviews and reviews, and the Company's webcasting and entertainment initiatives. CDNOW's Video Shop includes an immense selection of movies in VHS, DVD and Laserdisc. Visitors can search the Video Shop by Advance Orders, New Releases, Best Sellers and more. CDNOW movie reviews, as well as actor/actress information, film ratings, reviews, and run times from the All Movie Guide, are available.
This release contains statements relating to possible future results of the Company (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to, changes in political and economic conditions, demand for and market acceptance of new and existing products, as well as other risks and uncertainties detailed from time to time in the filings of the Company with the Securities and Exchange Commission.
SOURCE CDNOW, Inc.
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