GRAND CAYMAN, BRITISH WEST INDIES, Jul 17, 2000 (BUSINESS WIRE) -- The Board of
Directors of Xcelera.com Inc. (AMEX: XLA), a European Internet technology
company and owner of Mirror Image Internet, today announced that it has approved
a share repurchase program giving the company authority to buy up two million
shares of its stock.
"We believe that Xcelera is undervalued at current prices and view the share
repurchase program as a financial opportunity that is a good use of the
company's resources. Xcelera is confident in the technology and tremendous
potential of the Mirror Image business, in which we maintain our approximate 78%
ownership stake, and the other companies in our portfolio," said Alexander M.
Vik, Chief Executive of Xcelera.
The company's purchase of any of its shares is subject to limitations that may
be imposed on such purchases by applicable securities laws and regulations and
the rules of the American Stock Exchange. The timing of the purchases and the
number of shares to be bought at any one time will depend on market conditions.
About Xcelera
Xcelera.com Inc. is a European Internet technology company focusing on
operating, developing and financing Internet technology companies whose
technologies, products or services can be enhanced by or complement Xcelera's
core competencies in content management, content distribution, caching, storage
and streaming. The company is actively expanding its portfolio of Internet
companies. The company has controlling interests in Mirror Image Internet, an
Internet infrastructure company that speeds up the Web; and investments in
deo.com, an Internet music portal; MNW Records, Scandinavia's leading record
company that plans to produce music over the Internet; e-game.com, a leading
developer and distributor of adgames; Corechange, a leading Web-based
infrastructure technology company focused on the B2B market; Wideyes, an
international Internet recruitment company focused on the European marketplace;
Active ISP, a leading European shared Web hosting company; Dynamic Imaging, a
leading image processing technology company focused on the global B2B image
processing market; HelpinHand, a leading Web-based technology company focused on
the fast-growing global wireless Internet market; MarineProvider, a marine
service Internet company focused on the maritime industry; and io Publishing, a
leading web- based technology company serving the global professional Internet
publishing market.
For more information, visit us on the Web at www.xcelera.com.
This press release may contain "forward-looking statements" within the meaning
of the securities laws, including statements about the continued strength of the
company's business. The company believes that its expectations are reasonable
and are based on reasonable assumptions. However, risks and uncertainties
relating to future events that could cause actual results to differ materially
from our expectations include the factors discussed in the company's 1999 Form
20-F filed with the Securities and Exchange Commission on January 31, 1999. The
company does not intend, and assumes no obligation, to update any
forward-looking statements.
CONTACT: Anna Cordasco/Paul Caminiti/Hugh Burns
Citigate Sard Verbinnen
212/687-8080 |
