DALLAS, Jan 4, 2001 /PRNewswire via COMTEX/ --
IT Network, Inc., a subsidiary of Source Media, Inc. (Nasdaq: SRCM chart, msgs), today announced that it will focus exclusively on the development and licensing of private label text and voice content which it markets to wireless carriers, voice portals, internet sites, and the telematics and digital interactive television industries. Consistent with that strategy, IT Network is shifting its resources away from its Front- of-Book Yellow Page segment. As a result, the Company will reduce its headcount by approximately 30 employees and will take an associated non- material one-time charge.
Howard Gross, President, IT Network, said, "We have concluded that our resources are better utilized in the development and distribution of content where we are seeing continued growth and revenue opportunities."
Source Media is a leader in the development and introduction of localized new media content, advertising and technology. Source Media's interactive TV business is conducted through SourceSuite LLC a 50/50 joint venture with Insight Communications, which is managed by Source Media. SourceSuite's products are SourceGuide, an interactive program guide and LocalSource, a local interactive programming service. Source Media's IT Network is the leading creator of private label audio and text content. This content is designed for universal distribution and access across all platforms, including voice portals, wireless and wireline telephone, Internet and digital cable television. For further information, please visit our website at www.sourcemedia.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements that are not historical facts, including statements about confidence and strategies and plans and expectations about new and existing products, services, technologies and opportunities, industry growth, demand, and acceptance of new and existing products, and returns on investments in products and markets are forward-looking statements that involve risks and uncertainties that could significantly and adversely impact anticipated results in the future. These statements are not guarantees of future performance, and actual results could differ materially from those expressed in any forward-looking statements made by or on behalf of Source Media. For a description of additional risks and uncertainties, please refer to Source Media's filings with the Securities and Exchange Commission.
CONTACT: Paul Tigh
Source Media, Inc.
972.701.5400
Source: Media, Inc.
Contact:
Paul Tigh of Source Media, Inc., 972-701-5400
URL: sourcemedia.com
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