From an October 12, 2000 INSP News Release....after the merger with GNET....THIS is what we all thought would happen, and what the shareholders voted for........Notice the "bringing together a world-class management team remark"
Bolding is mine...
InfoSpace and Go2Net Complete Merger, Creating Global Infrastructure Technology Powerhouse
BELLEVUE, Wash., Oct. 12 /PRNewswire/ -- InfoSpace, Inc. (Nasdaq: INSP), a
leading global provider of cross-platform merchant and consumer infrastructure
services on wireless and other platforms, and Go2Net, Inc. (Nasdaq: GNET), one
of the Internet's leading providers of applications and technology
infrastructure for both narrowband and broadband devices, today announced the
completion of their merger.
Shareholders of both companies today formally approved the merger
agreement, which was initially announced on July 26, 2000. The merger takes
effect immediately, creating the Internet's leader in wireless and broadband
infrastructure technologies, positioned to deliver an integrated platform of
infrastructure services and applications for today's rapidly converging media,
including PCs, TVs, PDAs, pagers, cellular phones and other Internet
appliances. The new company assumes the InfoSpace, Inc. name, and is
structured into four areas of focus: Wireless; Consumer; Merchant; and
Broadband. Under the merger agreement, InfoSpace will issue 1.82 shares of
its common stock for each outstanding share of and option to purchase Go2Net
common stock, and the combined company will trade as InfoSpace (Nasdaq: INSP).
"We are very excited about completing our merger with Go2Net," said
Arun Sarin, CEO of InfoSpace. "Not only are we marrying technologies and
partnerships that will create the most robust, integrated platform of services
in the industry, but we are also bringing together a world-class management
team, which will accelerate the pace of our technology development and global
distribution plans. By combining forces, we are in position to deliver
additional premium services and infrastructure technologies to our
considerable base of existing partners, while opening significant new
opportunities with additional organizations."
"This merger combines two companies with unusually strong and
complementary visions, massive distribution, highly scalable business models,
and substantial revenues -- all of which positions us exceptionally well for
immediate and long-term leadership," said Russell C. Horowitz, president of
InfoSpace. "InfoSpace is now strategically positioned like never before to
fully leverage the tremendous opportunities that exist in wireless, consumer
services, merchant services, and broadband."
Executive Management Team Introduced
Arun Sarin continues as CEO, in addition to heading the company's wireless
services. Russell C. Horowitz is now president of InfoSpace, and will direct
the company's business operations and oversee the four business areas of
focus. Naveen Jain will remain chairman and chief strategist, focusing on
InfoSpace's strategic direction and emerging markets. John Keister, Go2Net
president and co-founder, will serve as InfoSpace's executive vice president
of consumer services. InfoSpace veteran Chris Matty will serve as InfoSpace's
executive vice president of merchant services, while Michael Riccio, Go2Net
chief operating officer, will assume the role of InfoSpace's executive vice
president of broadband services.
About InfoSpace, Inc.
InfoSpace, Inc. is a leading infrastructure services company, delivering
an end-to-end integrated platform of applications and technologies for today's
rapidly converging media platforms including narrowband and broadband PCs,
TVs, PDAs, pagers, cellular phones and other Web appliances. InfoSpace's
affiliates include a network of wireless and other non-PC devices including
PCs, cellular phones, pagers, screen telephones, television set-top boxes,
online kiosks, and personal digital assistants. These include relationships
with AT&T Wireless, Intel, Ericsson, Nokia, Mitsui and Acer America.
InfoSpace's affiliate network also consists of more 3,100 Web sites that
include AOL, Microsoft, Disney's GO Network, NBC's Snap, Lycos, DoubleClick
and ABC LocalNet, among others.
This release contains forward-looking statements relating to the
development of the Company's products and services and future operating
results that are subject to certain risks and uncertainties that could cause
actual results to differ materially from those projected. The words
"believe," "expect," "intend," "anticipate," variations of such words, and
similar expressions identify forward-looking statements, but their absence
does not mean that the statement is not forward-looking. These statements are
not guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict. Factors that
could affect the Company's actual results include the progress and costs of
the development of our products and services and the timing of market
acceptance of those products and services. A more detailed description of
certain factors that could affect actual results include, but are not limited
to, those discussed in InfoSpace's Annual Report on Form 10-K, in the section
entitled "Factors Affecting InfoSpace's Operating Results, Business Prospects
and Market Price of Stock Risk Factors." Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the
date of this release. InfoSpace undertakes no obligation to update publicly
any forward-looking statements to reflect new information, events or
circumstances after the date of this release or to reflect the occurrence of
unanticipated events.
CONTACT: Mark S. Peterson, Vice President of Public Relations,
206-357-4000, or mark@go2net.com, or Dino Christofilis, Senior Vice President
of Investor Relations, 206-357-4000, or dino@go2net.com, both of InfoSpace,
Inc.
SOURCE Go2Net, Inc.
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