CMGI Reconfirms Commitment to @Ventures; Venture Capital Affiliate to Continue as Core Component of CMGI Business Model
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Friday March 9 9:31am
Source: BusinessWire
ANDOVER, Mass.--(BUSINESS WIRE)--March 9, 2001--CMGI, Inc. (Nasdaq: CMGI), a leading global Internet operating and development company, today announced that its Board of Directors has reconfirmed its support for @Ventures, the company's venture capital affiliate, acknowledging the key role that continued investment in new technologies plays in CMGI's larger business model.
"As announced last Fall, CMGI is continuing with its corporate restructuring focused on growth, profitability and leadership across all our business segments, including @Ventures," said David Wetherell, Chairman and CEO, CMGI. "Throughout this restructuring period, CMGI has been working aggressively to achieve greater focus and clarity into our larger business goals, as well as our cash position. Over the last several months, and following a number of major restructuring efforts, the CMGI board has resolved to renew its commitment to @Ventures. We expect to continue making follow-on investments in existing portfolio companies successfully executing on their business plans, as well as a select number of new investments which represent promising opportunities for CMGI."
In recent months, @Ventures has realigned its investment practice to focus on fewer new investments, with activity concentrated on earlier stage businesses emphasizing enabling technologies. Recent activity includes four investments in the wireless arena, as well as others in web-based distributed storage, video compression and search, and advanced natural language processing.
CMGI will provide further detail regarding its commitment to @Ventures on March 13th as part of the company's second fiscal quarter operating results.
About CMGI and CMGI @Ventures
CMGI, Inc. (Nasdaq: CMGI), a leading global Internet operating and development company, represents a network of more than 60 established and emerging companies, including both CMGI operating businesses and synergistic investments made through its venture capital affiliate, CMGI @Ventures. Companies in the CMGI network span a range of vertical market segments including search and portals; infrastructure and enabling technologies; e-business and fulfillment; interactive marketing; and Internet professional services. CMGI leverages the technologies, content and market reach of its extended network to foster rapid growth and industry leadership across the Internet Economy. Compaq, Microsoft, Pacific Century CyberWorks and Sumitomo hold minority positions in CMGI.
CMGI's majority-owned operating companies include Engage (Nasdaq: ENGA), NaviSite (Nasdaq: NAVI), Activate, AltaVista, CMGion, Equilibrium, MyWay.com, NaviPath, SalesLink, Tallan, uBid and yesmail.com. CMGI @Ventures has ownership interests in 50 companies, with a focus on identifying, investing in and developing emerging technology companies and eBusinesses.
CMGI's corporate headquarters is located at 100 Brickstone Square, Andover, MA 01810. CMGI @Ventures has offices there, as well as at 3000 Alpine Road, Menlo Park, CA 94028. For additional information, see cmgi.com and ventures.com.
This release contains forward-looking statements which address a variety of subjects including, for example, the expected benefits resulting from the continued support of @Ventures by CMGI, the success of any investments made or to be made by @Ventures, and the success of CMGI's continuing restructuring efforts. These forward-looking statements are subject to a number of risks and uncertainties which could cause CMGI's and @Ventures' respective future results of operations to differ materially from those anticipated. For a detailed discussion of these and other cautionary statements, please refer to CMGI's filings with the Securities and Exchange Commission, including CMGI's Quarterly Report on Form 10-Q for the most recently ended fiscal quarter.
About CMGI and CMGI @Ventures
Contact: CMGI Public Relations
Deidre Moore
(978) 684-3655
dmoore@cmgi.com
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