Internet Capital Group Announces Partner Company IPO
WAYNE, Pa.--(BUSINESS WIRE)--06/21/2004--Internet Capital Group, Inc. (Nasdaq:ICGE; "ICG") announced today the initial public offering of its partner company, Blackboard, Inc., which began trading on the NASDAQ National Market on Friday, June 18, 2004 under the ticker symbol "BBBB".
ICG owns 2,923,777 shares of Blackboard common stock. Based on Blackboard's closing price of $20.01 per share on its first trading day, our shares in Blackboard were worth $58.5 million. Additionally, ICG owns 115,384 common stock warrants at a strike price of $6.93 per share. ICG's Blackboard shares will be carried at market value in our balance sheet with such value, and subsequent changes in value, recorded as a component of stockholders' equity.
About Blackboard, Inc.
Blackboard (www.blackboard.com) is a leading provider of enterprise software and services to the education industry. The Company's product line consists of five software applications bundled in two suites, the Blackboard Academic Suite(TM) and the Blackboard Commerce Suite(TM). Blackboard's clients include colleges, universities, schools and other education providers, as well as textbook publishers and student-focused merchants that serve education providers and their students. Blackboard is headquartered in Washington, D.C., with offices and staff in North America, Europe and Asia.
About Internet Capital Group
Internet Capital Group (www.internetcapital.com) is an e-business applications holding company that builds and owns software and services businesses that leverage the Internet to help organizations operate more productively. Founded in 1996, ICG devotes its expertise and capital to maximizing the success of e-business companies that take advantage of the evolution to Internet architectures in key business sectors.
Safe Harbor Statement under Private Securities Litigation Reform Act of 1995
The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future performance of our partner companies, acquisitions or dispositions of interests in additional partner companies, debt obligations, additional financing requirements, the effect of economic conditions generally and in the e-commerce and information technology markets specifically, and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. These and other factors may cause actual results to differ materially from those projected.
CONTACT:Internet Capital Group, Inc. Karen Greene, 610-727-6900 IR@internetcapital.com
SOURCE: Internet Capital Group, Inc.
06/21/2004 13:50 EASTERN |
