Try this. Just received it. Partially reprinted here. Will provide link when I find it.
>>>Infoseek Builds Strong Online Community Presence With Acquisition of WBS.NET
Infoseek to Acquire One of the Largest Online Communities with the Fastest
Growing Segment of Online Viewers
SUNNYVALE, Calif., April 14 /PRNewswire/ -- Infoseek Corporation (Nasdaq: SEEK) today enhanced its position in the rapidly growing Web-based community space by signing an agreement to acquire the WebChat Broadcasting System (WBS). The acquisition of WBS' 2.7 million member community will establish Infoseek as a leader in the increasingly important online community market. WBS (www.wbs.net) will bring to Infoseek one of the best implementations of integrated community services, including chat, homesteading, messaging, and user profiles.
As more people go online, they are looking for ways to connect and interact with other people who share similar interests. Virtual communities reflect real ones, allowing users to connect with other members, participate in discussion groups and create personal Web pages. This suite of services offers users a high-degree of personalization, encourages loyalty, and provides significant opportunities for highly targeted advertising.
"We chose WBS because their total integration of community distinguishes their services among competitors," said Harry Motro, president and CEO of Infoseek. "Because this approach ultimately gives the customer a superior experience, it drives pageviews and customer loyalty."
"Infoseek's approach to community as an integrated part of a complete online service offers a compelling opportunity to the Web user," said Bayard Winthrop, president and CEO of WBS. "Their consumer emphasis and their desire to put their brand and resources behind online community services will allow us to create a superior community experience for our users and a valuable traffic funnel for advertisers."
Financial Terms
Under the terms of the definitive acquisition agreement, Infoseek will acquire WBS for approximately $6.7 million, or approximately 350,000 shares of Infoseek stock, based on the company's recent share price. The acquisition of WBS will be accounted for as a pooling transaction and is expected to close by the end of the second quarter. |
