Wednesday January 20, 8:30 am Eastern Time
Company Press Release
SOURCE: ConnectInc.com
ConnectInc.com Announces Private Placement of
Common Stock
MOUNTAIN VIEW, Calif., Jan. 20 /PRNewswire/ -- ConnectInc.com (Nasdaq: CNKT - news) announced today that it has
entered into an agreement to make a private placement of 1,538,462 shares of common stock at $2.60 per share, resulting in
gross proceeds to the Company of approximately $4.0 million. The per share price of $2.60 was based on the average closing
price of the ConnectInc.com's common stock as reported on the Nasdaq Stock Market for the thirty trading days immediately
preceding the signing of the common stock purchase agreement on Friday, January 15, 1999, less a 20% discount to account
for several factors, including the lack of liquidity associated with the ''restricted'' nature of the shares; the uncertainty as to
when the registration statement relating to the shares being purchased will be filed and declared effective; the volatility of the
Company's common stock over the last 45 days; the trading of the ConnectInc.com's common stock for a substantial period of
time at substantially below the closing price on January 14, 1999; and the Company's desire to consummate the private
placement promptly in order to achieve compliance with the listing requirements of the Nasdaq Stock Market. Under the terms
of the purchase agreement, the Company will seek to effect the registration of shares purchased with the Securities and
Exchange Commission by June 30, 1999. The closing of the private placement is scheduled to occur within the next few days,
subject to customary closing conditions.
About ConnectInc.com
ConnectInc.com provides integration solutions to enable Internet-based electronic commerce and build the ''Connected
Corporation'' from any link in the emerging network supply chain. ConnectInc.com's Web time-driven professional services
enable Connected Corporations to build open, multi-vendor e-business solutions that allow them to compete effectively in the
digital economy using best-of-breed technologies. For more information, telephone 800-262-2638 or access the
ConnectInc.com's World Wide Web site at connectinc.com.
Except for the historical information contained herein, this news release contains forward-looking statements, including, without
limitation, statements containing the words, ''believes,'' ''anticipates,'' ''expects'' and words of similar import. Such
forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of ConnectInc.com, or industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others:
the requirement for all closing conditions to occur; the uncertainty and potential delay as to when the registration statement
relating to the shares being purchased will be filed and declared effective; the Company's continued compliance with the listing
requirements of the Nasdaq Stock Market; potential dilution to stockholders; possible volatility of stock price; government
regulation and legal uncertainties; and other factors referenced in ConnectInc.com's annual report on Form 10K and quarterly
reports on Form 10Q as filed with the Securities and Exchange Commission.
On January 14, 1999, the Company's Board of Directors approved a proposal to conduct business under the name of
''ConnectInc.com.'' The Company's stockholders will consider a proposal to officially change the Company's name from
''Connect, Inc.'' to ''ConnectInc.com'' at the Company's upcoming annual meeting, which is currently scheduled to be held in
mid-1999.
SOURCE: ConnectInc.com
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