Alice...
Update NSOL- Short Seller Action... IMO the reason Asensio and Co released controversial piece on NSOL...
BusinessWire, Thursday, March 25, 1999 at 17:48
HERNDON, Va--(BUSINESS WIRE)--March 25, 1999-- Network Solutions,
Inc. (NASDAQ:NSOL), the world leader in Web address registrations,
today acknowledged that it has become the subject of a short seller
action.
Asensio and Co. is self-described as "actively engaged in short
selling" and today issued a strong sell and short sell recommendation
on Network Solutions. Network Solutions' corporate policy is not to
comment on any analyst reports whether positive or negative. Network
Solutions notes, however, that the reports of Asensio and Company
contain numerous inaccuracies and that Asensio and Co. has never
spoken with Network Solutions management. Network Solutions believes
it is in full compliance with all obligations under securities laws.
Network Solutions denies that it has "purposely disseminated
misleading information and failed to disclose material negative
information," as claimed in the Asensio report. Network Solutions
stands by its public statements included in its reports filed with the
Securities and Exchange Commission and in its other public
announcements.
About Network Solutions
Founded in 1979, Network Solutions, Inc. (NASDAQ:NSOL) pioneered
the development of registering Web addresses ending in .com, .net,
.org and .edu. Network Solutions also provides Internet Technology
Services that assist large commercial organizations in the evolution
and management of their Internet technologies. For more information,
see the www.networksolutions.com Web site.
Network Solutions registers the majority of Web addresses through
agreements with Internet companies around the globe, including more
than 70 domestic and 90 international companies in its Premier
program. Network Solutions has created value-added small business
solutions through agreements with leading companies including American
Express (NYSE:AXP). Through its Alliance program, Network Solutions
works closely with EarthLink (NASDAQ:ELNK), MindSpring Enterprises,
Inc. (NASDAQ:MSPG), Sage Networks, Inc., and ValueWeb. Network
Solutions has also entered into marketing agreements with companies
including Yahoo! Inc. (NASDAQ:YHOO) and Netscape Communications
Corporation (NASDAQ:NSCP).
Statements in this announcement other than historical data and
information constitute forward looking statements that involve risks
and uncertainties that could cause actual results to differ materially
from those stated or implied by such forward-looking statements. The
potential risks and uncertainties include, among others, uncertainty
of Internet governance and regulation, increased competition in the
domain name registration business, customer acceptance of new products
and services offered by the company in addition to or as enhancements
of its registration services, risks associated with the company's
international business, uncertainty of future revenue and
profitability and fluctuations in its quarterly operating results.
More information about potential factors that could affect the
company's business and financial results is included in the company's
filings with the Securities and Exchange Commission, especially in the
company's Registration Statement on Form S-3 filed on January 4, 1999,
as amended, Annual Report on Form 10-K for the year ended December 31,
1997 and Quarterly Reports on Form 10-Q for the periods ended March
31, 1998, June 30, 1998 and September 30, 1998.
CONTACT: Network Solutions, Herndon
Media: Christopher Clough, 703/742-4706
chrisc@netsol.com or
Investor Relations: Sean McClorey, 703/326-6090
smcclorey@netsol.com
KEYWORD: VIRGINIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS TELECOMMUNICATIONS
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