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Technology Stocks : InfoSpace (INSP): Where GNET went! -- Ignore unavailable to you. Want to Upgrade?

To: Dany Tremblay who wrote (7475)	6/17/1999 1:54:00 PM
From: Susan G	Read Replies (2) \| Respond to of 28311

SEATTLE, June 17 /PRNewswire/ -- Go2Net, Inc. (NASDAQ:GNET), a network of branded, technology- and community-driven Web sites, announced that its shareholders today approved elements of an investment by Paul Allen and his investment organization, Vulcan Ventures, Inc., that will bring Mr. Allen's direct cash investment in the company to $300 million. At a special meeting today, shareholders approved Allen's purchase of additional preferred shares of Go2Net stock for $133 million cash. This complements Allen's $167 million purchase of preferred stock made on March 15. As a separate part of the March 15 investment agreement made between Mr. Allen and Go2Net, shareholders also approved Allen's purchase of approximately 1.4 million shares of Go2Net's common stock from company directors for approximately $126 million cash. The transactions are effective immediately and bring Mr. Allen's ownership stake in Go2Net to approximately 34 percent for a total investment of $426 million. Go2Net's shareholders today also approved an amendment to the company's Restated Certificate of Incorporation, increasing the number of the company's authorized shares of stock from 50,000,000 to 500,000,0000. This will facilitate Go2Net's continued use of its common stock as currency for growth and acquisitions while accommodating the company's 2-for-1 stock dividend, which will be paid to shareholders on June 24 and will be reflected on Go2Net's Nasdaq price at the market open on June 25. "We're gratified that Go2Net's shareholders have endorsed our relationship with Paul Allen and Vulcan Ventures, as we're eager to build upon the strong synergies and shared visions we've already experienced in working together," said Russell C. Horowitz, Go2Net Chief Executive Officer. "With this strategic relationship and one of the largest cash reserves in the Internet sector, Go2Net is now extremely well-positioned to aggressively build the Go2Net brand, accelerate our growth and acquisition strategies, and improve our existing properties and infrastructure. We're also developing a broadband content division and other initiatives to effectively position Go2Net as the primary content delivery platform for Paul Allen's rapidly growing network of Cable subscribers." As a key component of the agreement signed with Paul Allen and Vulcan Ventures March 15, Go2Net will work with Allen's affiliated cable companies to provide its portal services to those companies' subscribers. Allen's cable assets currently comprise the nation's 4th largest cable operation, having grown from the 7th largest position in March. In addition to his cable holdings, Allen also is a significant shareholder of Denver-based High Speed Access Corporation (HSA), a leading provider of high speed Internet cable services.