(COMTEX) B: America Online Inc. Announces Strategic Investment in Chi
B: America Online Inc. Announces Strategic Investment in China.com
DULLES, Va., Jun 25, 1999 (BUSINESS WIRE via COMTEX) -- America
Online, Inc. today announced that it has made a strategic investment
inChina.com Corporation, a pan-Asian Internet company operating
portals, Internet advertising and Web solutions businesses throughout
Asia, as part of a series of actions that will strengthen its
involvement in the AOL Hong Kong service to be launched later this
year.
AOL has acquired a 10% equity interest, along with warrants to purchase
an additional 15% interest in China.com in the future. AOL has the
right to designate a director to the Board of Directors of China.com
Corporation.
Bob Pittman, President and Chief Operating Officer of America Online,
Inc., stated, "Our investment in China.com represents a strengthening
of our commitment to the forthcoming AOL Hong Kong service. In
addition, Asia is a fast-growing market for the Internet and the
Chinese language audience will be an important component of our future
growth. This investment will provide yet another way that we will
participate in that new market."
Jack Davies, President, AOL International, said, "We look forward to
working with China.com as we further establish our presence in the
Asia-Pacific region with the launch of AOL Hong Kong with our partner
China Internet Corporation later this year. This investment in
China.com capitalizes on an opportunity to further strengthen our
relationship with this family of companies."
In addition to its new role in the AOL Hong Kong Service and Website,
China.com provides users in the People's Republic of China, Hong Kong
and Taiwan, the Republic of China with content services, online
community products, and e-commerce through its portals located at
www.china.com, www.cww.com, www.hongkong.com and www.taiwan.com. Each
portal offers a unique combination of content delivery services such as
search engines, directories and localized information; community
products such as e-mail, chat and message boards; and e-commerce
products.
The company also offers Internet advertising services through an
alliance with 24/7 Media, Inc. to advertisers and direct marketers in
Greater China; Japan; South Korea; Singapore; the ASEAN nations; India;
and Australia. In addition, China.com provides businesses throughout
Asia with Web solutions including strategic consulting; technology
integration; creative design; online integrated marketing; and
web-hosting and maintenance. China.com has announced that it has filed
a registration statement with the SEC to conduct its intial public
offering and listing on Nasdaq.
About America Online, Inc.
Founded in 1985, America Online, Inc., based in Dulles, Virginia, is
the world's leader in interactive services, Web brands, Internet
technologies, and e-commerce services. America Online, Inc. operates
two worldwide Internet services: America Online, with more than 17
million members, and CompuServe, with approximately 2 million members;
several leading Internet brands including ICQ, AOL Instant Messenger
and Digital City, Inc.; the Netscape Netcenter and AOL.COM portals; the
Netscape Navigator and Communicator browsers; and AOL MovieFone, the
nation's No. 1 movie listing guide and ticketing service. Through its
strategic alliance with Sun Microsystems, the Company develops and
offers easy-to-deploy, end-to-end e-commerce and enterprise solutions
for companies operating in the Net Economy.
AOL International, headed by Jack Davies, manages all of AOL's and
CompuServe's international services and is responsible for extending
the AOL experience around the globe and building AOL's global community
through the development of strong partnerships in key world markets.
AOL International, with its two online brands, currently serves a
combined total of more than 3 million members outside the United
States. AOL International offers localized AOL-branded services in
Europe, Japan, Canada, and Australia, with plans to launch an English
and Chinese language service in Hong Kong later this year. AOL
International also offers CompuServe branded services in Europe and
Canada and has an extensive affiliate network serving members
worldwide.
Copyright (C) 1999 Business Wire. All rights reserved.
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CONTACT: Media:
America Online, Inc.
Kirsten Powers, 703/265-2787
After business hours: 202/298-7817
WEB PAGE: businesswire.com
GEOGRAPHY: INTERNATINAL ASIA PACIFIC VIRGINIA
INDUSTRY CODE: INTERACTIVE/MULTIMEDIA/INTERNET
COMPUTERS/ELECTRONICS
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