To: Carolyn who wrote (13283 ) 10/27/1999 5:54:00 PM From: KLP Respond to of 28311
Re the FreeYellow.com PR yesterday, Russell's comments...via PA website.... In fact, it is interesting to go over to the PA site...what an incredible amount of work in the last few months!!! And it will be really interesting to see the developments in the next few, IMO! KLPpaulallen.com Go2Net acquires FreeYellow.com for $19.5 Million Adds Site Building Tools For Businesses And Leading Provider Of Free Hosting Services SEATTLE, October 26, 1999 - Go2Net, Inc. (Nasdaq: GNET), a network of branded, technology- and community-driven Web sites (http://www.go2net.com/), today announced that it has acquired FreeYellow.com (http://www.freeyellow.com/), a leading provider of free Web site building tools and hosting services, for $19.5 million in Go2Net stock and cash. The acquisition strengthens Go2Net's product offerings in the small business commerce and services sector, which include HyperMart (http://www.hypermart.net/), Virtual Avenue (http://www.virtualave.net/) and Authorize.Net (http://www.authorize.net/). According to data from the Media Metrix Web measurement firm, FreeYellow.com attracted more than 1.8 million unique visitors in September. FreeYellow.com's' technologies enable small businesses to easily build their own Web sites, complementing Go2Net's HyperMart and Virtual Avenue, which provide free hosting and an array of business-focused services to one of the Internet's largest aggregations of small to medium-sized small businesses. HyperMart and Virtual Avenue currently host more than 560,000 member businesses and are growing at the rate of more than 1,500 new member businesses per day. Go2Net also owns Authorize.Net, a payment authorization service, which currently provides its services to more than 47,000 online merchants and is expanding at the rate of more than 3,000 new merchants per month. "This acquisition extends Go2Net?s industry leadership in the category of commerce and business services, particularly as we prepare to offer comprehensive, end-to-end commerce solutions for our rapidly growing base of member businesses," said Russell C. Horowitz, Go2Net Chief Executive Officer. "FreeYellow.com's site-building technologies add an important element to the business services we provide, enabling our new small and medium-sized member businesses to easily build their own sites via the Go2Net Network." "This represents a significant opportunity for FreeYellow.com to play a role in the creation of one of the Internet's largest aggregations of commerce-enabled merchants, " said John Molino, CEO and founder of FreeYellow.com. "We're looking forward to working with Go2Net to fully leverage the many opportunities in the small and medium-sized business sector."