To: Jenna who wrote (72107 ) 11/17/1999 9:55:00 PM From: puborectalis Respond to of 120523
Can MCOM pull it off?............ With each providing $300 million, the partners' funding is expected to cover the initial rollout of its Ricochet 128 kbps mobile data service in major markets across the country, with the first wave of commercial availability scheduled for Summer 2000. Under the terms of the deal, MCI WorldCom and Vulcan Ventures, Inc. will purchase 60 million new convertible preferred shares of Metricom stock, priced at $10 per share. The new breakdown of Metricom ownership, as of Sept. 30, 1999 on a fully diluted basis, will include Vulcan Ventures, Inc. at 46 percent, MCI WorldCom at 35 percent, with the remaining 19 percent ownership held by other current public shareholders. Metricom will remain a publicly traded company headed by CEO Timothy A. Dreisbach. About Metricom Metricom, Inc. is a leading provider of mobile data networking and technology. The Company's Ricochet service provides mobile professionals with high-performance, cost-effective untethered access to the Internet, private Intranets, local-area networks, e-mail, and other online services. Ricochet is generally available in the greater San Francisco Bay Area, Seattle, and Washington, D.C. metropolitan areas; in select areas of New York City; on corporate campuses; and at gate areas at major airports throughout the United States. For more information, visit Metricom's Web site at metricom.com . About MCI Worldcom MCI WorldCom (Nasdaq:WCOM) is a global leader in communications services with 1998 revenues of more than $30 billion and operations in more than 65 countries. MCI WorldCom's global networks provide high-capacity connectivity to more than 45,000 buildings worldwide. MCI WorldCom and Sprint have announced an agreement to merge, which the companies expect to close in the second half of 2000, following regulatory and shareholder approvals. For more information go to: wcom.com . About Vulcan Ventures Inc. Vulcan Ventures Inc. of Bellevue, Wash., was founded by Paul G. Allen in 1986 to research and implement his investments. Through Vulcan Ventures, Allen invests in companies which offer products, services or technologies that fit his Wired World strategy and can contribute to or benefit from the technology and strategy of other companies within the group's extensive investment portfolio. In addition, the group owns Charter Communications, the fourth largest cable operating company in the United States with more than 6 million subscribers. Recent investments include those in innovative content (e.g. Oxygen Media, ZDTV), Internet and e-commerce (e.g. Drugstore.com, eGreetings, Go2Net, Priceline.com, Stamps.com), telecommunications (e.g. Allegiance Telecom, High Speed Access, InterNAP, NorthPoint Communications) and consumer device and service companies (e.g. Replay Networks, TiVo, and Wink Communications). William D. Savoy is president of Vulcan Ventures and represents Allen in his professional and personal financial transactions as well as manages the Vulcan investment analysts who investigate and secure investment opportunities. Allen remains chairman of Vulcan. For more information on Vulcan visit www.paulallen.com.