Korea Thrunet Announces Microsoft Increases Its Holdings via Option
/FROM PR NEWSWIRE NEW YORK 800-776-8090/
TO BUSINESS, TECHNOLOGY AND NATIONAL EDITORS:
Korea Thrunet Announces Microsoft Increases Its Holdings via Option
NEW YORK and SEOUL, Korea, Nov. 24 /PRNewswire/ -- Korea Thrunet Co., Ltd.
(Nasdaq: KOREA) today announced that Microsoft Corporation (Nasdaq: MSFT)
exercised an option to purchase additional shares in Korea Thrunet, which was
recently listed on NASDAQ. Pursuant to the Investment Agreement signed
between Microsoft Corporation and Korea Thrunet, Microsoft had the option to
purchase shares in addition to its initial investment within 5 trading days
after IPO.
Microsoft's holdings in Korea Thrunet increased from 4.5% to 10.5% of the
total shares outstanding on a fully diluted base. By exercising the option,
Microsoft has become eligible to designate one seat on the Board of Directors
of Korea Thrunet. Since this investment will be in the form of a private
placement, the shares purchased by Microsoft will not be included in the
current stock circulation on NASDAQ.
After the option exercise by Microsoft, the total shares outstanding of
Korea Thrunet increased from 67,432,144 to 71,957,858 while total shares in
float remained 11,615,000. Korea Thrunet offered total 10,100,000 shares
through its initial public offering on November 17, 1999 and additional
1,515,000 through the subsequent overallotment option.
This press release shall not constitute an offer to sell or a solicitation
of any offer to buy nor shall there be any sale of the securities in any state
or jurisdiction in which such offer, solicitation, or sales would be unlawful
prior to registration or qualification under the securities laws of any such
state or jurisdiction. The offer is made only by the prospectus. Copies of
the prospectus relating to the offering may be obtained from Lehman Brothers
Inc. c/o Automatic Data Processing, Prospectus Fulfillment, 55 Mercedes Way,
Edgewood, NY 11717, USA, telephone 516-254-7106.
About Company
Korea Thrunet Co., Ltd. is the leading provider of high-speed Internet
services in Korea, with 90,693 end users as of September 30, 1999. Thrunet
service features "always-on" Internet access at speeds up to 100 times faster
than traditional dial-up Internet access, with compelling multimedia content
ranging from on-demand music videos and Internet telephony to multimedia
bulletin board and multimedia chatting services. Korea Thrunet also provides
facilities-based data communications services to more than 100 corporate
customers in Korea, including several major telecommunications carriers such
as SK Telecom Co. Ltd. and Shinsegi Telecom Inc. Founded in July, 1996, Korea
Thrunet's principal offices are located at 1338-5, Seosho-2 dong, Seosho-ku,
Seoul, Korea 137-072.
SOURCE Korea Thrunet Co., Ltd.
/CONTACT: Yong Song Lee of Korea Thrunet Co., Ltd., +822-3488-8058,in Korea, or
fax, +822-3488-8700, or welcome@corp.thrunet.com; or Mami Ogawaof Thomson
Financial Investor Relations, 212-701-1824, or fax, 212-344-5929,or
mami.ogawa@thomsonir.com, for Korea Thrunet Co., Ltd./
Nov-24-1999 16:37 GMT
Symbols:
US;KORE US;MSFT
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