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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF) -- Ignore unavailable to you. Want to Upgrade?

To: Michael P. Michaud who wrote (270)	1/25/2000 4:03:00 AM
From: Michael P. Michaud	Respond to of 4541

<<<PCCW in 50-50 JV with CMGI HONG KONG, Jan 25 (Reuters) - Pacific Century CyberWorks Ltd (PCCW) said on Tuesday it was forming a 50-50 joint venture with U.S. Internet company CMGI, to be headquartered in Hong Kong and called CMGI Asia. PCCW said the deal would bring four CMGI companies to Asia, including online network Altavista Company and Engage Technologies Inc (NasdaqNM:ENGA - news), which tracks online consumer tastes. ``CMGI and PCCW announce the formation of a joint venture to create and operate an Internet-related company to be called CMGI Asia to be headquartered in Hong Kong to establish Asia-Pacific operations for the 18 CMGI majority-owned operating companies,' a statement issued at a news conference said. PCCW Chairman Richard Li told the news conference that PCCW had raised US$380 million through a share placement on Tuesday to make sure the deal with CMGI could be adequately covered. The share placement was at HK$15.80 a share and it had been completely underwritten. ``Under the agreement, CMGI Asia will serve as a holding and management company, entering into separate joint ventures for each of the individual CMGI operating companies. In each case, CMGI Asia will be granted at least 60 percent of the shares,' the statement released at the news conference said. The remaining 40 percent will be held by individual CMGI operating companies. The first four companies to be brought to Asia under the agreement will be Altavista, Engage Technologies, iCAST and 1ClickCharge. iCAST is a multi-media online entertainment company and 1ClickCharge is a pioneering single-click Internet payment service. (Note: this article is ``in progress'; there will likely be an update soon.)>>> -------------------------------------------------------------------------------- More Quotes