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Technology Stocks : Spyglass -- Ignore unavailable to you. Want to Upgrade?

To: Bruce Cullen who wrote (1358)	2/15/2000 1:34:00 PM
From: Bruce Cullen	Respond to of 1412

Tuesday February 15, 1:10 pm Eastern Time Company Press Release SOURCE: Spyglass Inc. Spyglass Realizes $27 Million Pre-Tax Gain From Partial Liquidation of JSB Software Technologies Investment NAPERVILLE, Ill., Feb. 15 /PRNewswire/ -- Internet solutions provider Spyglass© Inc. (Nasdaq: SPYG - news) today announced that it sold a portion of its investment in JSB Software Technologies, PLC (EASDAQ: JSBS). Before taxes, the transaction generated cash proceeds to Spyglass of approximately $31 million and will result in a pre-tax gain in Spyglass' fiscal 2000 second quarter of approximately $27 million. (Photo: newscom.com ) According to Spyglass Executive Vice President and CFO Gary Vilchick, ``Given the high level of investor interest in JSB, both companies felt that it was in the best interest of their respective shareholders to make these shares available to the public prior to the initial unlock period. As such, Spyglass sold one-third of its investment, which generated net proceeds before taxes of approximately $31 million. Spyglass plans to use the additional working capital for business expansion purposes in the interactive television and mobile data markets.' Following the transaction, Spyglass will continue to hold an investment in JSB that represents an approximate 6 percent equity ownership of JSB. The remaining JSB shares held by Spyglass have a current market value in excess of $60 million based on today's closing price and a cost basis of $8 million. On November 4, 1999 Spyglass sold its subsidiary, SurfWatch Software, to JSB for $17 million cash and shares of JSB valued at the time of the transaction at $12 million. About Spyglass Spyglass (Nasdaq: SPYG - news) is a leading provider of strategic Internet consulting, software and professional services for the interactive television and mobile data markets. Market-leading companies using Spyglass solutions include: Microsoft, Motorola, NEC, Nokia, Sony, Thomson Consumer Electronics, Toshiba and WorldGate. Spyglass is headquartered in Naperville, Ill. and has regional offices in Lexington, Mass., Silicon Valley, Calif., London and Tokyo. Visit spyglass.com for more information. (February 2000) Spyglass and the Spyglass logo are trademarks or registered trademarks of Spyglass, Inc., in the United States and other countries. Mosaic is a trademark of the University of Illinois. (Other technologies and brand names are trademarks or registered trademarks of their respective companies.) This release contains information about management's future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including consummation of binding agreements with prospective business partners, competition, development of the marketplace, the timing of the execution and recognition of revenues under new agreements, the ability to close and execute large multi-year contracts, product development, technological change and other factors that are discussed in the company's annual report on Form 10-K for the year ended September 30, 1999 and other documents periodically filed with the SEC.