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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: puborectalis who wrote (12516)	12/12/2001 10:17:43 AM
From: puborectalis	Respond to of 99280

Internet Capital Group Increases Year-End Liquidity Guidance to $240 Million ICG Continues to Streamline Partner Company Network And Strengthen Financial Position WAYNE, Pa., Dec 12, 2001 /PRNewswire via COMTEX/ -- Internet Capital Group, Inc. (Nasdaq: ICGE) announced that it is revising its liquidity guidance to end 2001 in excess of $240 million, up from prior guidance of $215 million. This revision was driven primarily by proceeds realized from partner company monetizations, which, along with the combination of two partner companies, illustrates that Internet Capital Group (ICG) continues to streamline its partner company network into a smaller but stronger group of companies. "ICG continues to take actions to solidify its financial position while focusing resources on key partner companies," said Walter Buckley, chairman and CEO of ICG. "We believe that these actions, which include reducing our corporate burn, restructuring our debt, streamlining our network and monetizing non-strategic holdings, will generate the greatest value for stockholders over the long-term." Actions taken since the third quarter financial results release include: -- ICG completed the sale of its stake in CourtLink Corporation to LexisNexis. ICG will receive approximately $17 million in proceeds for its stake in CourtLink and will be exempt from any future funding obligations, including responsibility for a $20 million payment in January of 2002 associated with CourtLink's acquisition of MarketSpan, Inc. In leveraging CourtLink's existing market position, the combined entity has the right vision, products and market reach to create the clear leader by yielding substantial value for customers. The overall valuation for CourtLink was almost $70 million, or more than four times expected 2002 revenue. -- ICG partner companies AssetTrade.com, Inc. and GoIndustry AG completed a business combination to enhance the combined company's ability to provide comprehensive asset disposal services to large corporations, globally. The new company, GoIndustry, brings together leading providers of asset disposition solutions and extends market reach and product offerings by fusing online and offline resources around the world. -- ICG also monetized its stake in RetailExchange.com, Inc. ICG continues to streamline and focus human and financial resources on companies that will deliver the greatest near-term value for stockholders. The network activities announced today, coupled with ICG's ongoing attention to cost discipline and financial flexibility, enabled ICG to revise its projected year-end liquidity position to at least $240 million and brings the Company's partner company count to 49.