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Technology Stocks : Engage Technologies Inc - (Nasdaq - ENGA) -- Ignore unavailable to you. Want to Upgrade?

To: Guardian who wrote (752)	6/24/2002 10:03:36 AM
From: Glenn Petersen	Respond to of 754

ENGA left at the alter: June 24, 2002 CMGI Dis-Engages By Colin C. Haley boston.internet.com Internet investor CMGI (NASDAQ:CMGI) has pulled its offer to buy Engage (NASDAQ:ENGA) and is distancing itself from the troubled online ad technology firm. "Senior management of Engage and CMGI could not reach a consensus as to the execution of the business strategy for Engage," CMGI CFO Thomas Oberdorf said in a statement issued late Friday. A spokesman for Engage did not immediately return a phone call seeking further details about the falling out, or its impact on the company's future. CMGI currently holds approximately 148 million shares of common stock of Engage, good for 75.5 percent of the company. Both companies are based in Andover, Mass., and have struggled mightily in the last year, enduring layoffs, restructuring and management shakeups. Some insiders speculated CMGI would merge the embattled online ad player with another one of its marketing properties. In addition to the scuttled deal, David S. Wetherell and George A. McMillan, CMGI's chairman and CEO respectively, resigned their seats on Engage's board of directors, effective immediately. In its own statement, Engage confirmed the demise of the deal and said it "will continue to pursue its strategic alternatives."

To: Guardian who wrote (752)	6/19/2003 2:53:44 PM
From: Glenn Petersen	Respond to of 754

Engage Files for Bankruptcy, Inks Asset-Sale Deal June 19, 2003 By Brian Morrissey internetnews.com Ad technology company Engage (Quote, Company Info) announced on Thursday that it and its U.S. subsidiaries filed for Chapter 11 bankruptcy and struck a deal to sell its assets to Scene7 in a deal worth up to $2 million. The Andover, Mass., company said Scene7 agreed to purchase all of Engage's assets for $1.2 million in cash and the assumption of liabilities worth from $650,000 to $850,000. Engage said it does not expect shareholders to recover anything. Scene7, a San Francisco-based dynamic imaging software company, will gain control of Engage's advertising, marketing and promotion software and services. The company said it planned to hire some Engage employees to support the software. Scene7 said it would package together Engage's offerings, which include Engage For Retailers, PromoPlanner, and ContentServer, with its own Infinite Imaging Platform to sell to newspapers, agencies and retailers The bankruptcy filing came after Engage's former parent company and incubator CMGI agreed to allow the company to use its cash collateral to fund the bankruptcy operations. CMGI, which sold off its stake in Engage last June, had final say over the matter as the company's secured lender. Two days ago, Engage declared itself insolvent and said it would seek Chapter 11 protection. The asset sale is subject to a bankruptcy court's approval, which Engage anticipates will occur by the end of the summer. During the reorganization period, Engage plans to continue to fund its employees' compensation and benefit plans, maintain its operations, and make payments to suppliers.