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Technology Stocks : ExperTelligence, Inc. (EXGP) -- Ignore unavailable to you. Want to Upgrade?

To: RikRichter who wrote (236)	3/23/1999 7:16:00 PM
From: ScootMeister	Read Replies (1) \| Respond to of 337

For those who thought the demand for price comparison engines was pure hype, read this press release that came out today: SAN FRANCISCO, March 23 /PRNewswire/ -- CNET, Inc. (Nasdaq: CNET) today announced that it has acquired KillerApp, Corp. in a stock-for-stock exchange. KillerApp, Corp. owns and operates KillerApp ( killerapp.com ), an award-winning network of comparison shopping services for computer and consumer electronics products. Under the terms of the agreement, CNET will issue approximately 500,000 common shares for 100 percent of KillerApp's stock. CNET intends to record this transaction using the pooling-of-interests accounting method. The acquisition enables CNET to offer users access to an even greater selection of computer products and prices, and introduces a new product category to CNET's shopping services -- consumer electronics. CNET will begin to incorporate KillerApp into its shopping services immediately. As part of the acquisition, KillerApp's staff is expected to join CNET as employees. CNET users -- Avid buyers of consumer electronics products "At CNET, we are committed to building the Internet's largest database of products and prices for our large and loyal audience of computer and technology enthusiasts," said Kevin McKenzie, CNET's Associate Vice President of Shopping Services. "We also see this audience becoming buyers of consumer electronics who place the same level of importance on reviews, pricing and comparisons for these kinds of products." The addition of consumer electronics to CNET's comprehensive listings of products and prices is a natural progression for the network. A recent survey of CNET users revealed that they are avid consumers of convergence technology products, including digital cameras, DVD players and PDAs. According to the survey, CNET users intend to purchase approximately three new consumer electronics devices in the next twelve months. For example, more than half of CNET users surveyed (53%) anticipate buying a DVD player in the next year.* Evolution of a marketplace Forrester recently reported that Web consumers spent an estimated $84 million online for consumer electronics products in 1998. The same report projected that online sales for consumer electronics will reach $3.5 billion in 2002.** "With the continuing convergence of computing, technology, telecommunications and entertainment, we see a clear opportunity to provide a comprehensive resource for the multitude of products that are emerging," said Halsey Minor, chairman and CEO of CNET. "With this acquisition, we have taken another step toward providing the quintessential online marketplace for the technology buyer." The partnership will bring value to both CNET and KillerApp audiences. "It's a great match," notes Benjamin Chiu, Chairman & CEO of KillerApp. "In joining forces with CNET, our combined audiences will now have even better product and price information and even more categories from which to make the most informed buying decisions possible." About KillerApp KillerApp is an Internet media company that offers a network of comparison shopping services that helps consumers research and buy products online. As one of the first-ever companies to deliver real-time street pricing over the Internet, KillerApp is committed to expanding its services to represent an ever-broadening range of products and interests. KillerApp is headquartered in Fremont, California. About CNET CNET, Inc. is at the leading edge of media companies, producing a branded Internet network and television programming for both targeted and general audiences. Online and on television, CNET is the leading authority on computers, the Internet and digital technologies. CNET's network serves millions of users each day. CNET television programming airs on USA Network, the Sci-Fi Channel and in national syndication, as well in 40 foreign countries. CNET effectively owns 40 percent of Snap, a search and navigation service for all Internet users, co-owned by NBC. CNET owns approximately 2.3 million shares of Vignette (Nasdaq: VIGN) a manufacturer of premier Web publishing software, and approximately 16 percent of BuyDirect.com, an online software store that recently announced a merger with Beyond.com. NOTE: CNET Network Audience Survey, Conducted by SiteCentric, September 1998 * Forrester Online Retail Strategies Report, November 1998 This press release contains forward-looking statements that are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in its forward looking statements are reasonable, it can give no assurance that such expectations or any of its forward looking statements will prove to be correct. Important cautionary statements and risk factors that could cause actual results to differ materially from those reflected in the Company's forward looking statements are disclosed under the caption "Additional Factors that May Affect Future Results" in the Company's latest quarterly report on Form 10-Q and under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations -- Outlook and Uncertainties" in the Company's latest annual report on Form 10-K, copies of which may be obtained from the Company. SOURCE CNET, Inc.