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Technology Stocks : Safeguard Scientifics SFE -- Ignore unavailable to you. Want to Upgrade?

To: sam who wrote (3005)	6/2/1999 9:25:00 AM
From: Thai Chung	Respond to of 4467

Wednesday June 2, 8:23 am Eastern Time Company Press Release SOURCE: Safeguard Scientifics, Inc. Safeguard Scientifics Announces Record Date and Terms for Directed Share Subscription Program for Internet Capital Group IPO WAYNE, Pa., June 2 /PRNewswire/ -- Safeguard Scientifics, Inc. (NYSE: SFE - news), the New York Stock Exchange-listed developer and operator of Internet technology companies, announced today that it has set a record date of June 14, 1999, for participation in its Directed Share Subscription Program (DSSP) for the initial public offering of common stock of Internet Capital Group. In the DSSP for Internet Capital Group, Safeguard shareholders will receive an offer to purchase 1 share of Internet Capital Group common stock for each 10 shares of Safeguard common stock held as of the record date. Safeguard expects that holders of at least 100 but fewer than 500 Safeguard shares will be able to purchase shares of a unit investment trust which will purchase shares of Internet Capital Group in the IPO; the units should be able to be purchased for the same price as the Internet Capital Group shares and in the same 1 for 10 ratio to shares of Safeguard held. Holders of at least 500 Safeguard shares will be able to purchase and hold directly in their accounts the Internet Capital Group shares. Offers to Safeguard shareholders will not be transferable and may not be combined among accounts. Preliminary prospectuses and a detailed subscription offering are expected to be distributed during the second half of June 1999 to Safeguard shareholders as of the record date. The offering price per share will not be set until the IPO commences, anticipated to be in July 1999. It is currently anticipated that a portion of the shares sold in the DSSP will be shares sold by Safeguard in order to meet the needs of the offering ratio. Once the offering size and price are established, participants in the DSSP will be required to submit their subscription and payment for receipt by the offering agent within four business days. Holders of 100 to 499 Safeguard shares will also receive information regarding the unit investment trust with the preliminary prospectus. A registration statement relating to the common stock of Internet Capital Group has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement is not an offer to sell or a solicitation of an offer to buy any securities. The offering will be made only by means of a prospectus, subject to the effectiveness of the registration statement. In addition, the ratio of shares offered to Safeguard shares held may be subject to reduction if the overall size of the offering is reduced. If the Internet Capital Group offering is delayed or cancelled, the Safeguard DSSP will also be delayed or cancelled. About Internet Capital Group Internet Capital Group is an Internet holding company actively engaged in business-to-business eCommerce through a network of partner companies. Internet Capital's operating strategy is to integrate its partner companies into a collaborative network that leverages its collective knowledge and resources. Internet Capital's first company to go public was VerticalNet, which completed its IPO in February 1999. Safeguard currently owns approximately 21% of Internet Capital Group. About Safeguard Safeguard Scientifics, Inc. (www.safeguard.com) develops and operates rapidly growing information technology companies that together form a community of shared resources with a strategic emphasis in eCommerce, enterprise applications, and network infrastructure, all of which are expected to benefit from the growing use of the Internet as a fundamental business tool. A long-term partner, Safeguard works closely with its partnership companies providing numerous operational and management services to build value in preparation for going public and beyond. Safeguard's partnership companies include privately held companies and public companies. Safeguard also assists in managing and working with several venture capital funds.