INTERNET.COM VENTURE FUND I PORTFOLIO COMPANY,AUCTIONROVER.COM, ACQUIRED BY GOTO.COM
(New York, NY-March 9, 2000)-internet.com Venture Fund I LLC, part of the affiliated venture arm of internet.com Corporation (Nasdaq: INTM), today announced that one of its portfolio companies, AuctionRover.com, has been acquired by GoTo.com (Nasdaq: GOTO) for 3.47 million shares of GoTo.com stock. GoTo.com closed on March 8 at $50.50. AuctionRover is one of the nine internet.com Venture Fund I portfolio companies.
"We are excited and pleased to see that one of our first portfolio companies has received such a significant valuation in only four months after our initial investment," stated Alan M. Meckler, Chairman and CEO of internet.com Corporation. "This confirms that our strategy of investing in early stage content sites is on target and offers a great value for stockholders of internet.com Corporation and investors in internet.com Venture Fund I."
internet.com Venture Fund I and Fund II have invested in 27 Internet properties to date. Both funds were formed to invest in early-stage online content providers serving targeted markets that follow the strategy of, but are not competitive to, internet.com. internet.com is the portfolio manager of internet.com Venture Fund I and Fund II and is an investor in both funds. internet.com continues to hold the added benefit of being a public operating company in the Internet space that also extends value to its stockholders by having an Internet venture capital arm. For further information about internet.com Venture Capital Funds visit (http://www.internet.comvc.com).
About internet.com Corporation
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"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding internet.com Corporation's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see internet.com's reports filed with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934. The forward looking statements included herein are made as of the date of this press release, and internet.com assumes no obligation to update the forward looking statements after the date hereof.
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