INTERNET.COM CORPORATION AND INTERNET.COM VENTURE FUND II INVEST IN NETMECHANIC, A LEADING WEB TOOL PROVIDER
(New York, NY-March 16, 2000)-- internet.com Venture Fund II, part of the affiliated venture arm of internet.com Corporation (Nasdaq: INTM), today announced the closing of an investment in NetMechanic (http://www.netmechanic.com), a leading independent provider of Web site maintenance services and tools. As part of a separate agreement, internet.com Corporation also made an equity investment in NetMechanic in exchange for barter advertising. Additional terms were not disclosed.
"We continue to make vertical content investments in first-mover Web sites and NetMechanic clearly meets this criteria with its unique focus on Web technology," said internet.com chairman and CEO Alan M. Meckler. "The tools and services that NetMechanic provides are ideal for the Internet community of Web developers."
"We are pleased to have the opportunity to join forces with such a highly regarded industry provider such as internet.com," said Jeff Morgan, CEO of NetMechanic. "We benefit not only through a venture capital relationship, but also internet.com's role in guiding the growth and maturation of NetMechanic's business."
The investment is part of internet.com Venture Fund II's ongoing effort to further advance early-stage content and e-commerce Internet properties. internet.com Venture Fund I and II have invested in 28 Internet properties to date. internet.com Venture Fund I and Venture Fund II 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 II and is an investor in both funds. internet.com continues to have 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 NetMechanic, Inc.
About internet.com Corporation
"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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