INTERNET.COM VENTURE FUND PORTFOLIO COMPANIES SECURE ADDITIONAL FUNDING AND AUCTIONROVER.COM PURCHASE IS FINALIZED(New York, NY-June 20, 2000)-internet.com Venture Funds I and II, part of the affiliated venture arm of internet.com Corporation (Nasdaq: INTM), announced that several of its portfolio companies have secured additional rounds of funding at increased valuations and that the acquisition of one of its portfolio companies, AuctionRover.com, was completed by GoTo.com.
MDLinx.com (http://www.mdlinx.com) received $3 million in additional funding. SpaceVest Ventures led this round of additional funding with an investment of $2 million, while NorthStar Capital Investment Company invested $1 million.
HowStuffWorks.com (http://www.howstuffworks.com) has received $4.5 million in additional funding from the Southeast Interactive Technology Fund, internet.com Venture Funds and the Centennial Fund.
In other portfolio company activity, DirectStuff.com (http://www.directstuff.com) announced the sale of two of its Web sites, MyCoupons.com (http://www.mycoupons.com) and DirectCoupons.com, (http://www.directcoupons.com) to Save.com (http://www.save.com) for a two-year cash and marketing alliance valued at approximately $23 million. As part of this marketing alliance, DirectStuff.com will continue to manage both sites, as well as Save.com's Web site, an online distributor of consumer packaged goods coupons whose primary investor is coupon industry giant Valassis Communications (NYSE: VCI). On May 4, 2000, GoTo.com (Nasdaq: GOTO) announced that it had completed the acquisition of AuctionRover.com (http://www.auctionrover.com), a one-stop resource for online auctions, for 3.47 million GoTo.com shares.
"We are pleased to see all of this positive activity among our portfolio companies. Having several of our investments either receive significant funding at increased valuations or, in AuctionRover.com's case, be acquired in such a short time period is a very encouraging trend and we look for similar successes from our other portfolio companies," stated Alan M. Meckler, Chairman and CEO of internet.com Corporation. "The activity surrounding these companies demonstrates that our strategy of investing in early stage content sites continues to be on target, thus offering great value for stockholders of internet.com Corporation and investors in internet.com's Venture Funds."
internet.com Venture Fund I and Fund II have invested in 34 Internet properties to date. internet.com Venture Partners III, a $75 million fund, closed June 5, 2000. These 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 the internet.com Venture Funds and is an investor in these funds as well. For further information about internet.com Venture Capital Funds visit: (http://www.internet.comvc.com) or contact Kirk Holland at [email protected] or (650) 745-3636.
internet.com Corporation (http://www.internet.com), the Internet Industry Portal, is based in Darien, CT. It is a leading provider of global real-time news and information resources for Internet industry and Internet technology professionals, Web developers and experienced Internet users. internet.com operates a network of 124 Web sites, 171 e-mail newsletters, 117 online discussion forums and 78 moderated e-mail discussion lists with over 2.4 million unique visitors that generate more than 130 million page views monthly. Total "views", which include Web site page views, e-mail newsletter views and e-mail discussion list views, are now over 185 million per month. internet.com's global presence includes editions in Arabia, Asia, Australia, Belgium, Canada, China, Español, France, Germany, India, Israel, Japan, The Netherlands, South Africa, Taiwan and the United Kingdom.
Interested advertisers should contact Susan Leiterstein, Vice President and Publisher of internet.com, at [email protected] or (203) 662-2962. For e-commerce and licensing opportunities, contact David Arganbright, Vice President, Commerce and Licensing, at [email protected] or (203) 662-2858.
"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.
For more information contact:
Mary Ann Boland
All current internet.com Corp. press releases can be found on the World Wide Web at (http://www.internet.com/corporate/press.html)