INTERNET.COM ANNOUNCES THE ACQUISITION OF INTERMEDIA GROUP SEMINAR ORGANIZATION AND REVISES FINANCIAL GUIDANCE(New York, NY - March 8, 2001) - internet.com Corporation (Nasdaq: INTM), the Internet & IT Network, today announced that it has acquired Intermedia Group, Inc. (http://www.imgevents.com), an integrated conference, consulting and event management firm specializing in emerging information technology markets. Terms of the all cash transaction were not disclosed. This acquisition will be accounted for under the purchase method.
"internet.com has created a variety of successful Internet related seminars over the past year as a new and vibrant line of business. We have come to understand that our over 5.0 million unique monthly users and over 5.6 million subscribers to our e-mail newsletters are natural buyers of services related to Internet and IT topics. Seminars are clearly one of those services. We realize we can leverage this professional readership into these events and we can do this efficiently and with minimal promotion worldwide as we now have operations in 20 countries" stated Alan M. Meckler, Chairman and Chief Executive Officer of internet.com Corporation. We envision tremendous operational synergies between our existing and new properties, and are very excited that this strong team, led by industry veteran Eliot Weinman, is joining us. Intermedia Group, with a staff of 25 employees, has built a solid reputation in the IT and Internet space and when combined with internet.com's online assets, we have significantly enhanced value for our stockholders. We will be able to move more aggressively into the seminar, market research and consulting businesses using our existing operations and those already created by the Intermedia Group's team. We expect that this acquisition will be accretive to internet.com on a cash earnings basis by the second quarter of 2001," added Meckler.
"The acquisition, combined with internet.com's existing seminar and conference resources, solidifies its position as a leading provider of content and information serving the Internet and information technology industries," said Eliot Weinman, President of Intermedia Group. "We are excited to now be part of the internet.com network and we look forward to working with the internet.com team. We have always respected the world-class quality of internet.com's editorial content and informative seminars and believe that this is a perfect home for Intermedia Group," added Weinman. "We look forward to leveraging internet.com's professional IT and Internet audience to accelerate the growth of Intermedia Group."
The following forward looking-statements reflect internet.com's expectations as of March 8, 2001. Given the emerging nature of online advertising, potential changes in general economic conditions, and the various other risk factors discussed below and in internet.com's reports filed with the Securities and Exchange Commission from time to time, actual results may differ materially. internet.com intends to continue its practice of not updating forward-looking statements until its next quarterly results announcement, other than in publicly available statements.
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About Intermedia Group
Interested advertisers should contact the Ad Sales department 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. For more information on conferences and seminars, contact Frank Fazio, Jr. at [email protected] or (203) 662-2976.
"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 "Risk Factors" in the Company's Prospectus dated June 25, 1999, Annual Report or Form 10-K for the most recently ended fiscal year, when available.
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