internet.com Venture Fund I Announces Investment in CreativePlanet.com(WESTPORT, CT - June 30, 1999) - internet.com Venture Fund I LLC announced today an investment in CreativePlanet.com, the leading operator of vertical, business-to-business Internet communities for creative professionals. The company operates verticals for visual effects professionals (http://www.VFXPro.com), film and video editors (http://www.EditorsNet.com) and motion graphics designers (http://www.DesignInMotion.com).
With the purchase of a stake in CreativePlanet.com, internet.com Venture Fund I expands its interests to an online community serving professional media makers.
"CreativePlanet.com is dominant as a content and resource site for professional content creators," said Alan M. Meckler, Chairman of internet.com Venture Fund I and Chairman and CEO of internet.com Corporation. "We are pleased to be making this investment for our Fund and we will share the expertise of the internet.com Web site team to expand the coverage and reach of CreativePlanet.com even further."
"internet.com Venture Fund I and Alan Meckler are perfect strategic partners for CreativePlanet.com," said CreativePlanet.com CEO Allen DeBevoise. "This relationship will greatly accelerate our implementation of new vertical sites and features."
Alan Meckler will join America Online Studio's CEO Ted Leonsis and HomeStore.com's CEO Stuart Wolff on CreativePlanet.com's board of directors.
internet.com Venture Fund I was formed to invest in early-stage online communities serving a targeted business-to-business market that are not competitive to internet.com, and that follow the strategy of one of the fund's investors and the portfolio manager of the fund, internet.com, which serves Internet professionals.
internet.com (Nasdaq: INTM), the E-business and Internet Technology Network, includes 62 Web sites, 44 e-mail newsletters, 55 online discussion forums, and 52 moderated e-mail discussion lists for Internet industry and Internet technology professionals, Web developers and sophisticated Internet users.
"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.
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