Thursday, July 22, 1999 6:23 AM EST, ALTON, England
Transaction Combines UK Internet Leaders in Providing Cinema and Locally-Oriented Entertainment Information
TownPagesNet.com plc (AMEX: TPN) today announced that it has acquired
WWW.CO.UK and its affiliated group companies for (pound)4 million
(approximately $6 million US) in cash and stock. The transaction will
combine the United Kingdom's leading Internet provider of cinema
information, Cinemas Online (the trading name WWW.CO.UK), with a
leading provider of national and local entertainment and service
Under the agreement, TownPages has acquired WWW.CO.UK for approximately
(pound)2.5 million (approximately $4 million US) in TownPages stock and
(pound)1.5 million (approximately $2.4 million US) in cash, with an
additional earnout payable within the next two years if WWW.CO.UK meets
a series of agreed performance targets.
Andrew Lyndon-Skeggs, Managing Director of TownPages, noted, "This is
an important strategic acquisition for TownPages as it dramatically
increases our critical mass of general entertainment information
offered through our site. Because of the broad-based popularity of the
cinema, we believe this combination will attract a whole new audience
to TownPages. On a combined basis, we wouldbe receiving in excess of 7
million hits per month."
Lyndon-Skeggs added, "This purchase fits into our web channel strategy
and will be an important part of the national and local information
that is available on our website (
www.TownPages.co.uk) and our network
of free access on-line information kiosks."
Jeffrey Spector, Managing Director of WWW.CO.UK, will be bringing his
senior management team with him to TownPages. He is also bringing a
successful national salesforce which will enhance TownPages' existing
UK sales team and create a presence in the North of England, where none
Attracting more than 4.4 million hits in June 1999, WWW.CO.UK is the
official supplier of cinema information on the Internet in the United
Kingdom. It offers information on over 35 per cent of the UK cinema
market and has just signed a contract with Ireland's largest cinema
group which represents over 50 per cent of all cinema admissions in
that country. WWW.CO.UK was established 18 months ago and has local and
national advertisers signed up on either two or three year agreements.
An average user session on the site lasts for 7.5 minutes.
TownPagesNet.com plc operates TownPages(R), an interactive service
providing comprehensive, up-to-date locally focused information about
specific towns and cities in the United Kingdom in a graphically
TownPages' website can be found at
"Safe Harbor" statement under the Private Securities Litigation
Reform Act of 1995:
This release contains forward-looking statements that are subject to
risks and uncertainties, including, but not limited to, the impact of
competitive products and pricing, product demand and market acceptance,
reliance on key strategic alliances, fluctuations in operating results
and other risks detailed from time to time in the Company's filings
with the Securities and Exchange Commission.
Copyright (C) 1999 Business Wire. All rights reserved.
CONTACT: TownPages, Alton
A. Lyndon-Skeggs, 011 44 01420 5453468
Porter Novelli, New York
Jessica Magill, 212/601 8185
Countrywide Porter Novelli
Mike Rigby, 011 44 01295 224400
Newsbit furnished by:
A: NetShift Software Ltd.
A: Hughenden Yard, Marlborough, Wilts,SN8 1LT, UK
T: +44 (0)1672 511 094
F: +44 (0)1672 511 078
E: [email protected]