Wednesday June 23, 7:45 amEastern Time
Company Press Release
TownPagesNet.com plc -TPN- To Acquire WWW.CO.UK Ltd for Approximately $6 Million
WWW Operates Exclusive Web Site Hosting Service for Movie Multiplexes
ALTON, England--(BUSINESS WIRE)--June 23, 1999--
TownPagesNet.com plc (AMEX:TPN - news), today announced it has signed a
letter of intent to acquire WWW.CO.UK Ltd (doing business as Cinemas
Online) for approximately $6 million in cash and TPN stock. WWW,
consists of three companies that operate an exclusive web site hosting
service for 153 multiplex cinemas (756 screens) which equates to about
30% of the UK market. According to its auditors, WWW recorded
approximately $1.8 million in revenues last year, making a profit of
$160,000 and already has in place deferred revenues of $2.6 million
for 1999, $1.57 million for 2000 and $865,000 for 2001.
Andrew Lyndon-Skeggs, Chief Executive Officer of TownPagesNet.com
plc said, ``This is an important strategic acquisition for
TownPages®. As well as providing an anticipated additional three
million hits per month to our site, WWW gives us a strong sales
presence in Northern England.''
Mr. Lyndon-Skeggs pointed out that ``The cinema sites fit
strategically into our web channel strategy and will be an important
part of the national and local content on our Internet website
(www.townpages.co.uk) and our network of free-access online
Andrew Lyndon-Skeggs continued: ``TownPagesNet.com is currently
reviewing other potential acquisitions which will enhance our services
and speed up our national roll out in the UK in our quest to be the
UK's number 1 Internet brand.''
The acquistion of WWW is contingent upon the parties entering
into a defintive agreement. TownPagesNet.com plc expects to close the
WWW acquisition in the second week of July.
``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
011-44 1420 543468
011-44 1295 224400
H.L. Lanzet, Inc.
Herbert Lanzet/DeeDee Lanzet
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T: +44 (0)1672 511 094
F: +44 (0)1672 511 078
E: [email protected]