TownPagesNet.com plc -TPN- To Acquire WWW.CO.UK Ltd for Approximately $6 Million

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 information kiosks.''

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 Commission.

     TownPages
     A. Lyndon-Skeggs
     011-44 1420 543468
      or
     Countrywide
     Mike Rigby
     011-44 1295 224400
      or
     H.L. Lanzet, Inc.
     Herbert Lanzet/DeeDee Lanzet
     212/687-0061
     [email protected]

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]
W: www.netshift.com

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