ALTON, England--(BUSINESS WIRE)--Aug. 5,1999--TownPagesNet.com
plc (AMEX:TPN - news), a provider of Internet-based on-line information
services in the UK, has signed a letter of intent to acquire 100% of
the equity of Bowden Publishing Limited from the current owners, John
Bowden and Lucy Bowden, for 10 times Bowden's fiscal 1999 net profits.
Based in Newcastle-Upon-Tyne, Bowden publishes the well-known
Internet-based Local Authority & Public Service Buyers Guide
(www.buyersguide.co.uk), which attracts 3,500 advertisers on the
The Bowden signing marks the Company's third major transaction in
less than three weeks, following closely TownPages' August 2nd letter
of intent to acquire Morbria Limited, which specializes in the design
of websites and advertising services, for approximately US$7.2 million
in TownPages common stock and the Company's July 23rd acquisition of
WWW.CO.UK, the UK's leading Internet provider of cinema information,
for US$6.4 million in cash and TownPages common stock.
``TownPages is determined to become Europe's number one provider
of on-line information and services,'' commented Andrew Lyndon-Skeggs,
TownPages' Managing Director. ``In order to achieve that goal, we are
looking to buy a number of complementary companies as well as to
expand internally. The Bowden deal confirms our growth commitment.''
Lyndon-Skeggs also noted, ``Bowden Publishing is a dynamic company
with great potential. The Buyers Guide ties in extremely well with our
plans to build partnerships with local Councils for the roll-out of
our on-line information services.''
Working with local authorities and other organizations, TownPages
plans to install approximately 3,500 on-line information kiosks across
the UK within three years. A number of local authorities have already
agreed to host the kiosks on their property and provide content for
the company's community-focused information services.
``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.
A. Lyndon-Skeggs, 011-44 1420 543468
Mike Rigby, 011-44 1295 224400
H.L. LANZET, INC.
Herbert Lanzet/DeeDee Lanzet, 212/687-0061
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]