EXHIBIT 99.1
For More Information:
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Mark S. Peterson
Vice President of Public Relations
InfoSpace, Inc.
206-357-4000
mark@go2net.com
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Dino Christofilis
Senior Vice President of Investor Relations
InfoSpace, Inc.
206-357-4000
dino@go2net.com
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InfoSpace and Go2Net Complete Merger, Creating Global
Infrastructure Technology Powerhouse
BELLEVUE, WA --October 12, 2000 - InfoSpace, Inc. (Nasdaq: INSP), a leading
global provider of cross-platform merchant and consumer infrastructure services
on wireless and other platforms, and Go2Net, Inc. (Nasdaq: GNET), one of the
Internet's leading providers of applications and technology infrastructure for
both narrowband and broadband devices, today announced the completion of their
merger.
Shareholders of both companies today formally approved the merger agreement,
which was initially announced on July 26, 2000. The merger takes effect
immediately, creating the Internet's leader in wireless and broadband
infrastructure technologies, positioned to deliver an integrated platform of
infrastructure services and applications for today's rapidly converging media,
including PCs, TVs, PDAs, pagers, cellular phones and other Internet appliances.
The new company assumes the InfoSpace, Inc. name, and is structured into four
areas of focus: Wireless; Consumer; Merchant; and Broadband. Under the merger
agreement, InfoSpace will issue 1.82 shares of its common stock for each
outstanding share of and option to purchase Go2Net common stock, and the
combined company will trade as InfoSpace (Nasdaq: INSP).
"We are very excited about completing our merger with Go2Net," said Arun Sarin,
CEO of InfoSpace. "Not only are we marrying technologies and partnerships that
will create the most robust, integrated platform of services in the industry,
but we are also bringing together a world-class management team, which will
accelerate the pace of our technology development and global distribution plans.
By combining forces, we are in position to deliver additional premium services
and infrastructure technologies to our considerable base of existing partners,
while opening significant new opportunities with additional organizations."
"This merger combines two companies with unusually strong and complementary
visions, massive distribution, highly scalable business models, and substantial
revenues - all of which positions us exceptionally well for immediate and long-
term leadership," said Russell C. Horowitz, president of InfoSpace. "InfoSpace
is now strategically positioned like never before to fully leverage the
tremendous opportunities that exist in wireless, consumer services, merchant
services, and broadband."
Executive management team introduced
Arun Sarin continues as CEO, in addition to heading the company's wireless
services. Russell C. Horowitz is now president of InfoSpace, and will direct
the company's business operations and oversee the four business areas of focus.
Naveen Jain will remain chairman and chief strategist, focusing on InfoSpace's
strategic direction and emerging markets. John Keister, Go2Net president and
co-founder, will serve as InfoSpace's executive vice president of consumer
services. InfoSpace veteran Chris Matty will serve as InfoSpace's executive
vice president of merchant services, while Michael Riccio, Go2Net chief
operating officer, will assume the role of InfoSpace's executive vice president
of broadband services.
About InfoSpace, Inc.
InfoSpace, Inc. is a leading infrastructure services company, delivering an end-
to-end integrated platform of applications and technologies for today's rapidly
converging media platforms
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including narrowband and broadband PCs, TVs, PDAs, pagers, cellular phones and
other Web appliances. InfoSpace's affiliates include a network of wireless and
other non-PC devices including PCs, cellular phones, pagers, screen telephones,
television set-top boxes, online kiosks, and personal digital assistants. These
include relationships with AT&T Wireless, Intel, Ericsson, Nokia, Mitsui and
Acer America. InfoSpace's affiliate network also consists of more 3,100 Web
sites that include AOL, Microsoft, Disney's GO Network, NBC's Snap, Lycos,
DoubleClick and ABC LocalNet, among others.
This release contains forward-looking statements relating to the development of
the Company's products and services and future operating results that are
subject to certain risks and uncertainties that could cause actual results to
differ materially from those projected. The words "believe," "expect,"
"intend," "anticipate," variations of such words, and similar expressions
identify forward-looking statements, but their absence does not mean that the
statement is not forward-looking. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties and assumptions that
are difficult to predict. Factors that could affect the Company's actual
results include the progress and costs of the development of our products and
services and the timing of market acceptance of those products and services. A
more detailed description of certain factors that could affect actual results
include, but are not limited to, those discussed in InfoSpace's Annual Report on
Form 10-K, in the section entitled "Factors Affecting InfoSpace's Operating
Results, Business Prospects and Market Price of Stock Risk Factors." Readers
are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date of this release. InfoSpace undertakes no
obligation to update publicly any forward-looking statements to reflect new
information, events or circumstances after the date of this release or to
reflect the occurrence of unanticipated events.
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