Enron Mail

From:afternoon20@alerts.equityalert.com
To:alewis@ect.enron.com
Subject:Your News Alert for CMGI
Cc:
Bcc:
Date:Tue, 20 Nov 2001 13:32:21 -0800 (PST)


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GE] [IMAGE] [IMAGE] [IMAGE] =09 As requested, your News Alert for CMGI =
follows from EquityAlert.com. CMGI Retires Series C Preferred Stock, S=
ubstantially Strengthening Capital Structure ANDOVER, Mass., Nov 20, 2001=
(BUSINESS WIRE) -- CMGI, Inc. (Nasdaq: CMGI) today announced that it has r=
etired its Series C Convertible Preferred Stock under the terms of an agree=
ment with the Series C stockholders. The agreement represents successful co=
nclusion of CMGI's focused efforts to eliminate outstanding debt and conver=
tible preferred instruments. In June 1999, CMGI completed a $375 million =
private placement of newly issued Series C Convertible Preferred Stock, the=
June 2002 maturity value of which is estimated to be approximately $398 mi=
llion. Under the terms of the agreement, the Series C stockholders retired =
the obligation in full in exchange for aggregate consideration consisting o=
f: 1) approximately $100.3 million in cash; 2) an obligation to deliver app=
roximately 448.3 million ordinary shares of Pacific Century Cyberworks (PCC=
W) owned by CMGI no later than December 2, 2002, and, 3) approximately 34.7=
million shares of CMGI common stock, which shares shall be subject to cert=
ain volume and other trading restrictions. The Series C stock retirement =
is the second of two major financial restructuring initiatives focused on i=
mproving CMGI's capital structure. Earlier this month, the company and two =
of its subsidiaries, NaviSite, Inc. and AltaVista Company, announced the su=
ccessful completion of an agreement with Compaq Computer Corporation and Co=
mpaq Financial Services to retire, restructure and realign key financial ob=
ligations. "With today's agreement, we've effectively closed the second c=
hapter of our financial restructuring initiatives and significantly improve=
d our capital structure in line with the company's long-term goals," said G=
eorge McMillan, chief financial officer, CMGI, Inc. "The successful retirem=
ent of both the Compaq and Series C obligations now frees CMGI and its subs=
idiaries to focus our resources on strengthening our fiscal management and =
executing on an operating plan to grow our businesses in 2002 and beyond. W=
e expect that this capital restructuring, coupled with our ongoing fundamen=
tal restructuring and alignment of our business, will enable us to focus ou=
r resources on ongoing initiatives to accelerate recurring operating profit=
ability and position the company for growth-focused activities." About CM=
GI and @Ventures CMGI, Inc. (Nasdaq: CMGI), a leading global Internet oper=
ating and development company, is comprised of established and emerging com=
panies, including both CMGI operating businesses and investments made throu=
gh its venture capital affiliate, @Ventures. CMGI companies span a range of=
vertical market segments including search and portals; infrastructure and =
enabling technologies; e-business and fulfillment; marketing software and s=
ervices; and Internet professional services. Compaq, Pacific Century CyberW=
orks and Sumitomo hold minority positions in CMGI. CMGI's majority-owned =
operating companies include Engage (Nasdaq: ENGA), NaviSite (Nasdaq: NAVI),=
AltaVista, Equilibrium, SalesLink, Tallan, uBid and yesmail.com. @Ventures=
has ownership interests in more than 40 companies, with a focus on identif=
ying, investing in and developing emerging technology companies and eBusine=
sses. CMGI's corporate headquarters is located at 100 Brickstone Square, =
Andover, MA 01810. @Ventures has offices there, as well as at 3000 Alpine R=
oad, Menlo Park, CA 94028. For additional information, see http://www.cmgi.=
com and http://www.ventures.com. This release contains forward-looking st=
atements which address a variety of subjects including, for example, the ex=
pected benefits of the agreement with certain of CMGI's equityholders to re=
tire all of the outstanding shares of CMGI's Series C Convertible Preferred=
Stock, efforts to accelerate recurring operating profitability and the res=
ults of growth-focused activities. The following important factors and unce=
rtainties, among others, could cause actual results to differ materially fr=
om those described in these forward-looking statements: CMGI's success, inc=
luding its ability to decrease its cash burn rate, improve its cash positio=
n and revenue run rate and reach profitability, depends on its ability to e=
xecute on its business strategy and the continued and increased demand for =
and market acceptance of CMGI's products and services and the Internet in g=
eneral; CMGI may experience difficulties integrating technologies, operatio=
ns and personnel in accordance with its business strategy; and increased co=
mpetition and technological changes in the markets in which CMGI competes. =
For a detailed discussion of cautionary statements that may affect CMGI's f=
uture results of operations and financial results, please refer to CMGI's f=
ilings with the Securities and Exchange Commission, including CMGI's Annual=
Report on Form 10-K filed October 29, 2001. CONTACT: CMGI Corpo=
rate Communications CMGI Investor Relations Deidre Moo=
re Catherine Taylor (978) 684-3655 =
(978) 684-3832 dmoore@cmgi.com =
ctaylor@cmgi.com URL: http://www.businesswire.com Today=
's News On The Net - Business Wire's full file on the Internet with Hyperli=
nks to your home page. Copyright (C) 2001 Business Wire. All rights reser=
ved. -0- KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: BANKING =
COMPUTERS/ELECTRONICS INTERNET =
SOFTWARE SOURCE: CMGI [IMAGE] =
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