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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 11, 1997
EXCITE, INC.
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(Exact name of Registrant as specified in its charter)
CALIFORNIA
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(State or other jurisdiction of
incorporation)
0-28064 77-0378215
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(Commission (IRS Employer
File Number) Identification
No.)
555 Broadway, Redwood City, CA 94063
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(Address of principal executive offices) (Zip Code)
(415) 568-6000
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(Registrant's telephone number, including area code)
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(Former name or former address, if changed since last report)
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ITEM 5: OTHER EVENTS.
On June 11, 1997, Excite, Inc. (the "Company") and Intuit Inc.
("Intuit") entered into a Stock Purchase Agreement pursuant to which the Company
will issue and sell to Intuit 2,900,000 shares of its Common Stock at a purchase
price of $13.50 per share. It is anticipated that Intuit will purchase 1,000,000
shares of Common Stock on or about June 25, 1997, provided that the required
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended, has been terminated. The proposed sale of the remaining 1,900,000
shares of Common Stock is subject to a number of conditions, including execution
and delivery of a definitive agreement relating to the creation of an online
finance channel on the Excite Network and other customary conditions precedent.
Upon the execution of such definitive agreement, it is anticipated that
the Company and Intuit will create a new online finance channel on the Excite
Network, which will offer a range of financial transactions, such as in life
insurance and mutual funds, as well as financial information such as stock
quotes and service directories. It is anticipated that this new channel will be
introduced during the summer of 1997.
This report shall not constitute an offer to sell nor the solicitation
of an offer to buy any securities of the Company. The proposed sale of Common
Stock to Intuit will be made only by means of a Prospectus.
ITEM 7: FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
The following exhibits are filed herewith:
99. Press release dated June 11, 1997
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, Registrant has duly caused this amendment to be signed on its behalf by
the undersigned thereunto duly authorized.
EXCITE, INC.
Date: June 16, 1997 By: /s/ Robert C. Hood
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Robert C. Hood
Executive Vice President,
Chief Administrative Officer and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit 99 Press Release dated June 11, 1997
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EXHIBIT 99
PRESS RELEASE
Press contacts:
Jennifer Glass
Intuit Director of Corporate Communications (415) 944-3569
[email protected]
Melissa Walia
Excite Public Relations Manager
INTUIT TO INVEST $40 MILLION IN EXCITE
Companies to Create the Premiere Personal Finance Channel on the
Internet.
REDWOOD CITY/MOUNTAIN VIEW, CA -- June 11, 1997 -- Intuit (NASDAQ:INTU)
and Excite (NASDAQ:XCIT) announced today that Intuit will make a $40 million
equity investment in Excite and that the companies are entering into a
seven-year agreement to program, promote and distribute a new online financial
channel. The alliance combines Excite's core competencies in distribution and
programming with Intuit's strengths in financial software and content to create
the Web's foremost channel for personal finances.
Large-scale distribution and content relationship
Beginning this summer, the new financial channel will feature content
and services designed to help consumers organize and manage their personal
financial lives and make better financial decisions. The channel will include
financial information and news, stock quotes, directories of services, tracking
and decision tools and transactional services. The companies expect that revenue
will be generated from a combination of advertising and fees for enabling
transactions for financial products and services.
The new financial channel will be distributed throughout the Excite
Network including Excite, WebCrawler and Magellan - as well as through Quicken
Financial Network and actively promoted to Quicken's installed base of 10
million software customers.
"With this collaboration, Intuit and Excite have pioneered a new model
integrating distribution and content," said George Bell, president and CEO of
Excite. "Excite Network's 2.5 million daily users combined with Quicken's 10
million active users will give the companies unprecedented cross-promotion and
distribution opportunities."
"The Web truly enables us to improve the way people manage their
finances, make financial decisions, and shop for financial services," said Scott
Cook, chairman and co-founder of Intuit. "This alliance with Excite will
increase the speed with which we will be able to deliver these solutions and
dramatically expand the number of people we can reach."
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Under the agreement, Intuit will become the exclusive provider and
aggregator of financial content on all of Excite's services, and Excite will
become the exclusive search and navigation service featured in Intuit's popular
Quicken, QuickBooks and TurboTax products.
In the transaction, Intuit will purchase 2.9 million shares of Excite
common stock, representing approximately 19 percent of Excite's common shares
outstanding (excluding preferred stock and options). Based on a fixed price of
$13.50 per Excite share, the transaction is valued at approximately $40 million.
The transactions between the two companies have been approved by both Boards.
Intuit's investment is subject to certain terms and conditions, including
execution of a definitive agreement and obtaining regulatory approval.
About Intuit Inc.
Intuit Inc., a financial software and Web-based services company,
develops and markets Quicken, the leading personal finance software; TurboTax,
the best-selling tax preparation software; and QuickBooks, the most popular
small business accounting software. Intuit's Quicken Financial Network
(www.quicken.com) offers a complete set of personal finance news, information,
and tools, including the leading mutual fund and insurance sites. Intuit's
products and services enable individuals, small businesses, and financial
professionals to better manage their financial lives and businesses.
About Excite, Inc.
Founded in 1994, Excite, Inc. is a leading navigation hub on the
Internet. The Excite Network consists of four leading brands: Excite
(http://www.excite.com), WebCrawler (http://webcrawler.com), Excite City.Net
(http//city.net) and Magellan (http://www. mckinley.com).
Excite offers topic-based channels of information where consumers can
find topical news and content, reviews and guides, bulletin boards, chat and
search. WebCrawler offers consumers simple, but powerful online search
solutions. Excite City.Net offers travelers a comprehensive travel resource for
travel planning, complete with destination information and transaction
capabilities. The Magellan Internet Guide offers a catalog of "green light" or
safe sites on the Internet. Based in Redwood City, Calif., Excite, Inc. (NASDAQ:
XCIT) has strategic relationships with America Online, Inc., Tribune Company,
CUC Investments Inc., Apple Computer, Inc. and Netscape Communications Corp.
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