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Filed by VerticalNet, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14d-2
of the Securities Exchange Act of 1934
Subject Company: SierraCities.com Inc.
Commission File No. 0-22525
[VERTICALNET, INC. LOGO]
Investor Relations Contact:
Muriel Lange, 215-315-3367
[email protected]
Media Relations Contact:
Jessica Cassady, 215-315-3712
[email protected]
VERTICALNET EXTENDS TENDER OFFER
FOR SIERRACITIES.COM INC. TO DECEMBER 29, 2000
HORSHAM, PA, December 15, 2000 -- VerticalNet, Inc. (Nasdaq: VERT) announced
today that Truckee Acquisition Co., a wholly-owned subsidiary of VerticalNet, is
extending its offer to acquire all outstanding shares of common stock of
SierraCities.com Inc. (Nasdaq: BTOB) until midnight, New York City time, on
Friday, December 29, 2000. The offer was previously scheduled to expire at
midnight on Thursday, December 14, 2000.
Based on the latest count of tendered shares, approximately 12,674,851 shares of
SierraCities common stock, representing less than two thirds of all outstanding
SierraCities common stock on a fully diluted basis, have been tendered and not
withdrawn pursuant to the exchange offer.
As a consequence of the extension of the expiration date, holders of
SierraCities common stock may tender or withdraw shares until midnight, New York
City time, Friday, December 29, 2000, unless the offer is further extended.
The extension will provide SierraCities stockholders additional time to tender
shares so that the minimum condition of at least two thirds of the outstanding
shares of SierraCities common stock on a fully diluted basis being validly
tendered and not withdrawn prior to the expiration of the offer may be
satisfied. The extension will provide VerticalNet additional time to obtain a
declaration of effectiveness from the Securities and Exchange Commission with
respect to VerticalNet's registration statement relating to shares to be issued
by VerticalNet in the offer.
VerticalNet also announced that, on December 6, 2000, the US antitrust
authorities granted the request of VerticalNet and SierraCities for early
termination of the 30-day waiting period with respect to the exchange offer.
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SierraCities' stockholders are urged to read the prospectus and the
solicitation/recommendation statement relating to the exchange offer and the
merger. These documents contain important information. SierraCities'
stockholders can obtain these documents, as well as the VerticalNet documents
that are incorporated by reference in the prospectus, at no charge at the
Securities and Exchange Commission's Web site at http://www.sec.gov. These
documents are also available from VerticalNet without charge upon request to its
information agent, D.F. King & Co., Inc., 77 Water Street, New York, NY 10005,
(212) 425-1685 or call toll free (800) 628-8510.
ABOUT VERTICALNET, INC.
VerticalNet, Inc. (www.verticalnet.com) provides end-to-end e-commerce solutions
targeted at distinct business segments through three strategic business units:
VerticalNet Markets includes 57 industry-specific Web sites designed as online
vertical trading communities and provides hosted e-commerce and community
capabilities for corporate divisions and mid-size businesses; VerticalNet
Exchanges focuses on direct material open and spot markets; VerticalNet
Solutions builds digital marketplaces for global 2000 customers, consortia and
neutral Net market makers. VerticalNet International leverages the Company's
three strategic business units to create global Internet business-to-business
marketplaces, offering products and services internationally and partnering with
companies that have strong local presence and domain expertise.
ABOUT SIERRACITIES.COM INC.
SierraCities is an innovator of technology solutions for online
business-to-business financing. The Company's technology platform supports real
time funding of e-commerce transactions through one of the most comprehensive
online business financing fulfillment solutions available. SierraCities' credit
technologies enable B2B e-commerce by empowering businesses to complete
transactions more quickly, thereby gaining time and cost efficiencies.
SierraCities' infrastructure solution automates much of the process involved in
customer acquisition, application, data retrieval, data warehousing,
underwriting, documentation, servicing, collections, funding, auditing, and data
mining. For more information, please visit SierraCities' Web site at
www.SierraCities.com.
VerticalNet is a registered trademark of VertTech LLC in the United States
and/or other countries. All other trademarks and tradenames appearing in this
announcement are the property of their respective owners.
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