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Exhibit (a)(10)
Investor Relations Contact: Investor Relations Contact:
Muriel Lange, 215-315-3367 Alan Langus, 914-286-6365
[email protected] [email protected]
Media Relations Contact: Media Relations Contact:
Nyssa Tussing, 215-315-3710; 917.833.0810 Christopher Katis, 415-296-7383
[email protected] Morgen-Walke; [email protected]
VERTICALNET AND SIERRACITIES.COM ANNOUNCE MUTUAL
TERMINATION OF MERGER AGREEMENT
HORSHAM, PA and HOUSTON, TX - January 10, 2001 - VerticalNet, Inc. (Nasdaq:
VERT) and SierraCities.com Inc. (Nasdaq: BTOB) announced today that, due to
current market conditions, they have mutually agreed to terminate their
Agreement and Plan of Merger. The termination of the Merger Agreement also
terminates VerticalNet's previously announced exchange offer for shares of
SierraCities.com common stock, and all shares deposited with VerticalNet's
transfer agent pursuant to the exchange offer will be promptly returned.
"We are still very interested in continuing to explore a relationship with
SierraCities.com as we search for strategic alternatives for technology
licensing and development," said VerticalNet President and CEO Mike Hagan.
"SierraCities.com has a wealth of technology and products we believe can benefit
the small to medium-sized businesses in the VerticalNet(R) markets and we look
forward to pursuing other opportunities with them in the future," said
SierraCities.com's President and CEO Thomas Depping. "We also intend to explore
our strategic alternatives with others, including parties who have expressed
interest in the possible acquisition of SierraCities.com."
There can be no assurances that any transaction will occur.
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 58 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 B2B marketplaces,
offering products and services internationally and partnering with companies
that have strong local presence and domain expertise.
ABOUT SIERRACITIES.COM INC.
SierraCities.com 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.com's
credit technologies enable B2B e-commerce by empowering businesses to complete
transactions more quickly, thereby gaining time and cost
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efficiencies. SierraCities.com's 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 our Web site at
www.sierracities.com.
SAFE HARBOR
This announcement contains forward-looking statements that involve risks and
uncertainties, including those relating to possible future transactions. For
such statements, VerticalNet and SierraCities.com claim the protection of the
safe harbor for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. There can be no assurances that future results
will be achieved, and actual results could differ materially from forecasts and
estimates. Important factors that could cause actual results to differ
materially include risks described in their respective filings with the
Securities and Exchange Commission. Neither VerticalNet nor SierraCities.com
assumes any obligation to publicly update or revise any of the forward-looking
statements that may be in this announcement.
VerticalNet and NECX.com are registered trademarks and/or trademarks of Vert
Tech 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.
SierraCities.com investor questions regarding the terminated exchange offer can
be directed to the information agent at D. F. King & Co., Inc. (1-800-628-8510);
in New York call (212-425-1685), or call the SierraCities.com Investor and Media
contacts above.
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