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Exhibit 99.3
PRESS RELEASE
HOOVER'S COMPLETES ACQUISITION OF POWERIZE.COM
Wednesday, August 2, 2000 11:02 AM
AUSTIN, Texas, Aug. 2 /PRNewswire/ -- Hoover's, Inc. (Nasdaq: HOOV), operator of
the businessperson's portal Hoover's Online (http//www.hoovers.com), today
announced it has completed its acquisition of Powerize.com, Inc., a developer of
content integration and syndication technology, and operator of a business
research Web site with more than 600,000 registered members. The acquisition,
approved by a majority of Powerize stockholders, closed on August 1. Hoover's
previously announced its intention to acquire Powerize following the execution
of a definitive Reorganization Agreement between the companies on July 12, 2000.
Powerize will operate as Hoover's new tools syndication and content integration
subsidiary, and will continue to be based at its current offices in Linthicum,
Maryland, and Reston, Virginia. Powerize chief executive officer Edwin Addison
will become chairman of Hoover's Powerize subsidiary, and Powerize president and
chief operating officer Mark Gaertner will join the Hoover's management team as
president of Hoover's Powerize subsidiary. Hoover's will pay a combination of
Hoover's common stock and cash valued in the aggregate at approximately $16.5
million (based on the closing price of Hoover's common stock on the Nasdaq
National Market on July 31, 2000) in exchange for all the outstanding shares,
options and warrants of Powerize. Under the specific terms of the transaction,
Hoover's will issue approximately 1.48 million shares of Hoover's common stock
and $2.42 million in cash in exchange for all of the outstanding common stock of
Powerize. In addition, Hoover's has reserved approximately 395,000 additional
shares of its common stock for issuance upon exercise of all outstanding
Powerize options and warrants, as well as approximately $220,000 for payment
upon exercise of all outstanding Powerize warrants.
About Hoover's, Inc.
Hoover's, Inc. operates Hoover's Online, the businessperson's portal, which
provides more than 3 million businesspeople with timely and reliable information
that allows them to make informed decisions. Hoover's then provides an
e-commerce marketplace in which businesspeople can act on those decisions to
purchase information, products and services. At the core of Hoover's Online lies
a proprietary database of authoritative business knowledge about the world's
largest, most influential and fastest-growing companies and industries, and
created by more than 120 writers, editors and researchers. Hoover's uses its
proprietary searching and sorting technology to combine that database with
high-quality third-party business information, including news, a directory of
business Web sites, and biographical and product information, as well as
business travel, personal finance and career tools, to make Hoover's Online the
one-stop source for businesspeople seeking to get their jobs done. Hoover's
Online is also available through several Internet services, including America
Online, Dow Jones, Microsoft, Reuters and Yahoo! Hoover's investors include Time
Warner (NYSE: TWX), Media General (Amex: MEG.a), NBC -- a unit of General
Electric (NYSE: GE), and Knowledge Universe, through its Knowledge Net Holdings
and Nextera Enterprises (Nasdaq: NXRA) units. "Safe Harbor" Statement under the
Private Securities Litigation Reform Act of 1995: This press release contains
forward-looking statements relating to future events or results that involve
risks and uncertainties, including statements regarding future operation of the
Powerize subsidiary. These forward-looking statements are subject to risks
relating to the timing and successful completion of product development efforts,
integration of the technologies and content, products, personnel and businesses
of Hoover's and Powerize, unanticipated expenditures, changing relationships
with customers, suppliers and strategic partners and other factors described in
the most recent Form 10-K and other periodic reports filed by Hoover's with the
Securities and Exchange Commission.
Contact: Lisa Glass Anila Kalbi/Machie Madden
Hoover's Online Middleberg Euro rscg
512/374-4662 212-699-2737/2719
[email protected] [email protected]
[email protected]
SOURCE Hoover's, Inc.
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CONTACT: Lisa Glass of Hoover's Online, 512-374-4662, or [email protected]; or
Anila Kalbi, 212-699-2737, [email protected], or Machie Madden,
212-699-2719, [email protected], both of Middleberg Euro rscg, for Hoover's,
Inc.
