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[Internet Capital Group letterhead logo]
[RightWorks logo]
FOR IMMEDIATE RELEASE
Contacts:
Sherri Wolf
Investor Relations
Internet Capital Group
617-338-7171
[email protected]
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Michelle Strykowski
Media Relations
Internet Capital Group
415-343-3753
[email protected]
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Melinda Wilken
Corporate Communications
RightWorks Corporation
408.579.4008
[email protected]
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INTERNET CAPITAL GROUP, INC. EXTENDS EXCHANGE OFFER
FOR RIGHTWORKS CORPORATION
Wayne, Pa and San Jose, Ca.-- June 9, 2000 -- Internet Capital Group, Inc.
(NASDAQ: ICGE) announced today that Rain Acquisition Corp., a wholly-owned
subsidiary of ICG, is extending its offer to acquire all outstanding shares of
Series B Preferred Stock of RightWorks Corporation until 5 p.m., New York City
time, on Wednesday, June 14, 2000. The offer is being extended to enable
administrative processes and allow sufficient time for the formal tender of
contractually committed shares.
"We believe RightWorks has the best technology on the market today for enabling
online trading communities, and our work together over the past three months
only serves to confirm that belief," said Mary Coleman, managing director of
operations at ICG. "ICG views infrastructure as critical to the success of B2B
e-commerce and the RightWorks platform a key element in the development of open,
scaleable digital marketplaces,"
"We are excited about the accelerated traction we've seen in the market since
establishing our relationship with ICG and its collaborative network of B2B
partner companies," said Vani Kola, CEO and founder of RightWorks. "ICG has
driven several key strategic relationships and helped fill vital senior
management positions in the short time we've been working together. We recognize
the unique competitive advantage enjoyed by ICG partner companies, and our
current shareholders look forward to continuing to benefit from that edge."
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As a consequence of the extension of the expiration date, holders of RightWorks
Series B Preferred Stock may tender or withdraw shares until 5 p.m., New York
City time, Wednesday, June 14, 2000, unless the offer is further extended. The
offer was previously scheduled to expire at midnight on Thursday, June 8, 2000.
Based on the latest count of tendered shares, approximately 8,320,914 shares of
RightWorks Series B Preferred Stock have been tendered and not withdrawn
pursuant to the tender offer. The exchange agent for the offer is ChaseMellon
Shareholder Services, L.L.C., 85 Challenger Road, Mail Stop-Reorg, Ridgefield,
NJ, 07660 , 1-800-777-3674.
We urge investors and security holders to read Internet Capital Group's
Registration Statement on Form S-4, as amended, regarding the exchange offer,
which contains important information. These documents have been filed with the
United States Securities and Exchange Commission. They may be obtained free at
the SEC's web site at www.sec.gov. You may also obtain for free each of these
documents (when available) from Internet Capital Group by directing
your request to Investor Relations at 617.338.7171.
About RightWorks
Founded in 1996, RightWorks is the leading provider of B2B exchange software for
powering digital marketplaces across the Internet. RightWorks offers an
extensive range of capabilities that are being adopted by net market makers as
either in-house or hosted solutions. RightWorks 5.0, the latest release of the
company's flagship product, is architected to take advantage of the dynamic and
distributed nature of the Internet with innovations such as an open "many-to-
many" trading platform, Universal Network Content(TM), and Business
Personalization(TM). RightWorks customers represent a wide range of markets and
include companies such as CSC, Embion, FacilityPro.com, ShopNow.com,
VerticalNet, Wells Fargo Bank and others. RightWorks is a privately held company
backed by Sequoia Capital and others. Based in San Jose, Calif., RightWorks can
be reached at 408.579.4000 and at www.rightworks.com.
About Internet Capital Group
Internet Capital Group (http://www.internetcapital.com) is an Internet company
actively engaged in business-to-business e-commerce through a network of partner
companies. It provides operational assistance, capital support, industry
expertise and a strategic network of business relationships intended to maximize
the long-term market potential of more than 65 business-to-business e-commerce
partner companies. Headquartered in Wayne, Pa., Internet Capital Group has
offices in San Francisco, Boston, Seattle and London.
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Safe Harbor Statement under Private Securities Litigation Reform Act of 1995.
The statements contained in this press release that are not historical facts are
forward-looking statements that involve certain risks and uncertainties
including but not limited to risks associated with the uncertainty of future
performance of our partner companies, acquisitions of interests in additional
partner companies, additional financing requirements, the effect of economic
conditions in the B2B e-commerce market and other uncertainties detailed in
ICG's filings with the Securities and Exchange Commission.
