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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Earliest Event Reported: October 27, 1999
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Internet Capital Group, Inc.
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Delaware 0-26929 23-2996071
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State of Incorporation (Commission File Number) (IRS Employer Identification No.)
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435 Devon Park Drive, Building 800, Wayne, PA 19087
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(Address of principal executive offices) (Zip Code)
(610) 989-0111
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(Registrant's telephone number)
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Item 5. Other Events.
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On October 27, 1999, Internet Capital Group, Inc. entered into an
agreement to acquire an interest in eMerge Interactive, Inc. for a combination
of cash and a promissory note totaling $50,000,000. The acquisition will be
completed following expiration or early termination of the Hart-Scott-Rodino
waiting period.
Item 7. Exhibits.
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1. Text of Press Release issued by Internet Capital Group, Inc. on
October 27, 1999.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
INTERNET CAPITAL GROUP, INC.
Dated: October 29, 1999 By: /s/ David D. Gathman
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David D. Gathman
Chief Financial Officer
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EXHIBIT INDEX
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Sequential
Exhibit No. Description Page Number
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1 Text of Press Release issued by Internet 5
Capital Group, Inc. on October 27, 1999
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Exhibit 1
FOR IMMEDIATE RELEASE
For more information, contact:
Mary Stubbs
(415) 356-1006
[email protected]
INTERNET CAPITAL GROUP ACQUIRES STAKE IN
eMERGE INTERACTIVE
Web-based animal industry pioneer represents the largest strategic acquisition
for Internet Capital's Network of business-to-business e-commerce companies
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Wayne, PA--October 27, 1999--Internet Capital Group (NASDAQ: ICGE), a leading
business-to-business e-commerce company, today announced it has entered into an
agreement to acquire an interest in eMerge Interactive Inc. for a combination of
cash and a note totaling $50,000,000. The agreement is expected to close in
November 1999 following the expiration of the Hart Scott Rodino waiting period.
eMerge Interactive is a diverse Internet-based provider of e-commerce,
information services and technology solutions for the animal industry, primarily
the cattle segment. By providing an innovative channel for Web-based cattle
sales, comparative cattle industry analysis and feedlot benchmarking studies,
eMerge Interactive provides services designed to help producers manage more
effectively and efficiently. Its industry-specific Web site,
www.cattleinfonet.com, represents a vital information platform for the industry,
enhancing production management and helping to improve the quality of beef
products. eMerge Interactive is a XL Vision Inc. and Safeguard Scientifics,
Inc. (NYSE:SFE) partnership company.
"The Internet is deeply impacting the processes of entire industrial sectors and
the animal industry stands to benefit enormously from eMerge's platform of
online distribution and Web-based product quality and safety information," said
Walter Buckley, chief executive officer of Internet Capital Group. "Internet
Capital acquires and builds the leading business-to-business players across
multiple industries, and we are delighted to welcome eMerge into our network."
Since its inception in 1996, Internet Capital, an Internet holding company
actively engaged in business-to-business electronic commerce, has acquired and
built two types of companies: market makers, which bring buyers and sellers
together by creating Internet-based markets for the exchange of goods, services
and
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information in a particular industrial sector; and infrastructure services
providers, which sell software and services to businesses engaged in e-commerce.
As a market maker within the Internet Capital network, eMerge will gain access
to cutting-edge technology and operational support, as well as strategic
expertise.
"This revolutionary concept of using Internet-based tools and e-commerce
solutions to reduce inefficiencies within the cattle industry is extremely
exciting," said Buckley. "eMerge is presently focused on the largest vertical
segment of the agriculture industry and, like Internet Capital Group, recognizes
that e-commerce is the key to success in a highly fragmented market."
About Internet Capital Group
Internet Capital Group is an Internet holding company actively engaged in
business-to-business e-commerce through a network of Partner Companies. It
provides assistance, capital support, industry expertise, and a strategic
network of business relationships intended to maximize the long-term market
potential of more than 40 business-to-business e-commerce partner companies.
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