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FOR IMMEDIATE RELEASE
NETWORK COMMERCE ANNOUNCES ALAN KOSLOW, CHIEF
FINANCIAL OFFICER AND GENERAL COUNSEL, PLANS TO
LEAVE THE COMPANY
RECENTLY RECRUITED STEPHEN SMITH, VICE PRESIDENT OF FINANCE TO BECOME
INTERIM CFO; COMPANY RETAINS HEIDRICK & STRUGGLES FOR RECRUITMENT OF NEW
CFO
SEATTLE - DECEMBER 8, 2000 - Network Commerce Inc. (Nasdaq: NWKC), the global
technology infrastructure and services company, today announced that Alan
Koslow, the company's chief financial officer and general counsel, plans to
resign his position effective December 31, 2000. Koslow will remain with the
company until January 31, 2001 in a transitional role.
Stephen Smith, the company's recently recruited vice president of finance, will
serve as interim chief financial officer while the company conducts a search for
Koslow's successor. Smith has more than 18 years of business management and
finance experience, including holding CFO and other senior management positions
at companies including Oracle Corporation, Asterion.com, Horizon Air, and
Deloitte and Touche.
The company has retained Heidrick & Struggles, a prominent global executive
search firm, to lead the search for a replacement. Heidrick & Struggles has
recruited chief financial officers for companies including Amazon, Digimarc
Corp., Key Tronic Corporation and Advanced Radio Telecom.
"Alan is a highly respected executive who has played an essential role in the
development and success of Network Commerce," said Dwayne Walker, chairman and
chief executive officer of Network Commerce. "We wish Alan well and appreciate
his contributions to our success over the past two years."
"I am leaving Network Commerce to spend more time with my family and to pursue
another business opportunity," said Koslow. "It's been quite an experience
helping this company grow from a start-up to a public company."
"I'm looking forward to working with the finance team at Network Commerce as we
progress toward our goal of reaching profitability in Q3 2001, less than 10
months from now," said Smith, vice president of finance and acting chief
financial officer.
ABOUT NETWORK COMMERCE INC.
Established in 1994, Network Commerce Inc. (http://www.networkcommerce.com) is
the global technology infrastructure and services company. Network Commerce
provides a comprehensive technology and services platform including domain
registration, hosting services, e-commerce services, wireless technology, and
online marketplaces. Network
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Commerce's technology and services platform operates on the infrastructure
of four data centers, more than 500 servers, and bandwidth of 400
megabits per second. Network Commerce is headquartered in Seattle with
offices in California, Georgia and the United Kingdom.
FORWARD LOOKING STATEMENTS:
CERTAIN STATEMENTS IN THIS ANNOUNCEMENT, INCLUDING STATEMENTS CONCERNING WHEN WE
EXPECT TO ACHIEVE PROFITABILITY, THE AMOUNT OF FUTURE REVENUES, LOSSES, AND
EXPENSE CUTS, AND OUR PLANS, INTENTIONS AND EXPECTATIONS, CONTAIN
"FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE SECURITIES ACT OF 1933 AS
AMENDED. FORWARD-LOOKING STATEMENTS ARE BASED ON THE OPINIONS AND ESTIMATES OF
MANAGEMENT AT THE TIME THE STATEMENTS ARE MADE AND ARE SUBJECT TO CERTAIN RISKS
AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM
THOSE ANTICIPATED IN THE FORWARD-LOOKING STATEMENTS. THE WORDS "BELIEVE,"
"EXPECT," "INTEND," "ANTICIPATE," VARIATIONS OF SUCH WORDS AND SIMILAR
EXPRESSIONS IDENTIFY FORWARD-LOOKING STATEMENTS BUT THEIR ABSENCE DOES NOT MEAN
THAT THE STATEMENT IS NOT FORWARD-LOOKING. THESE STATEMENTS ARE NOT GUARANTIES
OF FUTURE PERFORMANCE AND ARE SUBJECT TO CERTAIN RISKS, UNCERTAINTIES AND
ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. READERS ARE CAUTIONED NOT TO PLACE
UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY AS OF THE
DATE OF THIS ANNOUNCEMENT. FACTORS THAT COULD AFFECT NETWORK COMMERCE'S ACTUAL
RESULTS INCLUDE, AMONG OTHERS, THE FACTORS DESCRIBED IN NETWORK COMMERCE'S
FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING ITS QUARTERLY
REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2000. NETWORK COMMERCE
INC. UNDERTAKES NO OBLIGATION TO UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS
TO REFLECT NEW INFORMATION, EVENTS OR CIRCUMSTANCES AFTER THE DATE OF THIS
RELEASE OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.
PRESS CONTACTS:
Rita Brautigam, Network Commerce Inc., (206) 223-1996, [email protected]
Matt Gillingham, APCO Worldwide, (206) 972-2596, [email protected]
INVESTOR RELATIONS CONTACTS:
Elise Spencer, Network Commerce Inc., (877) 430-0131, [email protected]
Stephen Smith, Network Commerce Inc., (877) 430-0131, [email protected]
