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EXHIBIT 99.1
PRESS RELEASE DATED OCTOBER 17, 2000
NBCi'S ALLBUSINESS.COM AND BIGVINE TO FORM NEW
SMALL BUSINESS SERVICES COMPANY
INTEGRATING TOP CONTENT WITH SCALABLE TRANSACTION ENGINE
NEW COMPANY, TO OPERATE UNDER ALLBUSINESS NAME,
IS BACKED BY NBCi, AMERICAN EXPRESS,
KLEINER PERKINS CAUFIELD & BYERS AND OTHERS
SAN FRANCISCO - October 17, 2000 - NBC Internet, Inc.'s AllBusiness.com (Nasdaq:
NBCI), a leading provider of small business services and content, and Bigvine,
Inc., a leading online barter marketplace for small businesses, today announced
they have entered into an agreement to combine operations to form a new Internet
company focusing on the small business market. The transaction will create a
stand-alone company which will operate under the AllBusiness brand and will
serve as the foundation for a unique and highly active exchange platform with
broad-ranging opportunities for small businesses.
The new service will combine AllBusiness' rich content and large user base of
over one million businesses with Bigvine's flexible transaction engine and
valuable trade currency - which currently lists more than $80 million in barter
services and goods - to create a comprehensive service and commerce platform for
small business.
American Express, which has been actively marketing Bigvine to its more than two
million small business customers, will continue to support the new company
through strategic co-marketing efforts. For its part, NBCi will provide the new
AllBusiness with on-air television advertising on CNBC and NBC, along with
online distribution and marketing on the new NBCi.com consumer Internet portal.
Further marketing support will come from other industry-leading partners
including GE Small Business Solutions, Delta Air Lines and Starwood Hotels and
Resorts.
This transaction to form the new AllBusiness company is expected to help NBCi
advance profitability before non-cash expenses. Following the completion of the
transaction, NBCi will focus its operational efforts on the domestic consumer
Internet market, with AllBusiness operating as a stand-alone company.
At the conclusion of the transaction, the former Bigvine, Inc. shareholders,
including, Kleiner Perkins Caufield & Byers, American Express and Kohlberg
Kravis Roberts &
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Co, will have an aggregate interest of approximately 51 percent in the new
venture. NBCi will own an approximate 49 percent interest in the new company.
Former Bigvine Co-Chairman, President and CEO, Bippy Siegal, will become
Chairman and CEO of the new venture, which will be headquartered in San
Francisco.
"UNTIL NOW, THERE REALLY HASN'T BEEN A SMALL BUSINESS EXCHANGE THAT IS RICH IN
CONTENT, SERVICES AND TRANSACTION CAPABILITIES, SUCH AS BARTER AND OTHER
EXCHANGE OFFERINGS, " SAID SIEGAL. "THE COMPANY WILL MOVE QUICKLY TO FURTHER
EXPAND THE COMMERCE OFFERINGS AND FIRMLY ESTABLISH ALLBUSINESS AS THE UNDISPUTED
LEADER IN SMALL BUSINESS SOLUTIONS."
"AllBusiness, coupled with Bigvine, with significant ties to American Express,
GE Small Business Solutions and NBCi, is now positioned to lead the small
business Internet market," said Will Lansing, CEO, NBCi. "By aligning the
AllBusiness asset with such strong players and establishing it as an independent
company with solid management, NBCi will be able to focus on the consumer
Internet market."
"Businesses are looking for more than information. They want a marketplace that
provides them with usable content that informs, educates and expands their sales
opportunities," said David House, Group President of Global Establishment
Services and Travelers Cheques. "AllBusiness fits into the American Express
strategy to be the premier way business owners purchase online."
COMPLEMENTARY ASSETS OFFER UNPARALLELED SMALL BUSINESS EXCHANGE OPPORTUNITIES
Bigvine's exchange platform, combined with AllBusiness' intuitive content
creates a more "contextual" commerce experience. Small businesses now will be
able to find the critical information and education they need to participate in
and gain the most from the exchange experience.
Both Bigvine and AllBusiness.com are recognized industry leaders, having such
accolades as being recognized in FORBES B2B Best of the Web. Both have enjoyed
strong growth, and the merged company will now reach more than one million small
businesses, 750,000 e-mail subscribers, and will offer more than $80 million in
barter inventory-goods and services in categories including professional
services, office supplies and equipment and travel and hospitality. The site
will also offer more than 75 small business services from industry leading
e-service providers and Application Service Providers (ASPs).
AllBusiness will integrate the Bigvine transaction engine with AllBusiness.com's
content to create member/buyer dialogue as a means to educate users and will use
trade dollars as an incentive to stimulate trial. In addition, flexible
financing and a universal currency will be incorporated, all being supported by
the Bigvine transaction engine.
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Combined, the company will offer an attractive range of services and commerce
options for small businesses including:
- Leading barter network enabling small businesses to conserve cash while
expanding their businesses by selling surplus inventory and time for
valuable goods and services
- Access to over 75 services from leading e-service and ASPs focusing on core
small business needs from sales and marketing and human resources to
finance and legal
- Dedicated small business services exchange that connects buyers and sellers
through a qualified RFP process
- Prospecting database with access to over 700,000 business listings
NBCi will host a conference call with financial analysts on Tuesday
October 17 at 8:30 a.m. (EST), to discuss this announcement and its
impact on the company's financial model. The conference call will be
open to investors and the public, accessible live on the Internet at
http://www.vcall.com/NASApp/VCall/EventPage?ID=47002.
ABOUT ALLBUSINESS.COM
Founded in November 1998, AllBusiness.com is a leading Web resource that creates
opportunities and provides solutions to the common needs of establishing,
managing and growing a business. By aggregating high-quality services, products
and information, as well as offering expert advice and an active online
community, the site provides small businesses with a single point of access for
resources ranging from start-up kits and HR advice to financing services and
free business directory listings. For more information about AllBusiness.com,
visit www.allbusiness.com
ABOUT BIGVINE
Headquartered in Redwood Shores, California, Bigvine is the leading online
business-to-business barter marketplace, allowing companies to expand and get
new customers while saving their cash. Through the Bigvine barter network, small
business owners can sell their goods and services in exchange for what they
need. This exchange is facilitated through an online currency called Trade
Dollars. When Members earn Trade Dollars from selling goods or services, they
can spend those dollars anywhere in the Bigvine network.
ABOUT NBC INTERNET, INC. (NBCi)
NBC Internet, Inc. (NBCi) is a leading Internet company that helps consumers
access Internet resources, leveraging user data to broker information,
commercial, and entertainment transactions between consumers and marketing
partners. NBCi's flagship consumer Internet portal, NBCi.com, provides Internet
search and directory, information, community, personal file storage, e-commerce,
and entertainment services for both narrowband and broadband users.
NBCi was launched in November 1999 through the combination of NBC and CNET's
Snap.com, Xoom.com, NBC.com, NBC Interactive Neighborhood, VideoSeeker, and a
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10 percent equity stake in CNBC.com. NBC Internet publicly trades under the
ticker NBCI on The Nasdaq Stock Market-Registered Trademark-. NBC, a subsidiary
of General Electric Company (NYSE: GE), holds a 39.3 percent ownership stake in
NBCi. NBCi is headquartered in San Francisco and has offices in New York City,
Los Angeles, and Chicago.
THIS PRESS RELEASE CONTAINS STATEMENTS THAT ARE FORWARD-LOOKING. THESE
STATEMENTS ARE BASED ON NBCi'S EXPECTATIONS OF ITS FUTURE RESULTS AS OF THE DATE
OF THIS PRESS RELEASE. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE PROJECTED
BECAUSE OF A NUMBER OF RISKS AND UNCERTAINTIES, INCLUDING THOSE LISTED FROM TIME
TO TIME IN NBC INTERNET INC.'S SEC REPORTS, INCLUDING BUT NOT LIMITED TO
XOOM.COM, INC.'S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31,
1998; XOOM.COM'S QUARTERLY REPORTS ON FORM 10-Q FOR THE PERIODS ENDED MARCH 31,
1999, JUNE 30, 1999 AND SEPTEMBER 30, 1999; THE REGISTRATION STATEMENTS ON FORM
S-4 AND FORM S-1 FILED BY NBC INTERNET, INC., AS AMENDED. IMPORTANT FACTORS THAT
COULD CAUSE THE RESULTS TO DIFFER MATERIALLY FROM THOSE IN ANY SUCH
FORWARD-LOOKING STATEMENTS INCLUDE: NBCi'S LIMITED OPERATING HISTORY;
UNPREDICTABILITY OF ITS QUARTER-TO-QUARTER RESULTS; ITS UNPROVEN BUSINESS MODEL
AND DEPENDENCE ON MEMBERS; RISKS ASSOCIATED WITH ITS INTERNATIONAL OPERATIONS;
ITS RELIANCE ON A NETWORK INFRASTRUCTURE; ITS DEPENDENCE ON VENDORS AND
SUPPLIERS; MANAGEMENT OF ITS GROWTH AND EXPANSION; RISKS ASSOCIATED WITH BRAND
DEVELOPMENT; ITS RELIANCE ON ADVERTISING REVENUE; INTENSE COMPETITION WITH OTHER
WEB COMMUNITIES AND BUSINESSES; THE RISKS OF INFRINGEMENT OF INTELLECTUAL
PROPERTY RIGHTS; RISKS ASSOCIATED WITH ACQUISITIONS; AND RELIANCE ON STRATEGIC
RELATIONSHIPS.
MEDIA CONTACTS:
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Robert Silverman, NBCi Corporate Communications, 212-664-2756,
[email protected]
Sarah Singleton, Bigvine Corporate Communications, 650/620-3331,
[email protected]
Michelle Frigo, NBCi's AllBusiness.com, PR/Events 415/395-4307,
[email protected]
Lauren Lum, NBCi Corporate Communications, 415/375-5015, [email protected]
INVESTOR CONTACT:
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Roger Maes, NBCi Corporate Communications, 415/375-5109, [email protected]
