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Exhibit 99.1
PR Agency Contact: Company Press Contact:
Laura Nelson Susan Carroll, Esq.
Stauch Vetromile & Mitchell eBusiness Technologies
Providence, RI Providence, RI
401/438-0614 401/752-4617
[email protected] [email protected]
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For Immediate Release
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Inso Corporation Sells Information Exchange Division
PROVIDENCE, RI, July 10, 2000--Inso Corporation (NASDAQ: INSO) today announced
that it has sold the Company's Information Exchange division (IED) to IntraNet
Solutions, Inc. (NASDAQ: INRS) for approximately $55 million in cash. The exact
net cash proceeds to the Company and net gain from the transaction will not be
finalized until both parties have agreed to the post-closing balance sheet for
IED. However, based upon the Company's preliminary post-closing balance sheet
for IED, estimated transaction-related costs and income taxes, the Company's net
cash proceeds are expected to approximate $48 million, and the Company's net
gain from the transaction is expected to be approximately $38 million.
"In April of this year, when we decided to focus the Company's resources
exclusively on our eBusiness Technologies ("eBT") division, we established three
principal objectives that were necessary to achieve that goal," said Stephen O.
Jaeger, Chairman of the Company's Board of Directors. "In addition to the sale
of IED, corporate overhead was targeted for significant reductions, and the
Company's corporate and business operations were to be relocated to our
Providence facility. With the sale today of IED, these objectives have been
successfully completed, resulting in a Company that is completely focused on the
significant market that the eBT products serve, and with a very strong balance
sheet."
Jaeger continued, "We thank our colleagues at IED for their significant
contributions over the past five years. IntraNet Solutions is clearly committed
to advancing the division's technology and we expect IED's customers, partners
and employees will benefit from this transaction."
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About Inso Corporation
Inso Corporation (NASDAQ: INSO), through its eBusiness Technologies division,
develops and markets industry-leading products, services and best practices for
delivering sophisticated business-to-business and business-to-consumer
applications via the Web. Leveraging over five years of XML expertise, eBusiness
Technologies' products are the most comprehensive and proven solutions for
robust workflow and content management for e-business and eCommerce sites.
eBusiness Technologies powers a growing list of global customers including 3Com
Corporation, AT&T, Quantum Corporation, GTE, DirecTV, Cisco Systems and UUNet.
Headquartered in Providence, Rhode Island, eBusiness Technologies has offices
located throughout the United States and Europe. For more information, visit
www.ebt.com.
This release contains forward-looking statements with respect to Inso's proceeds
from transactions, cash flows, working capital and future directions. Please
refer to the Company's Annual Report on Form 10-K for the fiscal year ended
January 31, 2000, the Company's Form 10-Q for the quarter ended April 30, 2000
and the Company's other filings with the SEC from time to time, for a
description of certain factors which may cause the Company's actual results to
differ materially from those forecasted or projected in such forward-looking
statements. Additionally, factors that may cause the Company's actual results to
differ materially from historical or projected results include the following:
competitive pressures including price pressures; inability to continue to expand
through acquisition; increased reliance on indirect and distribution channels;
market acceptance of new products; increased reliance on the competitive and
dynamic web publishing market segment; and adverse economic changes in the
markets in which the Company does business.
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Inso and the Inso logo are trademarks or registered trademarks of Inso
Corporation in the United States and/or other countries.
