VerticalNet and SierraCities.com Announce Mutual Termination of Merger Agreement
HORSHAM, Pa. and HOUSTON Texas, Jan. 10, 2001 ? VerticalNet, Inc. and SierraCities.com Inc. announced that, due to current market conditions, they have mutually agreed to terminate their agreement and plan of merger. The termination of the merger agreement also terminates VerticalNet's previously announced exchange offer for shares of SierraCities.com common stock, and all shares deposited with VerticalNet's transfer agent pursuant to the exchange offer will be promptly returned.
``We are still very interested in continuing to explore a relationship with SierraCities.com as we search for strategic alternatives for technology licensing and development,'' said VerticalNet President and CEO Mike Hagan.
``SierraCities.com has a wealth of technology and products we believe can benefit the small to medium-sized businesses in the VerticalNet(R) markets and we look forward to pursuing other opportunities with them in the future,'' said Thomas Depping, SierraCities.com's president and CEO. ``We also intend to explore our strategic alternatives with others, including parties who have expressed interest in the possible acquisition of SierraCities.com.''
There can be no assurances that any transaction will occur. For more information, please visit www.verticalnet.com and www.sierracities.com.
Rachel Rasmussen was a Web Editor of DMReview.com.