Web.com Stockholders Approve Issuance of Shares to Acquire Network SolutionsOctober 25, 2011
JACKSONVILLE, Fla., Oct. 25, 2011 (GLOBE NEWSWIRE) -- The stockholders of Web.com Group, Inc. (Nasdaq:WWWW), a leading provider of internet services and online marketing solutions for small businesses, today voted to approve the issuance of 18 million shares of Web.com common stock to NetSol Holdings LLC, a Delaware limited liability company (the "Seller"), in connection with the previously announced agreement to acquire Network Solutions. More than 83.2 percent of the 29.3 million shares of stock outstanding as of the September 12, 2011 record date were represented in the voting, and of those voting, 99.6 percent of those voted in the affirmative for the proposal.
"The overwhelming affirmation of this transaction by our stockholders brings us one step closer to creating a more powerful internet solutions company for small- and medium-sized businesses," said David Brown, chairman and chief executive officer. "With a combined company serving nearly three million customers with best-in-class products and services focused on this critical market, we will be better positioned to deliver improved stockholder value as we grow our business, capitalize on cost synergies and expand our margins."
Web.com will pay the Seller $405 million in cash and 18 million shares of Web.com common stock. In addition, Web.com will also refinance certain credit facilities of Network Solutions and pay certain expenses of Network Solutions relating to the transaction.
The acquisition is expected to close on Thursday, October 27, 2011. Web.com is scheduled to release its 3Q'11 financial results and provide more details regarding the financial outlook of the combined company after the U.S. financial markets close on Thursday, November 3, 2011. More information can be found at http://ir.web.com.
Web.com Group, Inc. (Nasdaq:WWWW) is a leading provider of internet services and online marketing solutions for small businesses. Web.com meets the needs of small businesses anywhere along their lifecycle by offering a full range of online services and support, including domain name registration services, website design, logo design, search engine optimization, search engine marketing and local sales leads, general contractor leads, franchise and homeowner association websites, shopping cart software, eCommerce web site design and call center services. For more information on the company, please visit http://www.web.com/ or call 1-800-GETSITE.
This press release includes certain "forward-looking statements" including, without limitation, statements regarding the acquisition of Network Solutions and the combined company's forecasted financial results, anticipated reach, capabilities and opportunities for the combined company, expected benefits to merchants and other customers, market opportunities, and expected customer base, that are subject to risks, uncertainties and other factors that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements that are not historical facts. These statements are sometimes identified by words such as "believe," "potential," "will," "forecast," "expect," "opportunities," or words of similar meaning. As a result, Web.com's actual results could differ materially from those anticipated in these forward-looking statements. These statements are based on Web.com's current beliefs or expectations, and there are a number of important factors that could cause the actual results or outcomes to differ materially from those indicated by these forward-looking statements, including, without limitation, whether the Web.com and Network Solutions' businesses are successfully integrated, disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; risks related to the successful offering of the combined company's products and services; the risk that the anticipated benefits of the acquisition may not be realized; and other risks that may impact Web.com's and Network Solutions' businesses. Other risk factors are set forth under the caption, "Risk Factors," in Web.com's Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, as filed with the SEC, which is available on a website maintained by the SEC at www.sec.gov. Web.com expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein as a result of new information, future events or otherwise.
CONTACT: Web.com Susan Datz Edelman Director, Investor Relations and Corporate Communications 904-680-6909 email@example.com ICR for Web.com Kori Doherty 617-956-6730 Kori.firstname.lastname@example.org