$20 Million Investment in The Globe

NEW YORK, Aug. 14 /PRNewswire/ -- WebGenesis/The Globe (http://www.theglobe.com) the full service Web community with over 600,000 members, announced today that Michael Egan, former owner of Alamo Rent-A-Car, has invested $20 million in The Globe.  This makes The Globe the best financed virtual community in the Industry and among the largest privately financed new media companies in New York.

"We believe the future of on-line economics will revolve around communities and the benefits they provide their members.  Our investment will enable Todd and Stephan to continue growing 'The Globe' aggressively, while maintaining their commitment to providing the premier integrated site on the Web," said Michael Egan, referring to WebGenesis' founders, Todd Krizelman and Stephan Paternot.

This investment adds Egan to a list of board of directors and investors that include David Horowitz, former CEO of MTV Networks and Bob Halperin, former President of Raychem.  In addition, WebGenesis has attracted David Duffield, President & CEO of PeopleSoft as an investor.

The Globe, the leading Web community, integrates Chat Rooms, Globe Mail, Personal Home Page Building, Instant Messaging, Games and other forms of communication.

WebGenesis was conceived in 1994 by Todd Krizelman, CEO and Stephan Paternot, President, prior to their graduation from Cornell University.

SOURCE  WebGenesis/The Globe