theglobe.com Delays Plans for IPO
NEW YORK, Oct. 22 /PRNewswire/ -- theglobe.com, one of the largest online communities with over 6.5 million monthly users (as audited by ABC Interactive), today announced that it is delaying plans for the initial public offering due to market conditions.
"The Company has seen over 100% increase in revenues in both the second and third quarters. We have a strong balance sheet and have experienced tremendous growth so far this year," explained Todd Krizelman and Stephan Paternot, co-CEO's of theglobe.com. Despite this performance and strong investor interest, the current volatility of the market did not offer the best opportunity for the Company at this time. theglobe.com will remain private and will continue to evaluate the public markets.
theglobe.com is one of the world's leading online communities with over 1.9 million members in the United States and abroad. In August 1998 over 6.5 million users visited the site. theglobe.com is a destination on the Internet where users are able to personalize their online experience by publishing their own content and interacting with others having similar interests. theglobe.com facilitates this interaction by providing various free services, including home page building, discussion forums, chat, e-mail and a marketplace where members can purchase a variety of products and services. Additionally, theglobe.com provides its users news, weather, movie and music reviews, multi-player gaming, horoscopes and personals. By satisfying its users' personal and practical needs, theglobe.com seeks to become their online home. The Company's primary revenue source is the sale of advertising with additional revenues generated through e-commerce arrangements and the sale of membership subscriptions for enhanced services.
CONTACT: Esther Loewy Katz, Director of Communications of theglobe.com,
212-886-0803, fax, 212-367-8603, or firstname.lastname@example.org.
SOURCE theglobe.com, inc.