David Goldman, Chairman, stated: "The settlement of this outstanding lawsuit within the amount previously provided by the Company, coupled with the recently announced divestiture of the IBT business, will allow us to concentrate solely on the continuing growth of Mamma.com. The IBT asset sale resulted in the Company retaining the cash, accounts receivable and payable plus other miscellaneous assets for a total of $1.28 million, based on Q3 2003 statements, in addition to the announced asset sale price of $1.48 million for a total estimated contribution on closing of $2.76 million with potential earn out of a further $250,000. These numbers will be updated when year-end audited financial statements are released at the end of February 2004."
Guy Faure, Mamma.com Inc.'s President and CEO, stated: "The Company's balance sheet is strong and favorably positions us to pursue our growth strategy. Most importantly, however, the IBT divestiture coincides with Mamma.com's continuing growth and strengthening performance, and allows management to focus entirely upon utilizing this growth and our cash and personnel resources to increase Mamma.com's value in the ensuing months."
About Mamma.com Inc.
Mamma.com Inc. is focused on providing first-rate quality information retrieval on the Internet through its metasearch engine and is a leading provider of integrated marketing solutions to online advertisers. Mamma.com The Mother of All Search Engines(R) is one of the most popular metasearch engines on the Internet, as it makes it easier and faster for people to find information by gathering the most relevant results from the best search engines on the Internet. The Company is equally focused on being one of the leading providers of integrated marketing solutions to online advertisers. Mamma.com maintains a large search and ad network on which it distributes search and graphical ad units for its advertisers. The Company has just concluded negotiation of the asset sale of its wholly owned subsidiaries comprising Intasys Billing Technologies, which provide global wireless Internet-compatible billing and customer care information systems. The Company also holds minority interests in analog integrated circuit products, and in the new media and telecommunications sectors.
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that can cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission.
