AOL Latin America Announces Management Change in Brazil.Business Editors/Hi-Tech & Entertainment Writers FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--Nov. 9, 2000 America Online Latin America, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AOLA AOLA America Online Latin America ) today announced that Manoel Amorim, President of AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. Brazil, will be leaving the Company after a short transition period. The Company said that a search process to fill the position is already well underway. In the interim, Charles Herington, President and Chief Executive Officer of AOL Latin America, who has overseen the successful launches of America Online Argentina, America Online Brazil and America Online Mexico, will serve as acting-President of AOL Brazil. Herington has served as President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AOL Latin America since joining the Company as its first employee in February 1999. Mr. Herington said: "AOL Latin America has built a strong top-management team with significant brand-building experience. We continue to build on the strong momentum we've achieved since we launched America Online Brazil in November of last year, the first of three localized services we launched during a nine-month period." Under Herington's leadership, America Online Brazil has seen the fastest consumer adoption and membership growth rate of any service ever launched under the AOL brand. Earlier this week, AOL Latin America announced its earnings for the quarter ended September 30, 2000. During the quarter, the Company added 191,000 members and expanded its networks in Brazil, Argentina, and Mexico, laying the foundation for strong future growth. Member usage across the services averaged more than 30 minutes a day during the quarter. About America Online Latin America, Inc. America Online Latin America, Inc. (NASDAQ:AOLA) is the exclusive provider of AOL branded services in Latin America and has quickly become one of the leading Internet and interactive services providers in the region. AOL Latin America launched its first service, America Online Brazil, in November 1999, and began as a joint venture of America Online, Inc. (NYSE NYSE See: New York Stock Exchange :AOL) and the Cisneros Group of Companies. The Company combines the technology, brand name, infrastructure and relationships of AOL, the world's leader in branded interactive services, with the relationships, regional experience and extensive media assets of the Cisneros Group of Companies, one of the leading media groups in the Americas. The Company currently operates services in Brazil, Mexico and Argentina with plans to launch additional America Online services throughout the region in the future. Banco Itau, a leading Brazilian bank, is also a minority shareholder of AOL Latin America. This release may contain forward-looking statements within the meaning of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, including statements regarding our plan to expand the scope and coverage area of our services in Latin America and momentum and projected growth. These forward-looking statements are subject to a number of risks and uncertainties, which are described in our Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended June 30, 2000 and from time to time in other reports we file with the SEC. Actual results could differ materially from those described in the forward-looking statements. |
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