America Online Inc. Announces Strategic Investment in China.com.DULLES, Va.--(BUSINESS WIRE)--June 25, 1999-- America Online See AOL. , Inc. today announced that it has made a strategic investment in China.com Corporation, a pan-Asian Internet company operating portals, Internet advertising Delivering ads to Internet users via Web sites, e-mail, ad-supported software and Internet-enabled cellphones. Also called an "ad network," Internet advertising organizations act as a middleman between the advertiser and the Web sites and software publishers that display the ads. and Web solutions businesses throughout Asia, as part of a series of actions that will strengthen its involvement in the 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. Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. service to be launched later this year. AOL has acquired a 10% equity interest, along with warrants to purchase an additional 15% interest in China.com in the future. AOL has the right to designate a director to the Board of Directors of China.com Corporation. Bob Pittman, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of America Online, Inc., stated, "Our investment in China.com represents a strengthening of our commitment to the forthcoming AOL Hong Kong service. In addition, Asia is a fast-growing market for the Internet and the Chinese language audience will be an important component of our future growth. This investment will provide yet another way that we will participate in that new market." Jack Davies, President, AOL International, said, "We look forward to working with China.com as we further establish our presence in the Asia-Pacific region with the launch of AOL Hong Kong with our partner China Internet Corporation later this year. This investment in China.com capitalizes on an opportunity to further strengthen our relationship with this family of companies." In addition to its new role in the AOL Hong Kong Service and Website, China.com provides users in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China, Hong Kong and Taiwan, the Republic of China with content services, online community products, and e-commerce through its portals located at www.china.com, www.cww.com, www.hongkong.com and www.taiwan.com. Each portal offers a unique combination of content delivery services See CDN. such as search engines, directories and localized information; community products such as e-mail, chat and message boards; and e-commerce products. The company also offers Internet advertising services through an alliance with 24/7 Media, Inc. to advertisers and direct marketers in Greater China; Japan; South Korea; Singapore; the ASEAN ASEAN: see Association of Southeast Asian Nations. ASEAN in full Association of Southeast Asian Nations International organization established by the governments of Indonesia, Malaysia, the Philippines, Singapore, and Thailand in nations; India; and Australia. In addition, China.com provides businesses throughout Asia with Web solutions including strategic consulting; technology integration; creative design; online integrated marketing; and web-hosting and maintenance. China.com has announced that it has filed a registration statement with the SEC to conduct its intial public offering and listing on Nasdaq. About America Online, Inc. Founded in 1985, America Online, Inc., based in Dulles, Virginia Dulles, Virginia is an unincorporated census-designated place located in Loudoun County, Virginia, part of the Washington Metropolitan Area. The headquarters of AOL, Orbital Sciences Corporation and ODIN technologies and the former headquarters of MCI Inc. are located in Dulles. , is the world's leader in interactive services, Web brands, Internet technologies, and e-commerce services. America Online, Inc. operates two worldwide Internet services: America Online, with more than 17 million members, and CompuServe, with approximately 2 million members; several leading Internet brands including ICQ ("I Seek You") A conferencing program for the Internet from Mirabilis, Tel Aviv, Israel (www.icq.com). It provides interactive chat, e-mail and file transfer and can alert you when someone on your predefined list has also come online. , AOL Instant Messenger See AIM. and Digital City, Inc.; the Netscape Netcenter and AOL.COM portals; the Netscape Navigator and Communicator browsers; and AOL MovieFone, the nation's No. 1 movie listing guide and ticketing service. Through its strategic alliance with Sun Microsystems, the Company develops and offers easy-to-deploy, end-to-end e-commerce and enterprise solutions for companies operating in the Net Economy. AOL International, headed by Jack Davies, manages all of AOL's and CompuServe's international services and is responsible for extending the AOL experience around the globe and building AOL's global community through the development of strong partnerships in key world markets. AOL International, with its two online brands, currently serves a combined total of more than 3 million members outside the United States. AOL International offers localized AOL-branded services in Europe, Japan, Canada, and Australia, with plans to launch an English and Chinese language service in Hong Kong later this year. AOL International also offers CompuServe branded services in Europe and Canada and has an extensive affiliate network serving members worldwide. |
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