CenterSpan Announces Its Intention to Acquire the Assets of Scour, Inc.Business Editors HILLSBORO, Ore.--(BUSINESS WIRE)--Nov. 14, 2000 Company to Make Formal Appearance in the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. Today to Notify the Court of Its Intention to Participate in the "Over-bid" Process for Scour scour, scours 1. the chemical and physical cleaning of fleece wool. 2. diarrhea. dietetic scour see dietary diarrhea. peat scour see secondary nutritional copper deficiency. , Inc. CenterSpan Communications (Nasdaq:CSCC CSCC Calgary Sports Car Club (Alberta, Canada) CSCC Clemson Sports Car Club CSCC Columbus State Community College (Ohio) CSCC Classic Sports Car Club (UK) ) announced today that it plans to submit a bid to acquire the assets of Scour, Inc. CenterSpan will appear today in the U.S. Bankruptcy Court for the Central District of California in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. to notify the Court in accordance with the Court's "over-bid" procedures. Scour, Inc. filed for Chapter 11 bankruptcy protection on October 12, 2000, seeking protection from its creditors. Scour operates one of the most widely visited digital entertainment portals on the web, serving millions of page views per day. Its peer-to-peer search and file sharing Copying files from one computer to another. See peer-to-peer network, file sharing protocol and file and printer sharing. application, Scour Exchange, is used by millions of registered users. Scour Exchange is similar to Napster, but broader in scope, facilitating the search and exchange of digital audio, video and image files. Napster is exclusively focused on music. Like Napster, Scour has come under legal attack from the major record Labels and Studios alleging that the Scour Exchange facilitates the illegal sharing of copyrighted content. The purchase of the assets of Scour under the jurisdiction of the U.S. Bankruptcy Court should enable CenterSpan to take title to the assets free and clear of all such contingent liabilities Contingent Liability 1. The possibility of an obligation to pay certain sums dependent on future events. 2. Defined obligations by a company that must be met, but the probability of payment is minimal. Notes: 1. . On October 24, 2000, CenterSpan announced plans to launch a next generation peer-to-peer network (1) A network of computers configured to allow certain files and folders to be shared with everyone or with selected users. Peer-to-peer networks are quite common in small offices that do not use a dedicated file server. incorporating digital rights management, which provides a secure and legal digital distribution channel enabling members to publish, search and purchase all forms of digital content. CenterSpan's technology platform will provide content owners with the ability to track and account for their content within the channel. If CenterSpan is the winning bidder, it plans to immediately shut down Scour Exchange and re-launch it in the first quarter of 2001 as a secure and legal digital distribution channel based on CenterSpan's new technology platform. "The acquisition of Scour's assets, including the brand, user community, Web site, knowledge capital and technology, will help accelerate the delivery of our digital distribution channel. And while our bid will be structured as an asset acquisition to avoid contingent liabilities, internally we view Scour as very strategic and want the Scour founders and employees to join our team," stated Frank G. Hausmann, CenterSpan's Chairman 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. . "We have been working with peer-to-peer architecture for over two years and believe our new secure and legal solution will be the technology platform of choice for major content owners." About CenterSpan CenterSpan Communications Corp. is a developer and marketer of Internet software applications for communication and collaborative information sharing See data conferencing. . The company is developing a next generation peer-to-peer network incorporating digital rights management. This provides a secure and legal digital distribution channel enabling members to publish, search and purchase all forms of digital content. Visit www.centerspan.com to learn more. This press release includes forward-looking statements. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. The Company's Internet community and communications initiative is a new business in a rapidly evolving market. Specific statements regarding the intent to acquire the assets of Scour, Inc, the timely release of new products, number of registered users, new business opportunities, new revenue model and potential earnings leverage are forward-looking statements. Investors are encouraged to review the Company's filings with the Securities and Exchange Commission, including the Company's 1999 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 a further description of the risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc forward-looking statements made by the Company, as well as to other aspects of the Company's business. |
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