Citicorp Venture Capital CVC Latin America Invests $5 Million In I2Networks.Business Editors MIAMI--(BUSINESS WIRE)--March 23, 2000 I2Networks announced today the closing of a first round of financing by CVC See CSC. Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , a unit of Citigroup. I2Networks is a Miami-based Internet company that produces broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). content for the Spanish and Portuguese speaking world. Brian Kim, a Director of CVC Latin America, said, "We are excited about investing in I2Networks and its impressive management team. We view I2Networks as the leading provider of broadband content for the Spanish and Portuguese speaking markets; CVC Latin America believes that I2Networks represents a very attractive opportunity for solid growth in the Ibero-American region." "We see Citigroup as a strategic, value-added investor whose global reach will assist us in furthering the execution of our broadband content business model," said Rafael Urbina Q., Chief Executive Officer of I2Networks. "Their confidence and financial commitment reaffirms our leadership position in the marketplace." CVC Latin America Managing Director, Bruce Catania, will sit on the Board of Directors for I2Networks and assist the company in elevating its presence in the U.S. Hispanic and Latin American marketplaces. "I2Networks represents an important part of our Internet strategy, and we are excited about the partnership we have developed with the company's management team." About I2Networks I2Networks (www.I2networks.com) is the sole developer and producer of original Spanish and Portuguese language Portuguese language, member of the Romance group of the Italic subfamily of the Indo-European family of languages (see Romance languages). It is the mother tongue of about 170 million people, chiefly in Portugal and the Portuguese islands in the Atlantic (11 million broadband content for the Ibero-American market. The company owns and operates a network of vertical portals A Web site that provides news, articles and services to a particular industry such as IT, finance and retail. It is the industry-specific equivalent of the general-purpose portal on the Web. Also called a "vortal." See portal, corporate portal, business intelligence portal and Web hub. that offers editorial content updated daily, news, interviews and various interactive features, using broadband technology broadband technology Telecommunications devices, lines, or technologies that allow communication over a wide band of frequencies, and especially over a range of frequencies divided into multiple independent channels for the simultaneous transmission of different signals. . I2 Networks is positioning its websites as interactive tools to use video and audio to engage online users, powering new marketing and commerce opportunities in a world where television and Internet come together. I2Networks is located in Coral Gables, Florida Often called "The Gables," Coral Gables is a city in Miami-Dade County, Florida, southwest of Miami, in the United States. The city is best known as the home of the University of Miami, and as an example of City Beautiful urban planning. and has 35 employees. For more information, contact Rey Acosta, Senior Marketing Director, 305/476-2974 x239/racosta@i2networks.com. About CVC Latin America CVC Latin America, a unit of Citigroup, originates and manages the institution's private equity portfolio throughout Latin America and has invested over $300 million across a variety of industries and geographies during the past two years. |
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