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CommentsLONDON, Dec 2, 2002 (BUSINESS WIRE) -- Overture Services, Inc. (OVER) , the world's leading provider of Pay-For-Performance search to Web sites across the Internet, today announced that its existing contract with Freeserve, a U.K.-based Internet Service Provider, has been automatically renewed under the terms of the agreement until February 2003. During the extension period, Overture will continue to serve Freeserve with its Pay-For-Performance search results under the current implementation.
Overture (OVER) is the world's leader in Pay-For-Performance search on the Internet. The company created the market for Pay-For-Performance search by redefining how businesses market online. In the third quarter 2002, Overture facilitated 500 million paid introductions on a worldwide basis between consumers and its 73,000 advertisers, who bid for placement on relevant search results and pay Overture only when a consumer clicks on their listing. Following a rigorous screening for user relevance by Overture's editorial team, the company distributes its search results to tens of thousands of sites across the Internet, including Yahoo!, MSN and Lycos, making it the largest Pay-For-Performance search and advertising network on the Internet. Overture is based in Pasadena, California, with offices in New York and San Francisco, and subsidiary offices in the UK, Germany, Ireland, France and Japan. For more information, visit www.overture.com.
Overture and Pay-For-Performance are servicemarks of Overture Services, Inc.
About Freeserve
Freeserve is the leading ISP-portal with an integrated offering of UK-focused content, e-commerce and services and Internet access. Freeserve has 2.553 million active registered accounts and 4.59 million(a) unique users. In February 2002, Freeserve was named Best National Consumer ISP by the UK's Internet Service Provider Association and in September 2002, Freeserve was named Best Unmetered ISP for its AnyTime product by Practical Internet magazine. In October 2002, Freeserve was named Best Internet Service Provider and Best Web Hosting Provider by readers of Computeractive magazine.
Freeserve is part of Wanadoo SA, a leading European online media and services company, which has as its major shareholder France Telecom, one of the world's leading telecommunications companies. Wanadoo SA is a leading Internet media services provider in France, the UK and a co-leader in Spain and is also present in the Netherlands and Belgium. Including Freeserve, Wanadoo S.A has 8 million active registered users and 20 million unique visitors per month to its portals.
Freeserve was launched in September 1998 as part of Dixons, Europe's leading consumer electronics retailer. Dixons Group remains a minority shareholder in Wanadoo S.A and Freeserve distributes its access software in the UK through Dixons' network of over 1,100 Dixons, Currys, PC World and The Link stores, plus Orange and MVC stores nationwide.
(a) NetValue, November 2002
This press release contains forward-looking statements within the meaning of the federal securities laws relating to Overture's relationship with Freeserve. These forward-looking statements are subject to risks and uncertainties that could cause actual results and events to differ materially. These risks and uncertainties include, among others, the risk that the Overture agreement with Freeserve will not be extended beyond February 2003, and the uncertainty regarding the terms upon which an extension beyond that time, if any, would take place. For a discussion of other risks that could cause actual results or events to differ materially from such forward-looking statements, see the discussion of "Risks That Could Affect Our Financial Condition and Results of Operations" in Overture's 10-K filing with the SEC for the period ended September 30, 2002. Overture undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
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