Company Ceases All Business Operations and Begins Wind Down
SAN FRANCISCO, Dec. 12 -- As part of their jointly administered Chapter 11 bankruptcy proceeding, Netcentives Inc., (OTC Bulletin Board: NCNT.OB) Post Communications, Inc. and MaxMiles, Inc., all of San Francisco, announced that as of December 7, 2001 all business asset sales have closed as follows: 1) On December 6, 2001, Princeton Entrepreneurial Group, LLC acquired MaxMiles, Inc. and purchased all outstanding shares of UVN Holdings, Inc.; 2) On December 7, 2001, Trilegiant Corporation acquired the Netcentives patent portfolio; 3) On December 7, 2001, North Bay Networks acquired Netcentives` Loyalty Marketing Group furniture, fixtures and equipment; 4) On December 7, 2001, Charles River Consulting, Inc. acquired Netcentives` Loyalty Marketing Group assets; 5) On December 7, 2001 CD Micro, Inc. acquired Netcentives` remaining furniture, fixtures and equipment; and 6) On December 7, 2001, YesMail, Inc. acquired Netcentives` Email Marketing Group.
Netcentives has ceased all operations of its business and has begun a wind down process that should be complete by the end of March 2002. The company does not expect that the proceeds from the sales described above or from the sales of any other assets will be sufficient to fund a dividend to shareholders once creditor claims have been administered by the U.S. Bankruptcy Trustee.
Safe Harbor Statement under Private Securities Litigation Reform Act of 1995:
The statements contained in this press release that are not historical facts, including the statements relating to the any potential payout or dividend to shareholders are forward-looking statements that involve certain risks and uncertainties, including but not limited to: the risk that the anticipated plans or timing regarding the filing may change, that plans for future operations may change due to unanticipated developments, actions that Nasdaq may take regarding the delisting from the Nasdaq National Market; risks resulting from existing or future litigation, as well as other uncertainties detailed in the company`s filings with the Securities and Exchange Commission.
CONTACT: Gene Meken of Netcentives Inc., +1-415-615-2466, orgmeken@netcentives.com
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