Overture Extends U.S. Search Agreement with HP and Expands Relationship into Canada
Global Commercial Search Leader Deepens Distribution Network Through Customized Search Solutions
PASADENA, Calif.--July 17, 2003-- Overture Services, Inc. (Nasdaq:OVER), a global leader in commercial search services on the Internet, today announced it has extended its commercial search distribution relationship with HP in the U.S. for one year, and expanded the agreement to include Canada.
Under the terms of the agreement, Overture will provide its paid placement search results to users of the HP Pavilion and Compaq Presario lines of notebook and desktop PCs. Overture said it expects its commercial search results to be available to HP`s Canadian users this summer.
"Overture`s willingness to create custom search solutions is compelling for HP as it seeks to enrich the experience for its millions of users," said Bill Demas, senior vice president and general manager of Overture`s partner business and solutions group. "This agreement underscores Overture`s commitment to building deeper, more strategic relationships with existing partners in new and exciting distribution channels."
Overture`s paid placement search listings are generated by its base of 88,000 advertisers who bid for placement on keywords relevant to their business. The company`s editorial team carefully screens these listings before they are distributed to its partner network, which includes Yahoo!, MSN, CNN, and Lycos. Overture currently operates commercial search networks in the United States, Canada, United Kingdom, Germany, France, Italy, Japan and South Korea.
Consumers can access the search pages through a "Search the Internet" button on their keyboards, or through a "Search the Web" box on the default homepage of HP Pavilion PCs. Additionally, users may access Overture results by selecting the search icon located on the toolbar of their Web browsers.
"Our belief that the complementary nature of Overture`s commercial search listings to the HP computing experience was a key factor in our decision to extend this distribution relationship," said Tom Anderson, vice president of marketing, HP`s consumer PC global business unit. "HP products are known worldwide for ease of use, reliability and performance, and we believe that Overture continues to play a key role in that consumer value proposition."
About Overture
Overture is a global leader in commercial search services on the Internet, providing new and more powerful ways for businesses and customers to connect online. Overture pioneered commercial search by aligning the interests of consumers; its 88,000 active, paying advertisers; and its distribution partners, including Yahoo!, MSN, and CNN. The company offers a full suite of Internet search products and search-related services. In addition, the company operates the AltaVista.com and AlltheWeb.com Web sites. Founded in 1997, Overture is based in Pasadena, Calif., with U.S. offices in New York, Chicago, San Francisco, and Palo Alto, Calif. The headquarters for Overture`s non-U.S. business is in Ireland, with offices in the United Kingdom, Germany, France, Italy, Norway, Japan, and South Korea. The company employs more than 1,000 people worldwide. On July 14, 2003, Yahoo! (Nasdaq:YHOO) and Overture signed a definitive agreement for Yahoo! to acquire Overture subject to certain conditions. For more information about Overture, visit www.overture.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements include without limitation statements regarding the benefits to HP users of having access to Overture search results, statements that building a high-quality search product will result in continued expansion of both Overture`s existing relationships and its overall network. 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: that the implementation may not be successful or generate revenue for Overture or yield economic benefits to Overture, that advertisers may not want traffic from HP and that users of HP may not want Overture search results and the risk that the relationship with HP may not lead to more Overture searches or advertisers and that Overture may not achieve continued expansion of both its existing relationships and its overall network. 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 quarterly report on Form 10-Q filed with the Securities and Exchange Commission for the period ended March 31, 2003. Overture undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Overture is a service mark of Overture Services, Inc.
Contacts:
Overture Services Inc.
Al Duncan (Media), 626-685-5714
Laurie Berman (Investors), 626-229-5368
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