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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