Overture Launches in Austria and Switzerland; Additional Countries Further Company`s European Expansion
PASADENA, Calif.--Oct. 1, 2003--Overture Services, Inc. (Nasdaq:OVER), a global leader in commercial search services on the Internet, today announced the launch of operations in Austria and Switzerland.
As part of its entry into the Austrian and Swiss markets, Overture announced it has signed search distribution agreements with Tiscali, GMX and Abacho in both markets as well as Lycos in Switzerland. Overture`s Austrian and Swiss operations will be managed by the company`s office in Munich, Germany.
Overture`s paid placement search listings are generated by advertisers who bid for placement on search terms relevant to their businesses. A multi-lingual editorial team based in Dublin, Ireland reviews these listings before they are distributed to the company`s Austrian and Swiss distribution partners. An advertiser only pays the bidded amount to Overture when a consumer clicks on one of its search listings.
Both Austria and Switzerland are among new territories Overture has targeted for international expansion. As previously announced, the company also plans to launch its commercial search service in Scandinavia and Australia before the end of 2003. Overture has existing marketplaces in the United States, the United Kingdom, Germany, France, Italy, the Netherlands, Spain, Japan, and South Korea.
"Many of our European advertisers market and sell their products and services in both Austria and Switzerland," said Brian Steel, President, Overture International. "Our launch into these new markets represents an important and logical next step in our European expansion."
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 95,000 active, paying advertisers and its distribution partners, including Yahoo!, MSN, Lycos 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 and Palo Alto, Calif. The headquarters for Overture`s non-U.S. business is in Ireland, with offices across Europe, Asia and Australia. On July 14, 2003, Yahoo! and Overture signed a definitive agreement for Yahoo! to acquire Overture subject to certain conditions. For more information about Overture, visit www.overture.com.
Overture is a service mark of Overture Services, Inc.
This press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements include, without limitation, statements regarding Overture`s planned launch in Scandinavia and Australia and the prospects of Overture`s expansion into Austria and Switzerland. These forward-looking statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those described in the forward-looking statements. These risks and uncertainties include, among others, that Overture`s products and technologies may not successfully work with those of Overture`s distribution affiliates or other third parties in the Austrian and Swiss markets, the launch of Overture Austria and Switzerland and other countries may not happen in a timely manner or may not happen at all, the implementation may not be successful or generate revenue for Overture or yield economic benefits to Overture or our Austrian and Swiss distribution affiliates, and the risk that Overture`s advertisers and businesses may not want traffic from Overture`s Austrian and Swiss distribution affiliates, or users may not click on Overture`s search results. 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 June 30, 2003. Overture undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
CONTACT:
Overture Services, Inc.
Al Duncan, 626-685-5714 (Media)
Laurie Berman, 626-229-5368 (Investors)
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