Overture Launches in the Netherlands; Leadership in Commercial Search Strengthened Through Further European Expansion
PASADENA, Calif.--Sept. 9, 2003--Overture Services, Inc. (Nasdaq:OVER), a global leader in commercial search services on the Internet, today announced the launch of operations in the Netherlands, one of Europe`s most developed Internet markets, with 72 percent of the population having access to the Internet, according to Neilsen NetRatings.
As part of its entry into the Dutch market, Overture also announced it has signed search distribution agreements with highly trafficked portals including MSN, Lycos, HotBot, 1stekeuze, a large Dutch portal, as well as Ixquick, one of the world`s largest meta search engines.
Overture`s Dutch 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 reviews these listings before they are distributed to the company`s Dutch distribution partners. An advertiser only pays the bidded amount to Overture when a consumer clicks on one of its search listings.
The Netherlands is one of several new territories Overture has targeted for international expansion. As previously announced, the company also plans to launch its commercial search service in Spain, Scandinavia, Austria, Switzerland, and Australia before the end of 2003. Besides the Netherlands, Overture has existing marketplaces in the United States, the United Kingdom, Germany, France, Italy, Japan, and South Korea.
"In Europe, paid search expenditures are expected to rise substantially in the next several years," said Brian Steel, President, Overture International. "As one of the most sophisticated Internet markets in Europe, the Netherlands is of strategic importance to Overture`s global leadership position in the commercial search space."
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 Spain, Scandinavia, Austria, Switzerland, and Australia and the prospects of Overture`s expansion into the Netherlands. 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 Dutch market, the launch of Overture in the Netherlands 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 Dutch distribution affiliates, and the risk that Overture`s advertisers and businesses may not want traffic from Overture`s Dutch 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.
Overture Services, Inc.
Jim Olson, 626-229-5242 (Media)
Laurie Berman, 626-229-5368 (Investors)
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