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Weekly News Digest

August 21, 2000 — In addition to this week's NewsBreaks article and the monthly NewsLink Spotlight, Information Today, Inc. (ITI) offers Weekly News Digests that feature recent product news and company announcements. Watch for additional coverage to appear in the next print issue of Information Today. For other up-to-the-minute news, check out ITIís Twitter account: @ITINewsBreaks.

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netLibrary Files for IPO

On Thursday August 17, netLibrary, Inc. filed with the Securities and Exchange Commission for an initial public offering (IPO) of public shares, hoping to raise $82 million. (The Registration Statement Form S-1 is available at http://www.freedgar.com.) The number and price of shares has not yet been revealed, but the company has applied for a NASDAQ listing under the symbol "EBKS." With the additional money, netLibrary plans to leverage and expand its strategic relationships, enhance its platform and functionality, ensure that its platform remains compatible with existing and future reader devices and electronic book file formats, expand its electronic book collection, and increase its penetration into existing and new markets.

According to netLibrary, "As of June 30, 2000, we have sold over 162,000 copies of our electronic books. Our electronic books are currently available to patrons of more than 1,100 academic, corporate, K-12, and public libraries. Building on our recent acquisition of MetaText, Inc., we have begun efforts to sell electronic textbooks in the academic and K-12 markets."

One interesting clause in the document filed with the SEC states: "To date, we have paid the costs of creating our electronic books. We recently modified our business model to have publishers pay for all or part of the conversion costs beginning by the end of 2000. We have only recently begun discussing this proposal with publishers, and do not yet know whether or to what extent publishers will be willing to provide us rights to the titles that we desire on these terms."

Source: netLibrary



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