These decisions are aligned with previously announced plans to reduce the company’s focus on online media and narrowband businesses. In conjunction with these steps, the company will downsize its workforce by approximately 500 employees over the next three months.
MatchLogic, located in Westminster, Colo., is Excite@Home’s interactive marketing services subsidiary. MatchLogic will begin transition today for closure anticipated to be completed by the end of the year.
Also effective today, the Excite.com portal will be refining its operations to offer those Internet services most popular with users. It is anticipated that Excite.com portal will continue to provide core applications and content. Support for the @Home 2000, the personalized broadband content experience provided to @Home subscribers, will continue.
Selling and reducing our narrowband media assets that do not contribute financially or strategically to the broadband access business is the right direction for our corporate viability, said Patti Hart, chairman and chief executive officer, Excite@Home.
As announced previously, Excite@Home is exploring options with respect to its liquidity needs and capital structure. The company anticipates needing additional funding and/or financial restructuring in order to continue as a going concern. There can be no assurance that such funding can be attained or that any restructuring will be successful.
SOURCE: COMPANY PRESS RELEASE
