Geoff Kerr, USWeb Corporation, 408-987-3260 or
[email protected]
USWeb Corporation Announces Stock Repurchase Program
SANTA CLARA, Calif. - September 21, 1998 - USWeb Corporation (Nasdaq: USWB) announced today that its Board of Directors has approved a stock repurchase program whereby the lesser of 1,000,000 shares or $15,000,000 worth of its Common Stock may be repurchased in the open market during the next six months. The Company currently has approximately 44 million shares outstanding. Because of SEC rules, no shares will be repurchased during the period shortly before the vote on USWeb's pending merger with CKS Group, Inc.
Joe Firmage, the Company's Chief Executive Officer, stated that "We believe our common stock is undervalued at this time. The repurchase of our shares represents an attractive investment opportunity for USWeb, as well as a valuable tool for building shareholder value." He also stated that the actual number of shares to be repurchased will depend on market conditions.
USWeb Corporation (Nasdaq: USWB) is a leading strategic Internet services firm helping clients achieve revenue, profit, market share, and customer loyalty objectives through Internet strategies and systems. USWeb partners with a diverse and prominent portfolio of clients, from Fortune 100 corporations to medium-size organizations. The Company, headquartered in Santa Clara, California, recently announced that it intends to merge with CKS Group, Inc. pending regulatory and stockholder approval. Additional information about USWeb Corporation is available by calling 408-987-3200.
This press release contains "forward-looking statements" (as defined under securities law) regarding a planned stock repurchase by USWeb Corporation. The number of shares actually repurchased, if any, the price at which any such shares are repurchased and the actual benefit to the Company and its stockholders from such actions may differ materially from that currently anticipated. Factors that may affect the result of any such actions materially and adversely include the timing, number of shares and price for any share repurchase and other events at the Company or in the capital markets generally. There can also be no assurance that the proposed merger with CKS Group, Inc. will be completed on the intended schedule, or at all, or that the combined entities will be able to realize the intended benefits. For additional information about factors that could affect the business of USWeb, see the documents filed with the United States Securities and Exchange Commission.