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OCLC MAKES OFFER TO PURCHASE ASSETS OF NETLIBRARY
DUBLIN, Ohio, Nov. 15, 2001-Subject to the approval of the bankruptcy court,
OCLC Online Computer Library Center today announced that it has made an offer
to purchase substantially all the assets of NetLibrary and assume certain
NetLibrary liabilities. NetLibrary is a leading provider of eBooks, eTextbooks
and Internet-based content/collection management services.
Concurrently, NetLibrary announced today that it has voluntarily filed a
petition with the U.S. Bankruptcy Court for the District of Colorado for
relief under Chapter 11 of the U.S. Bankruptcy Code. The transaction includes
a loan from OCLC, to be repaid upon the consummation of the asset sale, to fund
NetLibrary's on-going operations through the transition period. OCLC's purchase
of NetLibrary's assets and its operating-funds loan to NetLibrary are both subject
to approval of the bankruptcy court.
"Electronic books and other forms of electronic content are quickly becoming
strategic drivers in the sharing and advancement of knowledge in the digital
age," said Jay Jordan, president and CEO, OCLC. "This potential alliance with
NetLibrary would advance our strategic directive to deliver technologies and
services that support, extend and enhance the OCLC membership cooperative. eBooks
complement our growing e-journal collection and provide exciting new synergies
for our cataloging, resource sharing, reference and digital preservation services."
"Across the OCLC cooperative, there is strong interest in OCLC's pursuing an
alliance that would continue to make NetLibrary's eBook collection available,"
said William J. Crowe, Chair, OCLC Board of Trustees. "Indeed, 14 of OCLC's 16
U.S. regional network affiliates have arrangements for libraries in their regions
to purchase NetLibrary resources. The OCLC Board of Trustees has expressed its
strong support for pursuing this proposed alliance with NetLibrary."
"OCLC represents an excellent opportunity for NetLibrary patrons, customers and
content partners to continue to deliver the benefits of eBooks and electronic
media to an expanding market. OCLC and NetLibrary share a common commitment to
grow and strengthen the role of libraries and educators in the digital age," said
Rob Kaufman, president and CEO of NetLibrary. "We are proud of NetLibrary's role
in pioneering the eBook and eTextbook markets. A potential alliance with OCLC would
extend the opportunity to reach more patrons, grow catalog content and provide new
and innovative learning opportunities in libraries, classrooms, homes and offices
around the globe."
NetLibrary develops and markets eBooks and MetaText digital textbooks. eBooks are
full-text electronic versions of published books that library patrons can search,
borrow, read, and return via the Internet. With NetLibrary eBooks, users can access
library resources anywhere, anytime, and perform full-text searches across hundreds
of books or within a specific book to speed research and reference projects. eBooks
can be viewed online from any location using an Internet browser. NetLibrary's catalog
now contains approximately 40,000 titles covering a wide range of subject areas such as
business, economics, technology, the social sciences and more.
NetLibrary also markets MetaText digital textbooks, interactive, web-based textbooks
with enhanced teaching, collaborating and learning tools for teachers and students.
MetaText works with the leading textbook publishers to transform print textbooks into
course-centric digital textbook learning environments. The MetaText catalog of digital
textbooks, which includes more than 160 titles, covers topical areas ranging from
Anthropology to Zoology.
Headquartered in Dublin, Ohio, OCLC Online Computer Library Center is a nonprofit
organization that provides computer-based cataloging, reference, resource sharing
and preservation services to 40,000 libraries in 81 countries and territories. OCLC
was founded in 1967 to improve access to the world's information and reduce information
costs, and conducts ongoing research to develop technologies to support that mission.
Forest Press, a division of OCLC since 1988, publishes the Dewey Decimal Classification system.
In the United States, more information is available (via telephone: +1-614-764-6000 or
1-800-848-5878; fax: +1-614-764-6096; or e-mail: oclc@oclc.org)
. In Europe, the Middle East and Africa, contact the OCLC Europe office, located in
Birmingham, United Kingdom (phone: +44 121 456 4656; fax: +44 121 456 4680; or e-mail:
europe@oclc.org).
In Asia and the Pacific region, contact the OCLC Asia Pacific office in Dublin,
Ohio (phone: +1-614-764-6189; fax: +1-614-764-4331; or e-mail:
asia_pacific@oclc.org).
In Canada, contact the OCLC Canada office in Montreal, Quebec (phone: +1-450-658-6583
or 1-888-658-6583; fax: +1-450-658-6231; or e-mail:
canada@oclc.org). In Latin America
and the Caribbean, contact the OCLC Latin America and the Caribbean office in Dublin,
Ohio (phone: +1-614-761-5196; fax: +1-614-718-1026; or e-mail:
america_latina@oclc.org).
More information about OCLC and OCLC regional service providers is available at
http://www.oclc.org/.
NetLibrary www.NetLibrary.com is the leading provider of eBooks and
Internet-based content management services for the institutional library market. NetLibrary
develops, archives, hosts, and maintains eBook collections for academic, corporate, public,
and school libraries. Thousands of libraries throughout the United States and internationally
are currently providing NetLibrary eBooks to their patrons. The MetaText Division
www.MetaText.com of NetLibrary creates, hosts and
manages web-based digital textbooks for leading textbook publishers. MetaText digital
textbooks provide instructors and students with a full range of interactive teaching,
collaborating and learning tools.
Contact:
Nita Dean
+1-614-761-5002
nita_dean@oclc.org
Marge Gammon
+1-303-381-8799
mgammon@netlibrary.com
Dewey, Dewey Decimal Classification, Forest Press and OCLC are registered trademarks of OCLC.
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