Quokka Sports Announces Acquisition of Golf. com
(PRWEB) October 18, 2000
Quokka Extends Strategic Relationship with NBC Sports Into Mainstream Sports
Golf to Join the Company's Growing Network of 'Sport Verticals'
13th June 2000- Quokka Sports, Inc. (Nasdaq: QKKA Âwww. quokka. com), a leading provider of sports entertainment for the digital world(TM), today announced it has signed a definitive agreement to acquire a controlling interest in Golf. com L. L.C., a leading golf Internet property. The acquisition will extend the reach of the Quokka Sports Network in mainstream sports to the international golf community.
Under the terms of the agreement, Quokka Sports will issue approximately 3.9 million shares of common stock in exchange for 71% of the ownership interest of the privately held Golf. com L. L.C. NBC Sports will retain its 29% ownership of Golf. com. The transaction is expected to close in July 2000, subject to various conditions including approval by Quokka Sports stockholders and other customary conditions.
``Quokka Sports is strategically building a digital sports entertainment network that captures the hearts and minds of sports enthusiasts. The addition of Golf. com expands our presence to a new audience, the international golf community. We will complement NBC Sports' critically acclaimed coverage of golf with our Internet coverage enhanced by our unique digital entertainment style, technology and production expertise. This, combined with Golf. com's strong presence within the golf community, makes the property a terrific fit for Quokka Sports,'' said Al Ramadan, President and CEO of Quokka Sports.
In the U. S. alone, golf industry experts estimate there are over 30 million golf enthusiasts, approximately one-third of which are online. The Golf. com site is a leading sports Internet property offering premium content, original storyline features such as ``Golfers Network,'' ``Golf Radio,'' ``Outside the Ropes,'' and ``Nicklaus Chronicles,'' near real time scores and statistics, community products such as fantasy games and consumer products and services such as tee time reservations, travel and pro shop. From web coverage of the Ryder Cup, Masters, US Open, The Players Championship and other PGA Tour events to instruction, commentary and archival features, the web site provides comprehensive golf coverage online. Golf. com is the primary golf coverage vehicle for MSNBCSports.
``NBC Sports is excited about another opportunity to work with Quokka Sports, since our joint venture for the Olympics (www. nbcolympics. com) has been a terrific partnership for both NBC and Quokka. Because golf is one of NBC's premier broadcast properties, it's perfect to have Quokka Sports as our online partner,'' commented Ken Schanzer, President, NBC Sports.
As part of the transaction, Quokka Sports will continue to utilise Total Sports' services and technology for the production of the Golf. com site. `` The combination of Quokka's leadership in sports entertainment and our services and technology will create an unbeatable experience for sports fans,'' said Frank Daniels III, Chairman of Total Sports Inc.
About Golf. com
Golf. com is an award-winning Internet property dedicated to the golf community. The web site offers live coverage, unique commentary, consumer products and services targeted to golf enthusiasts around the world. Golf. com is owned by NBC Sports, a subsidiary of the National Broadcasting Company (NBC), GolfData Corporation, MediaOne Ventures, a division of MediaOne Group, New York Times Company Magazine Group Inc. and Total Sports Inc., and is based in Raleigh, North Carolina.
About Quokka Sports
Quokka Sports, a leading provider of sports entertainment for the digital world(TM), creates complete interactive sports experiences that fulfil the passions of sports enthusiasts world-wide. Quokka Sports leverages digital technology to offer rich, immersive presentations that include live event coverage, news and information, audio and text dispatches from athletes, games, community forums, and premium shopping.
The Quokka Sports Network (Quokka. com) is comprised of several sport verticals that feature some of the world's premier sporting properties. These include Sailing (americascup. org, btchallenge. com), Motor Racing (cart. com, motograndprix. com), Action Sports (MountainZone. com coverage of skiing, climbing, hiking, snowboarding, adventure racing and mountain biking), and currently offers coverage of 35 Olympic sports through NBCOlympics. com. Quokka Sports develops its content for a broad range of digital platforms from narrowband and broadband Internet to wireless and converged devices. Quokka Sports' innovative sports entertainment productions are enabled by Quokka Performance Team members Compaq Computer Corporation, Computer Associates International, Inc. and Intel Corporation. Quokka Sports has offices in San Francisco, London, New York, Seattle, Detroit, Chicago, Washington D. C. and San Diego.
NOTE: ``Quokka'' and ``Quokka Sports'' are registered trademarks, and ``Quokka Sports Immersion,''``Qnews,'' ``What Happens Next,'' ``Sports Entertainment for the Digital World'' and the Quokka Logos are trademarks of Quokka Sports, Inc.
Cautionary Statement Under The Private Securities Litigation Reform Act Of 1995:
Except for the historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties, including the Company's ability to complete the transaction, effectively integrate the operations of the combining companies, attract and retain an audience, develop and launch programming, develop multiple streams of revenue, and attract and retain sponsors, as well as the other risks detailed from time to time in the Company's SEC filings, including its Report on Form 10-K for the year ended December 31, 1999, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2000 and its Report on Form 8-K dated May 11, 2000. Actual results could differ materially from those discussed and reported results should not be considered as an indication of future performance. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements.
SOURCE: Quokka Sports, Inc.
Will Brown or Giles Selby tel.: 020 7224 4554 Email: quokka@flapjack. com