[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

netLibrary Update

Of possible interest for those who have not otherwise seen this message.
Ann Okerson

---------- Forwarded message ----------
Date: Mon, 15 Oct 2001 14:24:12 -0400 (EDT)
From: netLibrary <netLibrary@uuinc1smtp1.flonetwork.com>
To: ann.okerson@yale.edu
Subject: netLibrary Update

To all netLibrary Customers, Partners, and Friends:

Thank you all for the interest, concern, and support you have shown in
response to recent news that netLibrary is talking with interested buyers
for the company.  As we work through the many difficult and complex issues
surrounding this possibility, our desire to communicate must be balanced
against the need to first resolve open issues in ways that ensure we
communicate with you accurately and completely.  Nevertheless, we know you
have many questions, which we will begin to address here.  Going forward,
we will continue to communicate with you regularly to keep you abreast of
any changes.  Currently, the facts are as follows:

1. While additional investment funding looked extremely positive a few
weeks ago, those investors made the decision not to invest based on
several factors, including overall economic conditions.

2. netLibrary immediately began to pursue the possibility of being
acquired by a number of possible candidates with interest in the library,
publishing and eBook marketplace.  Those discussions continue today.

3. It is true that the majority of employees returned to work with the
understanding that salaries would be significantly reduced and that future
employment would be dependent on identifying an interested buyer and
related bridge loan financing.  Their passion for eBooks and their deep
concern for our customers and business partners is reflected in the number
of those who returned to work this morning, ready to continue to service
and support our customers as management works through this difficult
transition period.

4. Access to your eBooks continues.  Should that change, we will contact
you via email.

5. Some related services may be put on hold temporarily.  For example, you
will not be able to order promotional materials until further notice.
Additionally, we will be reorganizing and reassigning staff to help
wherever needed.  Consequently, we ask that you be patient as we work to
answer any and all customer support questions.

Unquestionably, you will hear much about netLibrary in the coming days
from many sources.  Certainly, the decisions we must make are very serious
and extremely complex, and because it will take time to develop solutions,
there will be a tendency by some to couch all discussion in a negative
light.  We ask for your balanced consideration, your continued support of
eBooks and netLibrary, and your understanding that we will do our very
best to communicate the facts to you as they become available.  The
employees and the management team remain highly committed to doing
everything we can to bring this to successful resolution - that commitment
derives in large measure from the enthusiasm and passion you have shown us
these past three years.  We hope we can continue to count on that support
to see us through.


Rob Kaufman
President and CEO

Rich Rosy
Executive Vice President