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FEDLIB Home

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FEDLIB  November 2001

FEDLIB November 2001

Subject:

OCLC MAKES OFFER TO PURCHASE ASSETS OF NETLIBRARY

From:

S Lynn McDonald <[log in to unmask]>

Reply-To:

FEDLIB: Federal Librarians Discussion List

Date:

Tue, 20 Nov 2001 16:53:10 -0500

Content-Type:

text/plain

Parts/Attachments:

Parts/Attachments

text/plain (133 lines)

The following press release was issued by OCLC late last week.  FEDLINK
will continue to hold delivery orders for the netLibrary service until
further notice.

FOR IMMEDIATE RELEASE

FOR MORE INFORMATION:
Nita Dean +1-614-761-5002
[log in to unmask]
Marge Gammon +1-303-381-8799
[log in to unmask]

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 announces 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 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.

About OCLC

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:
[log in to unmask]).  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:  [log in to unmask]).  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:
[log in to unmask]).  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:  [log in to unmask]).
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:  [log in to unmask]).

More information about OCLC and OCLC regional service providers is
available at <http://www.oclc.org/>.

About netLibrary

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 <http://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.

-0-

Dewey, Dewey Decimal Classification, Forest Press and OCLC are
registered trademarks of OCLC.

-0-

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