HONG KONG, Feb. 17 — chinadotcom corporation (Nasdaq: CHINA) (website — www.corp.china.com), the leading pan-Asian Internet company that operates a unique Internet “Build, Distribute and Sell” investment-driven business model, today announced the formation of an Asian joint venture with Nirve Sports (www.nirve.com), the Gen Y* e-brand, to develop and market the Nirve brand in Asia.
Under the terms of the joint venture, chinadotcom corporation will become Nirve Sports’ exclusive online distribution partner for Asia, including Japan, and will acquire 51% of the joint venture Nirve.com Asia, Limited. To further strengthen the strategic partnership, chinadotcom corporation has also acquired a 6.5% minority stake in Nirve Sports.
Mr. Ian Henry, President, International of chinadotcom corporation, stated, “The Nirve brand embodies the excitement, authenticity, and innovation of the Gen Y action sports lifestyle. With the Asian X-games and the rising global popularity of lifestyle sports, Nirve’s cutting edge content and products have enormous potential in our region. In selling Nirve products direct to consumers via the Internet, Nirve can become to lifestyle sports and apparel what Dell has become to PCs. We believe that this new joint venture will make Nirve a dominant brand for Gen Y Internet users in Asia.”
Nirve Co-Chairman Jonathan Mork stated, “Western companies entering Asia have long recognized that strong local partnership is a necessity. With chinadotcom corporation’s highly successful localization of AOL and 24/7 Media with AOL HK and 24/7 Media Asia respectively, the company has emerged as the leader in taking US Internet companies to Asia. chinadotcom corporation is the ideal Asian partner for Nirve because the company shares a commitment to be the best and with 24 offices and over 1,000 employees across Asia, they are the only player in the region that can handle the operational and marketing requirements of launching a US online brand or product in Asia. Nirve.com Asia will take full advantage of chinadotcom corporation’s ‘build, distribute and sell’ ability.”
The companies announced that Nirve.com Asia will focus initially on localizing Nirve’s content and community for Asia Gen Y Internet users. Nirve.com Asia will make its branded content and media, including NirveTV, NirveRadio and NirveArcade, available to users through proprietary sites as well as selected online affiliates. E-commerce operations are expected to commerce in the third quarter 2000.
* Gen Y denotes Generation Y, which represents the youth population born after 1980
About chinadotcom corporation
chinadotcom corporation is the leading pan-Asian Internet company built on an integrated operating and investment business model. The company provides a full range of Internet services that; 1) build e-business strategies and solutions (Web Connection), 2) distribute content via its portal network (china.com, cww.com, hongkong.com, and taiwan.com), and 3) sell services through online advertising (24/7 Media Asia).
chinadotcom corporation also invests in synergistic internet companies throughout the Asia-Pacific region that add value and depth to its services and portal channels. chinadotcom corporation’s investment strategy is largely based on three types of investments. The first, incubation — through chinadotcom corporation’s Jump Start program — supports seeding of new companies and incubates Internet start-ups. For example, chinadotcom corporation’s investment in, and development of, looks.com has created a highly popular Asian beauty and fashion on-line retailer. The second, acceleration, builds on existing businesses and accelerates the growth of existing on-line services, while the third category of investments, partnership, enables chinadotcom corporation to join with established Internet companies to accelerate and expand their entry into the Asian market.
chinadotcom corporation is committed to enablingg digital communities to realize their full potential, thereby facilitating the development of the Internet in China and across Asia. The company has over 1000 employees in 24 offices across 10 Asian markets, including Australia, Hong Kong, Japan, Korea, Malaysia, Singapore and Taiwan. In Mainland China, the company has nine offices and over 300 employees. Major corporate shareholders include America Online Inc., Mitsui & Co. Ltd., Nortel Network Corporation, Sun Microsystems Inc., New World Infrastructure Limited and 24/7 Media Inc. For more information about chinadotcom corporation, please visit www.corp.china.com.
About Nirve Sports, Ltd.
Nirve is the sports world’s first e-brand. Nirve has developed its own line of premium BMX bikes, trail bikes, freestyle bikes, snowboards, skateboards, wakeboards, and surfboards, as well as components, accessories, and apparel. All of these products are available consumer-direct at www.nirve.com, a Generation Y community destination for online entertainment and activities. Nirve.com features NirveRadio, an MP3 radio station and NirveTV, an action sports Internet television station.