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| SAN DIEGO, Nov. 15
/PRNewswire/ -- MP3.com (Nasdaq: MPPP) today announced that it has sold to Universal Music
Group (UMG Recording, Inc.) warrants to purchase up to 3,000,000 shares of MP3.com common
stock. These warrants give UMG the right to purchase up to 3,000,0000 shares of MP3.com
common stock at specified prices ranging from $3.75 to $5.00 per share and over terms of
one to three years. If fully exercised, the shares issuable under the warrants will
represent less than five percent of MP3.com's outstanding shares. About MP3.com MP3.com, Inc. has created what it believes is a unique and robust technology infrastructure for the storage, management, promotion and delivery of digital music. As the Internet's premier Music Service Provider (MSP), the company is dedicated to providing consumers with anytime, anywhere access to their music using any web-enabled device. The company's web site hosts what it believes is the largest collection of digital music available on the Internet, with more than 698,000 songs and audio files from over 109,000 digital artists and record labels. Dedicated to growing the digital music space, the company's products and services include on-demand Subscription Music Channels, an innovative Retail Music Program, a Syndicated Radio Division and others. Additionally, through the company's MSP initiative, MP3.com is partnering with a variety of forward-looking technology companies to expand its digital music strategy. MP3.com common stock is traded on the Nasdaq National Market under the ticker symbol MPPP. The company is based in San Diego, California. For more information on MP3.com, visit www.mp3.com. Statements in this press release that are not strictly historical are forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include references to activities expected to occur in connection with MP3.com's license arrangement with Universal Music Group. These statements involve a high degree of risk and uncertainty, are only predictions, and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include risks related to: implementation of MP3.com's license arrangement with Universal Music Group; MP3.com's current litigation proceedings, including without limitation the inability to reach settlement with all parties to such litigation proceedings; MP3.com's new and uncertain business model; acceptance of MP3.com's products and services; MP3.com's limited operating history, and MP3.com's rapid growth, as well as other risks detailed from time-to-time in MP3.com's reports to the Securities and Exchange Commission, including its report on Form 10-K for the year ended December 31, 1999 and its most recent reports on Form 10-Q. For further information, please contact Greg Wilfahrt, Director of Public Relations of MP3.com, Inc., 858-623-7280, pr@mp3.com. SOURCE: MP3.com, Inc. |
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