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Interesting....
Story At: http://dayton.bizjournals.com/dayton/stories/2004/12/27/daily27.html?jst=b_ln_hl
EasyLink Services Corp. has entered an agreement to sell, for $1 million, a number of domain names it owns that are not part of its core business.
The company, which employs 100 people in Dayton, sold the portfolio of 1,177 domain names not used in EasyLink's business to entrepreneur and company director Gerald Gorman. The agreement calls for Gorman to share with EasyLink a portion of revenue from the use of those domain names.
The revenue-sharing arrangement is good for five years, according to Piscataway, N.J.-based EasyLink.
In the fourth and fifth years of the agreement, EasyLink retains the right to repurchase the portfolio from Gorman for $4.5 million.
In connection with the deal, Gorman has resigned from EasyLink's board of directors and converted his 1 million shares of Class B common stock to Class A common stock. He also will receive a salary of $125,000 each year from EasyLink for the next two years.
The sale of the domain portfolio will give EasyLink a pretax gain of $800,000 during its fourth quarter.
EasyLink (Nasdaq:EASY) is a data exchange company that handles more than 1 million business transactions -- things such as purchase orders, insurance claims and funds transfers -- each day.
Story At: http://dayton.bizjournals.com/dayton/stories/2004/12/27/daily27.html?jst=b_ln_hl
EasyLink Services Corp. has entered an agreement to sell, for $1 million, a number of domain names it owns that are not part of its core business.
The company, which employs 100 people in Dayton, sold the portfolio of 1,177 domain names not used in EasyLink's business to entrepreneur and company director Gerald Gorman. The agreement calls for Gorman to share with EasyLink a portion of revenue from the use of those domain names.
The revenue-sharing arrangement is good for five years, according to Piscataway, N.J.-based EasyLink.
In the fourth and fifth years of the agreement, EasyLink retains the right to repurchase the portfolio from Gorman for $4.5 million.
In connection with the deal, Gorman has resigned from EasyLink's board of directors and converted his 1 million shares of Class B common stock to Class A common stock. He also will receive a salary of $125,000 each year from EasyLink for the next two years.
The sale of the domain portfolio will give EasyLink a pretax gain of $800,000 during its fourth quarter.
EasyLink (Nasdaq:EASY) is a data exchange company that handles more than 1 million business transactions -- things such as purchase orders, insurance claims and funds transfers -- each day.
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