Napster Rocks Nasdaq; Begins Trading as 'NAPS'
03 Gennaio 2005 - 12:30PM
PR Newswire (US)
Napster Rocks Nasdaq; Begins Trading as 'NAPS' Digital Music
Company Reiterates Third Quarter Guidance and Begins New Year by
Opening the Nasdaq Exchange LOS ANGELES, Jan. 3
/PRNewswire-FirstCall/ -- Napster, Inc. (Nasdaq: NAPS; formerly
ROXI), the biggest brand in digital music, today reiterated its
guidance for the third quarter ended December 31, 2004 and is set
to begin trading on Nasdaq under its new ticker "NAPS" after
opening the exchange in a ceremony at the Nasdaq MarketSite in
Times Square. Based on subscriber acquisition initiatives and
strong holiday sales, Napster expects to achieve strong revenue
growth in the third quarter of fiscal 2005 and reiterated its
guidance for revenues of approximately $11 million. "Napster
created the first on-line music service, the first combination
subscription and download service and the first portable
subscription service. We are proud today to continue Napster's
tradition of innovation by becoming the first pure-play public
digital music company in the nation," stated Chris Gorog, Chairman
and Chief Executive Officer. "With analysts projecting
multi-billion dollar sales for this sector, we are very confident
in Napster's strategic position and are very excited about our
future." Napster completed the successful sale of its Roxio
consumer software division to Sonic Solutions on December 17, 2004.
With the cash and stock proceeds of that sale, Napster closed the
calendar year with a net balance of cash and investments, including
its shares in Sonic Solutions, of more than $130 million. About
Napster Napster, the biggest brand in digital music, is a
subscription service that enables fans to freely sample the world's
largest and most diverse online collection of music and experience
the largest number of features. Napster (http://www.napster.com/)
members have access to songs from all major labels and hundreds of
independents and have more ways to discover, share and acquire new
music and old favorites with community features like the ability to
email tracks to friends and browse other members' collections.
Napster also offers Napster Light, a "lighter" version of the
service for those who just want to purchase songs and albums a la
carte. Napster is currently available in the United States, Canada
and the U.K. and is headquartered in Los Angeles with offices in
San Jose, San Diego, New York and London. Safe Harbor Statement
Except for historical information, the matters discussed in this
press release, in particular matters related to Napster's revenue
for the fiscal third quarter of 2005 and the growth of the digital
music distribution industry are forward-looking statements that are
subject to certain risks and uncertainties such as closing
accounting adjustments, the new and rapidly evolving nature of
online music distribution, reliance on the growth of the internet
for electronic commerce, intense competition from peer-to-peer
services and traditional music retailers, and general economic
conditions, that could cause actual results to differ materially
from those projected. Additional information on these and other
factors are contained in Napster's reports filed with the
Securities and Exchange Commission (SEC), including the Company's
Quarterly Report on Form 10-Q as filed with the SEC on November 9,
2004, copies of which are available at the website maintained by
the SEC at http://www.sec.gov/ . Napster assumes no obligation to
update the forward-looking statements included in this press
release. NOTE: Napster and Napster Light are either trademarks or
registered trademarks of Napster, Inc. or its subsidiaries in the
United States and/or other countries. DATASOURCE: Napster, Inc.
CONTACT: Dana M. Harris of Napster, Inc., +1-310-281-5073, or ; or
Investor and Media, Alex Wellins, , or Jennifer Jarman, , both of
The Blueshirt Group, +1-415-217-7722, for Napster, Inc. Web site:
http://www.napster.com/
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