Wayne, PA August 23, 2001 Internet Capital Group has completed the previously announced sale of its stake in its partner company RightWorks Corp. for approximately 4,487,000 shares of i2 Technologies common stock. Based on i2's closing stock price of $6.96 on Wednesday, August 22, 2001, the transaction value to Internet Capital Group (ICG) is approximately $31.2 million. Approximately 469,000 of the shares issued to ICG will remain in escrow for one year.
"This sale bolsters ICG's financial strength and underscores our commitment to focus our resources on key partner companies, with the mission of building leading companies that deliver efficiencies and cost savings to business," said Walter Buckley, president and CEO of ICG. "This continued progress toward strengthening our liquidity position further reinforces our confidence in the ability to exceed our year-end target of $200 million in liquidity."
