VeriSign Completes Sale of Network Solutions

anonymous writes "MOUNTAIN VIEW, CA. November 25, 2003 - VeriSign Inc., a leading provider of critical infrastructure services for Internet and telecommunications networks, today announced the completion of the sale of its Network Solutions domain name registrar business to Pivotal Private Equity. The customer-facing registrar business is the world's leading provider of domain name registration services, and an industry leader in value added services such as business email, website hosting and other web presence services.

VeriSign previously announced a definitive agreement to sell the Network Solutions business unit on October 16, 2003. Under the terms of the agreement, VeriSign will retain a 15% equity stake in the company.

About VeriSign
VeriSign, Inc. (Nasdaq: VRSN), delivers critical infrastructure services that make the Internet and telecommunications networks more intelligent, reliable, and secure. Every day VeriSign helps thousands of businesses and millions of consumers connect, communicate, and transact with confidence. Additional news and information about the company is available at http://www.verisign.com.

For more information, contact:
VeriSign Media Relations: Tom Galvin, tgalvin@verisign.com, 202-973 6600
VeriSign Investor Relations: Kathleen Bare, kbare@verisign.com, 650-426-3241

Statements in this announcement other than historical data and information constitute 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. These statements involve risks and uncertainties that could cause VeriSign's actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, the uncertainty of future revenue and profitability and potential fluctuations in quarterly operating results due to the sale of Network Solutions, the potential loss of customer leads generated from the Network Solutions' retail storefront, repayment under the subordinated note and the value of the equity interest in the Network Solutions business are dependent upon the success of that business, of which VeriSign will have no control, the risk that its equity interest in the Network Solutions business may not produce and significant return, or that VeriSign may never realize any amounts due under the subordinated note. More information about potential factors that could affect the company's business and financial results is included in VeriSign's filings with the Securities and Exchange Commission, including in the company's Annual Report on Form 10-K for the year ended December 31, 2002 and quarterly reports on Form 10-Q. VeriSign undertakes no obligation to update any of the forward-looking statements after the date of this press release. "