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Jupiter Media Metrix Preliminary Statement on Liquidation
At the end of last week, Jupiter Media Metrix disclosed that it had filed a preliminary proxy statement with the Securities and Exchange Commission related to its previously announced sale of the assets of its Jupiter Research and Events businesses as well as a proposed plan, approved by the company's board of directors on June 25, 2002, to liquidate and dissolve the company.
As a Delaware corporation, Jupiter Media Metrix must obtain stockholder approval for the asset sale and the plan of dissolution and liquidation. The date of the stockholder meeting will be announced following the filing of the definitive proxy statement with the SEC.
Under Delaware law, Jupiter Media Metrix will remain in existence as a non-operating entity for three years following the date that the company files a certificate of dissolution in Delaware. The company will work quickly to complete the sale of the Jupiter Research and Events businesses and any remaining assets, satisfy outstanding obligations, and maximize any distributions to its stockholders.
Jupiter Media Metrix will also seek stockholder approval to change its corporate name to JMXI, Inc., as required under the previously announced agreements for the sale of its Media Metrix audience measurement business and Jupiter Research and Events businesses.
'In February, we announced our plan to explore options that would improve our financial position and ensure that Jupiter Media Metrix' valuable brands and products remained in the marketplace,' said Robert Becker, chief executive officer of Jupiter Media Metrix. 'We are pleased with the progress we have made in that regard and now believe that the dissolution of the company is in the best interest of our stockholders.'
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