SAN FRANCISCO, Aug. 11 /PRNewswire/ -- PlanetOut Inc. announced today that, based on recent adverse market conditions, it has chosen to postpone its planned initial public offering until a later date. PlanetOut's registration statement on Form S-1, as filed with the Securities and Exchange Commission, has not been withdrawn and the company expects to continue to evaluate the timing for the offering. Commenting for the company, Lowell Selvin, chairman and chief executive officer, stated, "Given the current difficult market for initial offerings, we feel the appropriate value of the company would not be realized through an IPO at this time." A registration statement relating to this offering was filed with the Securities and Exchange Commission, but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About PlanetOut Inc. PlanetOut Inc. is a global online media company offering consumer services, news and entertainment to the lesbian, gay, bisexual and transgender (LGBT) community. The company believes its flagship websites, Gay.com and PlanetOut.com, constitute the most extensive network of gay and lesbian people in the world.
SOURCE PlanetOut Inc.