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has not been withdrawn and the company expects to continue to evaluate the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.