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    SAN FRANCISCO, July 2 /PRNewswire-FirstCall/ -- PlanetOut Inc (Nasdaq:  
 LGBT) announced today that it has entered into a purchase agreement in
 connection with a private placement of common stock to a group of new and
 existing accredited and institutional investors that includes Special
 Situations Funds, Cascade Investment, L.L.C., SF Capital Partners, PAR
 Investment Partners LP and Allen & Company LLC. Pursuant to the terms of
 the purchase agreement and subject to customary closing conditions, the
 transaction is expected to close on or about July 6, 2007 with PlanetOut
 receiving an aggregate of approximately $26.2 million in gross proceeds
 from the sale of approximately 22.8 million shares of its common stock.
 Allen & Company LLC acted as the placement agent for the transaction.
     The shares of PlanetOut common stock issued in connection with the
 private placement have not been registered under the Securities Act of
 1933, as amended (the "Securities Act"). Accordingly, these securities may
 not be offered or sold in the United States except pursuant to an effective
 registration statement or an applicable exemption from the registration
 requirements of the Securities Act. PlanetOut has agreed to file within 30
 days after the closing one or more registration statements covering the
 resale of the common stock. This press release shall not constitute an
 offer to sell or the solicitation of an offer to buy PlanetOut common
 stock.
     Forward Looking Statements
     This press release contains "forward-looking" statements regarding
 PlanetOut Inc, including statements with respect to the anticipated closing
 of the private placement. Any statements contained in this press release
 that are not historical facts may be deemed to be forward-looking
 statements. The words "will," "expected," "intends" or similar expressions
 are intended to identify forward-looking statements. There are a number of
 important factors that could cause PlanetOut's results to differ materially
 from those indicated by these forward-looking statements, including risks
 associated with the satisfaction of the conditions to the closing of the
 private placement, as well as other risks detailed from time to time in
 PlanetOut's SEC reports, including its Quarterly Report on Form 10-Q for
 the quarter ended March 31, 2007. PlanetOut does not undertake any
 obligation to update forward-looking statements. You are encouraged to read
 PlanetOut's reports filed with the U.S. Securities and Exchange Commission,
 available at http://www.sec.gov.
 
 

SOURCE PlanetOut Inc