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October 6, 1999

FortuneCity Seeks Duel Listing on Nasdaq and Neuer Markt

By CBR Staff Writer

New York-based community site operator Inc said yesterday that it intends to seek a dual listing for its stock on Nasdaq and the Neuer Markt. FortuneCity debuted on the German exchange in March, arguing that Europe was very much the center for its future development. Now, however, its board has now decided to go for the dual listing in order to gain global visibility, as well as to facilitate and encourage investment in the company by American and international institutional and retail investors, it said. The company added that further benefits from a dual listing would include a more direct comparison with the value of other internet companies’ shares on Nasdaq and a greater facility for staff recruitment in the US. The company also sees advantages if it wants to make acquisitions in the US.

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