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VeriSign Commends U.S. Department of Commerce Decision To Approve New Registry Agreements
Mountain View, California, May 18, 2001 - VeriSign, Inc. (NASDAQ:VRSN), the leading provider of Internet trust services, commended the U.S. Department of Commerce's decision today to ratify the new registry agreements approved by the Internet Corporation for Assigned Names and Numbers (ICANN) and VeriSign.
"These complex agreements mark an important step forward for the Internet," said Stratton Sclavos, president and CEO of VeriSign. "We fully appreciate the Department of Commerce's effort to promote stability and competitiveness in the Internet infrastructure."
The terms of the agreements include the following: VeriSign will operate the .com registry function of its business until 2007, with presumable right of renewal afterwards. VeriSign will keep the Registrar function of its business (with VeriSign agreeing to an independent audit of the Registry/Registrar firewall annually). VeriSign agrees to divest of its .org registry in 2002. The .org registry will be maintained by a not for profit organization to be determined by ICANN. VeriSign's .net registry agreement will now expire on June 30, 2005, unless market measurements indicate competition in the registry or registrar market is not growing and meeting established goals.
More detailed information on the terms of the new agreements can be found at the Department of Commerce's website at http://www2.osec.doc.gov/public.nsf/docs/icann-verisign-0518.
About VeriSign
VeriSign, Inc. (Nasdaq:VRSN) is the leading provider of trusted infrastructure
services to Web sites, enterprises, electronic commerce service providers
and individuals. The Company's domain name, digital certificate and
payment services provide the critical web identity, authentication and
transaction infrastructure that online businesses require to conduct
secure e-commerce and communications. VeriSign's services are available
through its Web site (www.verisign.com)
or through its direct sales force and reseller partners around the world.
Statements in this announcement other than historical data and information constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause VeriSign's actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, VeriSign's limited operating history under its current business structure, uncertainty of future revenue and profitability and potential fluctuations in quarterly operating results, increased competition, risks associated with the company's international business and risks related to potential security breaches. More information about potential factors that could affect the company's business and financial results is included in VeriSign's filings with the Securities and Exchange Commission, especially in the company's Annual Report on Form 10-K for the year ended December 31, 2000. VeriSign undertakes no obligation to update any of the forward-looking statements after the date of this press release.
VeriSign is a registered trademark of VeriSign, Inc. Other names may be trademarks of their respective owners.