HORSHAM, Pa. and HOUSTON Texas, Jan. 10, 2001 VerticalNet, Inc. and SierraCities.com Inc. announced that, due to current market conditions, they have mutually agreed to terminate their agreement and plan of merger. The termination of the merger agreement also terminates VerticalNet's previously announced exchange offer for shares of SierraCities.com common stock, and all shares deposited with VerticalNet's transfer agent pursuant to the exchange offer will be promptly returned.
``We are still very interested in continuing to explore a relationship with SierraCities.com as we search for strategic alternatives for technology licensing and development,'' said VerticalNet President and CEO Mike Hagan.
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