[Nettime-bold] Amsterdam Digital City stops providing content services

[Patrice Riemens <patrice@xs4all.nl>]

Q&D Translation of the Press Release by Joost Flint, Director, Digital City 
Holding Pvt. Ltd. Dated Oct 5, 2K (original text in Dutch: 
http://www.nettime.org/nettime-nl.w3archive/200010/msg00029.html)

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Press Release

Amsterdam, October 5, 2000

The Digital City decides to terminate its content providing activities.

The Digital City Holding Pvt Ltd (DDS) has decided to terminate the editorial 
activities performed through its subsidiary DDS CITY Ltd.

Over this past half year, there has been a dramatic shift in the investing 
climate concerning 'business to consumer' (B2C) Internet companies. At the 
moment, activities that are taking place in the subsidiary DDS CITY are showing 
a loss, and with no fresh investor money forthcoming, they must be curtailed. 
Therefore, the current employement contracts of the three editors are being 
de-scaled. Their editing activities, among which putting together the daily DDS 
newsbulletin, will cease as per December 1, 2000.

'DDS CITY' shelters all semi-public activities of the DDS Holding: The 'City' 
itself, with its many 'inhabitants', their mailboxes, homepages, etc.; and the 
culture and innovation linked DDS projects as well as the broadcast experiments.
  
At present, the activities of DDS CITY are entirely cross-subsidised by the 
revenues of the other subsidiaries of DDS Holding Pvt Ltd. Reasons of sound 
corporate economics prevents them from doing so indefinitely. Within a fairly 
short term from now, it will be necessary for the Company to undertake and 
implement a comprehensive review of its policies regarding the Digital City.

DDS Holding Pvt Ltd has 4 subsidiaries within different ranges of activities: 
DDS Services Ltd; DDS Projects Ltd; DDS City Ltd, and DDS Venture Ltd. The 
decisions outlined in this press release exclusively concern the activities of 
DDS City Ltd.






      


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