WORLDS INC. CHANGES NAME TO WORLDS.COM
TO REFLECT E-COMMERCE AND 3D INTERNET SERVICES
BOSTON, December 16, 1999 - Worlds Inc. (OTC/BB: WDDD) shareholders today approved changing the company name to Worlds.com Inc. The name reflects the company's business as a consumer website on the Internet that offers virtual "worlds" in which consumers interact, conduct e-commerce and receive entertainment.
Shareholders also elected Steven G. Chrust, William Harvey, Thomas Kidrin, Kenneth A. Locker and Michael J. Scharf as members of the board, each for a term of one year.
"Worlds.com is in the leadership position to capitalize on the numerous and growing opportunities as the Internet continues to evolve into a robust, immersive and interactive 3D world," said Worlds.com Chairman Chrust, former WinStar Communications vice chairman and co-founder. "Our technology and capabilities are second-to-none, and through our e-commerce environments we are selling merchandise and collectible items worldwide for such music and entertainment stars as David Bowie, Shania Twain, Hanson, Elton John and U2."
Shareholders also voted to increase the number of authorized shares of common stock to 65 million from 30 million previously. Additionally, shareholders approved limiting the liability of the company's directors and officers and approved amending the company's 1997 incentive and non-qualified stock option plan increasing the number of common shares available to three million from one million shares. Shareholders did not approve the creation of a new class of preferred stock.
Worlds.com is a consumer website that offers virtual "worlds" in which consumers interact, conduct e-commerce and receive entertainment. Its software and content permit animation and motion on the Internet which enables online users to move about various spaces via the selection of an avatar-a three-dimensional cyberspace character. Worlds.com Avatar Gallery has over 100 different characters (avatars) from which an online user may select and customize as one of many thousand variations.
Worlds.com Internet software and broadband content are delivered and installed via the Internet, Worlds.com branded CDs, or participating audio CDs or ISP access CDs. The technology forms the platform for multi-user voice and text chat, E-commerce and advertising forums.
Forward Looking Statements. Except for any historical information contained herein, the matters discussed in this news release contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties are described in the company's filings with the SEC. Given these uncertainties; prospective investors are cautioned not to place undue reliance on such forward-looking statements. The company disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.