HOTMAIL CO-FOUNDER FORCED TO SHUT DOWN NEW SITE

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(June 22, 2001) BOMBAY -- Sabeer Bhatia, one of the original founders of Hotmail, has been forced to close down his second Internet venture, Arzoo.com, which aimed to serve as an online consultant.

Mr. Bhatia, who famously sold Hotmail to Microsoft Corp., had a 70% stake in Arzoo.com and Japan's Softbank the remainder.

Commenting on the company's demise, Mr. Bhatia said, "Even though our blue-chip beta customers had liked our service, they have postponed their purchasing decision to either later this year or sometime next year. A small company like ours cannot survive on promises of future purchase." -- From our Bombay correspondent

Copyright June 2001, Crain Communications Inc.

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