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(March 28, 2001) -- Bcom3 Group announced today that it would not pursue its initial public offering in 2001. In a letter, CEO Roger Haupt informed the company's 18,000 worldwide employees of the delay, saying the company remains committed to doing an IPO.

After announcing last March that the Chicago company would go public in 18 months, Mr. Haupt told employees in a statement that "today's picture is very different from that of a year ago."

"Market conditions are volatile, and the business environment has changed dramatically. These conditions are likely to persist for some time," Mr. Haupt said. "In light of this, Bcom3's board of directors has concluded that it would be unwise for us to launch a new public company in this calendar year."

When asked whether the company was considering the option of being acquired, spokeswoman Elizabeth Krupnick said, "We are still intending to go public."

She said the announcement was made to acknowledge to employees the realities of the current market, rather than putting them off by saying the IPO would happen "when the market improves." -- Kate MacArthur

Copyright March 2001, Crain Communications Inc.

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