Student Advantage plans purchase of bankrupt

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Student Advantage, a college campus portal, agreed to purchase the assets of, an online college community that filed for bankruptcy this week, for $7 million in cash and 1.5 million shares of common stock. Student Advantage will acquire substantially all of the assets, such as the Web site and other intellectual properties, and assume certain of the company's revenue contracts, which include a strategic alliance with General Motors Corp. Student Advantage will use $10 million in financing from FleetBoston Bank to help finance the deal.

Copyright August 2000, Crain Communications Inc.

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