Hoover's, Inc. Announces New Approach To Europe

FOR IMMEDIATE RELEASE

London Office Closes; Non-U.S. Operations To Be Handled Via Web, Phone And Through Local Sales Agencies

LONDON -- September 25, 2001 -- Hoover's Online Europe today announced a new approach to rapidly and cost effectively expanding its business globally. European operations will be handled from the U.S., and through independent sales agencies in Europe. Russell Secker, director of operations and finance of Hoover's Europe, will relocate to Austin where he will serve as senior vice president of product management, with additional responsibility for global expansion. Hoover's will close its London office.

"We've had a great response to Hoover's since we launched here a year ago, and the alliances we've formed with stars of the European media landscape like FT.com have helped us to build the foundations of a substantial European business," says Gehan Talwatte, managing director, Hoover's Online Europe. "Closing our London office was a tough decision but we believe consolidation is in the best interest of our customers, partners, shareholders and remaining employees."

The company has already added response capability 24 hours a day, seven days a week from its Austin sales team and is now selling subscriptions and servicing customers outside the U.S. from that location. International sales will now be conducted via the Web and phone out of the company's Austin and New York offices and through sales agency agreements with local partners. The company is exploring sales agency relationships in the Netherlands and Switzerland, and with a new London-based company being formed by Talwatte to help build and support corporate subscriptions in the UK.

"Hoover's is a great product created by a talented team, and I'm of course disappointed to be leaving," says Talwatte. "But I hope to continue supporting Hoover's international growth in a different capacity."

Jeffrey R. Tarr, CEO of Hoover's, Inc., says: "Our London-based team has done a terrific job establishing business relationships and elevating our brand in the UK. Since we have always delivered our service globally via the Web from Austin, we are confident that with these changes we will be able to continue to provide a high level of service to our non-U.S. customers and business partners."

The company's UK and European sites - in France, Germany, Italy and Spain - will remain open to serve a growing number of corporate subscribers across Europe.

European users of the service can be assured that they will continue to enjoy the Hoover's experience of quality, objective and reliable company information they have come to expect. Hoover's business researchers based in the U.S. will continue to write and regularly update records on UK- and European-listed and private companies. Hoover's Online users in Europe will also have access to the Hoover's Online global service, which covers 65,000 companies.

About Hoover's, Inc.

Hoover's, Inc. (Nasdaq: HOOV) provides online business information and tools to help businesspeople get their jobs done. Hoover's information is available through its destination site Hoover's Online (http://www.hoovers.com) and the company's other sites in France, Germany, Italy, Spain and the U.K.; through co-branding agreements with other online services; and through enterprise information portals. Hoover's investors include AOL Time Warner (NYSE: AOL), Media General (AMEX: MEG.A), and Knowledge Universe, through its Knowledge Net Holdings and Nextera Enterprises (Nasdaq: NXRA) units. Hoover's is headquartered in Austin, TX, and has offices in New York City and San Francisco.

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