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August 19, 2002 — (WEB HOST INDUSTRY REVIEW) — Internet service provider Tucows Inc. (Tucows.com) announced last week that it has sold its search and reference services eLibrary and Encyclopedia.com to technology and media investment company Alacritude LLC.
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Tucows says it acquired eLibrary, a subscription-based online information resource, and Encyclopedia.com, a basic online research tool, as a result of its merger with Infonautics Inc. in August of last year.
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According to the terms of the sale, Alacritude has acquired all the assets and assumed certain liabilities associated with eLibrary and Encyclopedia.com. Tucows says the sale generated about $1.5 million
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Alacritude, says Tucows, will maintain operations of the services from the former Infonautics office in King of Prussia, Pennsylvania, and will retain all of the Tucows staff located there.
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“These businesses were not core to our ongoing strategy, thus the sale will allow us to devote all of our resources to our Internet services business where we believe our major opportunities lie,” said Graham Morris, chief operating officer, Tucows Inc. “The impact on our financial position and results of operations is expected to be immaterial.”
