March 09, 2001

StarMedia Network, Inc. announced an agreement to acquire the assets of Obsidiana, a destination site for Latin American women. The acquisition creates the largest and most comprehensive women's destination online in the Spanish and Portuguese-speaking world.

Under the terms of the agreement, StarMedia will acquire the key assets of Obsidiana, including its user database, its leading brand and extensive original content, in exchange for shares of StarMedia's common stock. In addition, members of Obsidiana's core management team will join StarMedia. During the next several months, Obsidiana's offerings will be fully integrated into StarMedia's Spanish- and Portuguese-language women's destinations, Cadamujer and Viamulher.

"Over the last year, we have seen tremendous success with our women's product offerings, on both a client and user basis. The acquisition of Obsidiana reinforces our on-going commitment to the women's online market, one of the fastest growing and most highly sought-after demographics on the Web," said Fernando Espuelas, Chairman and CEO of StarMedia Network, Inc. "By combining two of the top women's online destinations in our space, we are able to provide a more robust content offering for our users, and a larger targeted audience base for our clients."

Sonia Dula, Founder of Obsidiana, stated, "StarMedia's dominant audience reach, resources and leadership position ensures that our company's founding mission to empower Spanish- and Portuguese-speaking women through the Internet continues in the future."

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