Thank you all for coming on such short notice. Those of you who don't know me, I'm Jacqueline Bruckner, vice president of public relations for Netsurf Enterprises. Beside me is William Berg, head of press relations for Global Entertainment. First I'll read a brief statement, and then both Mr. Berg and myself will be available to answer questions.
After six months of negotiation talks, the boards of directors of Netsurf and Global Entertainment have finalized arrangements for a merger between the two companies to go into effect on January 1 of next year. The new company will be called Global Netsurf, and the merger will make it the largest new media production company in existence. Bringing together the technology developed by Netsurf with the resources of Global Entertainment, Global Netsurf will be able to provide computer users with an unprecedented number of entertainment resources made available exclusively over the Internet.
Laura Smith, former president of Netsurf, will serve as the CEO of the new company. Roger Atkins, former head of Global Entertainment, will serve as president of production. The corporate headquarters of Global Netsurf will remain in New York, while the product development and production facilities will move to a new location to be determined. At this time, there are no plans to layoff any employees from either company.
Now, Mr. Berg and myself are happy to take your questions. I should first explain, though, that at this time, we are only authorized to answer questions having to do with the structure of and future agenda for the new company, and how the merger will affect consumers, employees, and stockholders. We cannot at this time disclose any specific terms of the merger agreement. However, Ms. Smith and Mr. Atkins will both be available to answer questions at a future press conference.