Samsung, Yahoo Ink E-Commerce Pact

SEOUL, SOUTH KOREA (02/29/2000) - Samsung Electronics Co. Ltd. and Yahoo Inc. today signed an agreement under which they will jointly develop and market products and services for e-commerce.

The deal, which weds South Korea's largest electronics maker with one of the Internet's leading Web sites, will focus on the development of e-commerce products and services, teaming Samsung Electronics' hardware with Yahoo's Internet systems, the two companies said in a statement.

The first result of the cooperation will see Samsung Electronics bring its existing online shopping mall to the Yahoo Korea site, at http://www.yahoo.co.kr/. The added exposure will help Samsung towards its stated goal of achieving sales of 600 billion (US$555 million) through the site in 2000, the company said. In addition, Samsung will also bring online events, communities and market research to Yahoo Korea.

In return for the exposure it is providing Samsung, Yahoo Korea will also benefit from joint promotion of the service to users of Samsung devices, including existing products such as Web phones and Internet-enabled mobile phones.

The two companies will also jointly market such Samsung products worldwide, according to the statement.

Samsung Electronics, in Seoul, can be reached via the Web at http://www.samsungelectronics.com/. Yahoo Korea, in Seoul, is online at http://www.yahoo.co.kr/.