MatchNet Withdraws Plans for IPO

BEVERLY HILLS, Calif., Aug. 12 /PRNewswire/ -- MatchNet has withdrawn plans for it's U.S. IPO citing a faltering market for Internet-related IPOs. It will reconsider an offering next year. Todd Tappin, president and CEO, has resigned, but will remain on the company's board of directors. The company announced the appointment of David Siminoff (Stanford MBA), who has served on MatchNet's board since February, as its new CEO. ...will focus on the core business and put in place a cost reduction initiative and eliminate about 40 full-time or temporary positions, effective immediately.