Terra Networks and the Spanish company TelePizza have entered into a joint venture agreement to create an e-commerce network that will deliver a wide range of products such as videos, compact discs, books, and entertainment goods and other products, directly to consumers within one to twenty-four hours. The two companies will create a virtual shop together. Each company will have a 50% shareholding of the new company.The new company will sell, distribute and store the products as principal or as agent for other merchants through the network or telecommunication channels, including the new access technology such as digital TV or UMTS for cellular phones. The new company will be created in July with a share capital of 5,600,000 euros.This alliance combines the distribution capabilities of TelePizza with the great number of Terra's web users. In Spain, TelePizza has 19 million clients, 3.5 million of which are web users. During March, Terra served around 115 million web pages and the ISP service of Terra registered 938,000 clients.About TelePizzaTelePizza is the leading fast food company in Spain. It operates in eight countries with 767 outlets in 1999. In Spain it operates 512 outlets in 1999, after the launching of 45 new outlets during 1999.TelePizza opened 132 new outlets with an increase of 107% and totaling 255 outlets outside Spain. TelePizza operates with great success in Spain, Portugal, Mexico, Chile, France, United Kingdom, Chile, Poland and Morocco.TelePizza offers a wide range of fast food products, including its well-known pizza, sandwiches, hamburgers and snacks. TelePizza has developed a great expertise in product distribution with home delivery in thirty minutes and has achieved a good knowledge of consumer's needs.TelePizza generated 4,501 million pesetas (27.05 million euros) of net profits, an increase of 23.6% over 1998 results, which totaled 3,641 million pesetas (21.9 million euros).About Terra NetworksTerra Networks (