ICANN (the Internet Corporation for Assigned Names and Numbers), the non-profit entity that controls what are known as top-level domains (.com, .net & .org), has reached agreements with the companies who will register the new .biz & .com domain names. ICANN has reported that, "the agreements are undergoing a final, seven-day review by the ICANN board before being signed."

ICANN was created in October 1998 to regulate Internet domain names and IP addresses for the entire global Internet community. Initially, the only domain names that were available to the public, consisted of the familiar .com, .net & .org. Later, country controlled top-level domains (.il in Italy, .fr in France, etc.) became available. On November 16, 2000, ICANN choose seven new "top-level" domains, and companies that would handle their registration. These included, ".aero," ".biz," ".coop," ".info," ".museum," ".name," & ".pro." The release of these domains were pending an agreement being reached between ICANN & the registrars.

ICANN said, it expects that the operators of these TLDs (Top-Level Domains) will, "make announcements regarding their start-up schedules in May."

What does all this mean to your business?

If you thought that you missed out on all the good domain names, you may still get your chance. However, don?t believe for one minute that you will luck out and get the next $7.5 million dollar domain name (business.com sold for $7.5 million in 2000). Most of the nearly all of the generic Top-level domain names have already been pre-registered by multiple domain registration companies anxious to grab a piece of this new gold rush. You may still be able to secure, ?YourCompany.biz? or some of the less generic names for a modest fee (expected to be similar to the $35 per year charged by most for .com, .net & .org).