RNWK--Cyrk to Expand Internet Presence With Four Strategic Investments
BUSINESS WIRE - March 29, 2000 08:06
GLOUCESTER, Mass., Mar 29, 2000 (BUSINESS WIRE) -- Cyrk, Inc. (NASDAQ: CYRK), a global leader in the promotion industry, announced today that it plans to make strategic investments in four Internet companies as part of its efforts to expand the Company's Internet presence and add to its growing investment portfolio.
Co-chief executive officers Allan I. Brown and Patrick D. Brady said that the Company will make equity investments in: Scour.net, the Internet's leading search destination for broadband entertainment and a developer of proprietary, high-end search technology; The CheckOut.com Entertainment Network, a leading on-line entertainment source for music, movies and games; Ceiva Logic, a designer and producer of a revolutionary digital photo-frame that enables users to access photos and content from the Internet; and OneNetNow.com, a culturally diverse online community and content-rich site that targets urban audiences.
Mr. Brown said, "The opportunity to make investments in these four exceptional companies is a product of our relationship with The Yucaipa Companies. Yucaipa has previously made investments in each of these businesses and has offered us the chance to participate in the current financing rounds. We view this pro-active support as a tremendous asset to Cyrk and we look forward to drawing upon Yucaipa's resources and relationships in the future."
Mr. Brady said, "We have made several important Internet investments over the past year in an effort to expand our overall presence and create a balanced yet diversified portfolio for Cyrk. The ultimate goal of our investment strategy is to enhance shareholder value while strategically expanding our presence throughout the Web. By tying ourselves to cutting-edge technologies and content and helping to nurture businesses which can be strategic to our future, we are ensuring our position at the leading edge of e-business."
About Cyrk, Inc.:
Cyrk is a full-service, diversified promotional marketing company specializing in the design and development of innovative, high-impact promotional products and programs. The Company works with some of the largest and best-known brands in the world and has been involved with some of the most successful consumer promotional campaigns in history. Through its wholly-owned subsidiary, Simon Marketing, the Company is one of the world's largest creators, developers and producers of toys, premiums, promotional print packaging, and games and sweepstakes. Simon is also a leader in the development of integrated marketing solutions including loyalty, licensing, market research and manufacturing. Founded in 1976, Cyrk is a worldwide company with offices throughout North America, Europe and Asia. More information about Cyrk can be accessed on the World Wide Web at www.cyrk.com.
About Scour.net:
Scour is a privately held corporation based in Los Angeles, California. The Company develops and markets Scour.net, the leading search destination for broadband entertainment and myCaster.com, an online radio community. Five UCLA computer science students with interests in finding great streaming media online founded Scour in December 1997. More information about Scour.net can be accessed at www.scour.net.
About The CheckOut.com Entertainment Network:
The CheckOut.com Entertainment Network, based in Los Angeles, California, is the recognized online entertainment leader. It develops, maintains and markets online entertainment destinations including CheckOutMusic.com, CheckOutMovies.com, CheckOutGames.com, The Lounge and the Wherehouse Online Stores. The CheckOut.com Entertainment Network is one of the fastest growing destinations on the Web according to Media Metrix.
In November 1999, the Company entered into a strategic partnership with Wherehouse Music to become the exclusive Internet arm for the almost 600 Wherehouse retail locations. The CheckOut.com Entertainment Network also holds key partnerships with RealNetworks, Talk City, GameSpy Industries, EarthLink and LAUNCH, among others. More information about CheckOut.com can be accessed on the World Wide Web at www.checkout.com.
About Ceiva Logic:
Ceiva Logic is a Los Angeles-based company founded in August 1999. The Company's first product is the Ceiva digital picture frame, which enables people to receive photos to a picture frame directly over a phone line. Its mission is to produce and market both the Ceiva frame as well as its associated services. This will include the development of new products that are aimed at enhancing the digital photography experience. More information about Ceiva Logic can be accessed on the Web at www.ceiva.com.
About OneNetNow.com:
OneNetNow.com is the first online community Web site specifically designed to provide online content for multi-ethnic users. The Company utilizes its unique resources to proactively cultivate the African-American and Latino communities who are being left behind in the technological revolution known as the Digital Divide. OneNetNow.com is a dynamic, culturally diverse online community that allows its members to connect through common interests, original content and create interactive dialogue. Through state-of-the-art technology, the Company provides member-driven, community-focused content, news and information and innovative features. Basic services include email, chat, online publishing tools, home pages, audio and video streaming, community bulletin boards and online events. For more information about OneNetNow.com, visit their website at www.onenetnow.com.
This press release contains forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995). These statements include statements regarding intent, belief or current expectations of the Company and its management. You are cautioned that any such forward-looking statements are not guarantees of future performances and involve risks and uncertainties that may cause the Company's actual results to differ materially from the Company's expectations. Factors that could cause actual results to differ materially are discussed in Exhibit 99.1 to the Company's First Quarter 1999 Report on Form 10-Q. Reference to this Cautionary Statement or Exhibit 99.1 in the context of a forward-looking statement or statements shall be deemed to be a statement that any one or more of these factors may cause actual results to differ materially from those anticipated in such forward-looking statement or statements.
This release is available on the KCSA Public Relations Worldwide website at www.kcsa.com. |
