I am a member of ESI and have been for quite some time now and here is a post of a press release re FREESERVE
Mon Jul 12 8:33:34 1999 GMT/BST
From:
Lom
Freeserve buys Babyworld for 3.7 mln stg; to launch internet-based
credit card
Date: 12 Jul 1999 08:17:00
Service: AFX
LONDON (AFX) - Freeserve PLC said it has agreed to acquire
Babyworld.com Ltd for 3.7 mln stg in cash and shares and is to launch
an internet based credit card with HFC Bank, a subsidiary of Household
International Inc.
The consideration for the acquisition of Babyworld.com will be
satisfied by way of 2 mln stg in cash, payable on completion of the
initial public offering of Freeserve and 1.7 mln stg in new ordinary
shares in Freeserve.
Babyworld.com, an internet business providing proprietary
information services, commerce and community for pregnant women and
new parents, has 6,500 registered users.
Freeserve said in a statement that the payments for each new
internet-based credit card account opened, commissions and profit
share in respect of customer transactions going forward could provide
Freeserve with additional revenues significantly greater than the
value of the 5 mln stg exclusivity payments for the minimum five year
contract.
The card will carry a competitive interest rate and will give
holders benefits including the ability to access their account details
and pay their bills on-line, the group said.
As at June 26 1999 Freeserve had 1.32 mln active registered users,
the group added.
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