News Release:
June 30, 1999 09:35
WhatsOnline.com Enhances Media Streaming Portal Business Editors, High Tech Writers RICHMOND HILL, Ontario--(BUSINESS WIRE)--June 30, 1999-- WhatsOnline.com (OTC BB:WHAT) WhatsOnline.com, Inc. (Symbol: WHAT) today announced that its media streaming portal site, located at whatsonline.com, has been updated with a number of new features, including a dramatically enhanced and user friendly interface, and MP3 downloads that can be replayed at near CD quality on computers or on small portable MP3 players. "We're very excited with the continued development of our media portal," comments Mr. Gursh Kundan, Vice President of Corporate Development for WhatsOnline.com. "Over the last several months, we have methodically improved just about every aspect of our site, including improving our coverage of sports, movies, news and music. In fact, we're most excited about launching a whole new aspect of MP3 downloadable musical content - the interest for which is only topped by those online users looking for sex related subjects." Mr. Kundan continues, "The $38 billion recorded worldwide music industry represents one of the biggest opportunities on the Internet. In fact, Forrester Research estimates that sales of recorded music through digital transmission will reach 7% of all recorded music sales in the United States by 2003. Even though a number of quality companies such as EMusic.com Inc. (Nasdaq:EMUS), MP3.com and Liquid Audio, there is plenty of room for a lot of participants. Seven percent of almost $40 billion represents a very large sum." WHATSONLINE.COM: Rated a "Speculative Buy" The availability of online media streaming content has been made possible by the development of Internet audio and video streaming technology to near broadcast quality by such companies as RealNetworks, Inc. (Nasdaq:RNWK), @home (Nasdaq:ATHM), AudioHighway, Visual Data and others. WhatsOnline.com, Inc. has developed www.whatsonline.com as an aggregator and presentation portal for targeted Internet streaming media content. Visitors to whatsonline.com are able to access the latest audio and video streamed news, entertainment, sports, fashion, finance, medicine, technology, politics, religion and education online, along with an array of additional offerings from leading content providers, worldwide. European, Asian and North American content allows WhatsOnLine.com to deliver the most current programming in international languages and user-friendly formats. In a May 25, 1999 report published by Public Analysis & Review (PAR), the unique professional independent analyst program administered by the non-profit Investors Research Institute, Inc., and distributed by Investrend Research, analyst Darren E. Robinson, CFA, stated, "If management is able to successfully implement its strategy over the next two years and is able to meet revenue projections, this would indicate a valuation, based on the current multiples of similar companies of over 50 times rolling annual revenue." Mr. Robinson continues, "Projected revenues of $11.5 million in the year 2000 and $25 million in 2001 would place it in the category of some of the larger capitalized companies in the sector. These factors, along with the more fundamental valuation parameters such as book value and earnings growth potential lead us to rate WHAT as a speculative buy. We expect that within 12 months the stock should trade in the $8 - $10 range based on the expected growth rate and valuations of similar companies within the industry." This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1993 and section 21E of the Exchange Act of 1934 and is subject to safe harbor created by these sections. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements, which involve numerous risks and uncertainties, including the Company's ability to market its services and future customer acceptance for these services. Note to Editors: There is an "at" symbol before "home (Nasdaq:ATHM)" in the fourth graph. This symbol may not appear properly in some systems. --30--jam/clv* CONTACT: WhatsOnline.com, Inc. Terry Johnston, 800/798-9398 Website: www.whatsonline.com KEYWORD: INTERNATIONAL CANADA INDUSTRY KEYWORD: TELECOMMUNICATIONS COMED INTERACTIVE/MULTIMEDIA/INTERNET PRODUCT Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com |
