TeleServices Internet Group Finalizes Affinity Acquisition
TeleServices Internet Group Inc. (OTCBB:TIGI - news), also known as TSIG.com, today announced that all parties have executed the final documents for the acquisition of The Affinity Group Inc., a Florida corporation (``Affinity'').
Affinity is a loyalty marketing company that specializes in database mining, product development and direct-to-consumer sales. Its sales for the year 2000 will exceed $25,000,000.
TSIG.com's CEO, Robert Gordon, has agreed to relinquish his post, step down as a director and terminate his employment relationship with TSIG.com. GeneralSearch.Com CEO Jeff Bruss and Affinity CEO Scott Roix have together initiated the search for a successor.
``The Affinity Group is an integral part of our business plan,'' stated Mr. Bruss. ``Over the past several months we have positioned ourselves to create and execute an effective e-commerce strategy. Our protocol combines marketing, promotions and programming to drive e-commerce sales utilizing GeneralSearch.Com's Internet expertise.''
Mr. Roix commented, ``We are excited about the potential of our unique e-commerce approach as well as the powerful synergies realized by our operating companies. We are also fast approaching our goal of owning both the transaction and the customer, which will allow us to design and implement additional loyalty programs and content that will make that customer a repeat customer.''
Messrs. Bruss and Roix added, ``With a new management team, a focused business strategy and experienced marketing and IT professionals, TSIG.com is positioned to be a leader in providing e-business services. We also intend to enhance our aggressive internal growth initiatives by acquiring other companies which complement our business approach. We look forward to working together to attain our substantial business objectives.''
The Affinity acquisition entailed a new agreement which replaced the one previously announced. Under the new agreement, The Affinity Group stockholders will receive approximately 30% of the combined company. Other terms were not disclosed. The closing of the transaction is expected early next week.
About TSIG.com.
Headquartered in St. Petersburg, TSIG.com forms myCard partnership agreements with national corporations and non-profits, and works with those partners to design revenue-generating programs. These customized marketing programs are intended to provide recurring revenues to TSIG.com and its partners, and help develop strong brand loyalty and awareness within target communities. TSIG.com also provides customer service and support with its Web-based call center and related services. TSIG.com's corporate web site is at www.tsig.com and its myMusicCard web site is at www.mymusiccard.com.
Forward Looking Statements
This press release contains ``forward-looking statements'' within the meaning of Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities Exchange Act. Actual results could differ materially, as the result of (1) competition in the markets for the company's products and services; (2) the ability of the company to execute its plans in a timely fashion; (3) the ability of the company to raise the capital necessary to finance its operations and the operations of its proposed acquisition, Reliant Interactive Media; (4) the approval by the shareholders of Reliant to be acquired by the company; and (5) other factors noted in the company's SEC filings.
Contact:
TeleServices Internet Group, St. Petersburg
Paul Henry, 727/897-4000
phenry@tsig.com |
