iTurf Completes Acquisition of Leading College Portal, OnTap.com
NEW YORK--(BUSINESS WIRE)--September 2, 1999--iTurf Inc. (Nasdaq:TURF - news), a leading provider of Internet community, content and commerce services for Generation Y, today announced that it has completed the acquisition of OnTap.com, a leading internet college hub, from the owners of MarketSource Corporation (and related parties), the nation's largest marketing services company targeting college and high school students. The transaction was accounted for as a purchase in a tax-free exchange of approximately 1,587,000 newly issued shares of iTurf Class A common stock.
Stephen Kahn, President and Chief Executive Officer of iTurf, commented, ''The completion of the OnTap.com acquisition accelerates the growth of iTurf on a number of fronts. Due to its college focus, OnTap.com enhances our already rich community and content offerings, extends the life of our core high-school customers, and provides incremental traffic to the iTurf network. Equally important, it accelerates the evolution of our advertising model and positions the iTurf network as a gateway for advertisers seeking access to the Gen Y and college markets. As a result, we are even better positioned to become the dominant online network focused on Generation Y.
iTurf Inc. is a leading online destination focused on youths age 10-24. Through its network of websites, iTurf provides a complete offering of community, content and commerce services which include: interactive magazines, proprietary content, chat rooms, posting boards, personal homepages, e-mail, and online shopping. The iTurf network of websites includes OnTap.com, dELiAs.cOm, gURL.com, discountdomain.com, droog.com, TSISoccer.com, contentsonline.com, dotdotdash.com and StorybookHeirlooms.com. iTurf is a subsidiary of dELiA*s Inc. (Nasdaq:DLIA - news).
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