Rare Medium Group Inc. Acquires ePrize, Inc.
NEW YORK, Dec. 10 /PRNewswire/ -- Rare Ventures, the investment arm of Rare Medium Group Inc. (Nasdaq: RRRR), announced today it has acquired a majority stake in ePrize, Inc., said Glenn S. Meyers, chairman and CEO of Rare Medium Group Inc. The terms of the transaction were undisclosed. This is Rare Medium's fourth incubator company formed in 1999.
As part of the transaction, ePrize, Inc. has entered into a services agreement with Rare Medium to provide web site consulting and development services. ePrize, Inc. will be headquartered in Detroit with future offices planned for New York and San Francisco.
"ePrize is an excellent addition to our portfolio of incubator companies," said Meyers. "It provides a platform for us to service the exploding arena of direct Internet marketing. We intend to expand the offering to include additional services supporting the acquisition and retention of online customer relationships."
Rare Medium expects ePrize, Inc. will become its vehicle to provide direct permission-based marketing campaigns for corporate clients. Service offerings will include online sweepstakes, loyalty and incentive programs, customer attraction, targeted e-mail dialog programs and market research.
"The Rare Medium platform not only provides access to capital, but also adds substantial value through its relationships, experience and talent. The resources that Rare Medium brings are unparalleled to other sources of funding. ePrize expands the spectrum of Rare Medium's marketing services offering," said Josh Linkner, ePrize, Inc. founder and senior vice president of Rare Medium.
Rare Ventures is responsible for making venture and incubator investments. With its deep knowledge of Internet business and access to proprietary deal- flow through relationships with its clients and top-tier venture capital firms, Rare Ventures has the ability to identify and add significant value to the next generation of blockbuster Internet companies.
About ePrize, Inc.
ePrize, Inc. is an online sweepstakes, direct marketing and promotions company that offers end-to-end solutions for customer acquisition and retention. The company uses its patent-pending pooled eDrawings(TM) to help clients attract new visitors to web sites, increase retention and build long- term online customer relationships. ePrize professionals help clients design, administer and maintain successful online sweepstakes and other promotional online efforts. Additional information about ePrize, Inc., is available at www.eprize.net.
About Rare Medium Group Inc.
Rare Medium Group Inc., through its wholly-owned subsidiary, Rare Medium Inc., www.raremedium.com, provides Internet solutions and E-commerce strategies that improve business processes and develop branding strategies, marketing communications and interactive content. Customers include large and medium-sized companies in the financial, automotive, consumer service, retail, technology, entertainment and consumer goods industries. Rare Medium Group Inc. seeks to incubate paradigm-shifting ideas and build the next wave of blockbuster Internet companies by investing capital and leveraging its Internet development and solutions expertise. Rare Medium Group Inc. is headquartered in New York City and with its subsidiaries employs more than 600 Internet professionals in its 12 offices throughout the United States, Canada, and abroad. More information about Rare Medium Group Inc. and companies currently in development is available at www.raremediumgroup.com.
Except for historical matters contained herein, the matters discussed in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these forward-looking statements reflect numerous assumptions and involve risks and uncertainties that may affect Rare Medium Group Inc., and its subsidiaries' business and prospects and cause actual results to differ materially from these forward-looking statements. Among the factors that could cause actual results to differ are Rare Medium's limited operating history; competition; low barriers to entry; reliance on strategic relationships; rapid technological changes; inability to complete transactions on favorable terms and those risks discussed in the company's filings with the SEC.
SOURCE Rare Medium Group Inc.
CO: Rare Medium Group Inc.; Rare Medium Inc.; ePrize, Inc.
ST: New York, Michigan
IN: CPR MLM
SU: TNM
12/10/1999 10:41 EST prnewswire.com |
