Glenn, do you know what's the tightest thing in the world?
A flies ass stretched across the Golden Gate bridge.
Do you know what the most difficult task in the world is?
A Aol subscriber trying to leave Aol's service.
They won't let you go. I tried once. Trust me.
Ps
William goes to the Montgomery show and Montgomery upgrades Amazon.com. Hmmm
I go long on Amzn in about 1/2 hr. I'm serious.
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SEATTLE--(BUSINESS WIRE)--Feb. 1, 2000--Leading online retailer Amazon.com (www.amazon.com)(Nasdaq:AMZN) and living.com, the leading online home products and services retailer (www.living.com), today announced a multi-million dollar agreement to create a Home Living store at Amazon.com.
Under the agreement, Amazon.com will receive $145 million from living.com over five years in exchange for being the exclusive Amazon.com Home Living store, providing furniture, bedding, home textiles, decorative accessories, tabletop, window treatments, and other related home categories to Amazon.com's more than 16 million customers. The Home Living store will be prominently displayed with other Amazon.com stores.
Simultaneously, Amazon.com will make an investment in living.com to acquire an 18 percent stake in the company, with warrants for another 9 percent, upon the transaction's closing, which is expected later this quarter.
The partnership between Amazon.com and living.com will result in greater shopping convenience and selection for Amazon.com customers, who will eventually be able to shop seamlessly between living.com and other Amazon.com stores with similarly high levels of customer service.
"Joining with companies that share our core value of customer satisfaction is an important part of our strategy to make Amazon.com the place where you can find and discover anything and everything you might be looking to buy online," said Jeff Bezos, founder and CEO of Amazon.com. "By joining with living.com -- and they're as concerned about customers as we are -- we can provide even more selection for Amazon.com customers."
"We are simply thrilled to join with the world leader in e-tailing and such a top notch organization," said Shaun Holliday, chief executive officer of living.com. "This agreement gives us access to Amazon.com's 16 million customers who are already sold on buying online, it associates living.com with the leading brand in online shopping, and it gives us a way to reach customers and build relationships that others will not be able to duplicate. It also means that living.com will be the leading provider of home living products
-- a $180 billion market -- on a valuable piece of e-tail real estate. Further, it puts on a fast track our plans to rapidly broaden our e-tailing offerings."
Amazon.com will have a seat on the living.com board of directors.
Both of the agreements relating to the Home Improvement store and the Amazon.com investment in living.com are subject to certain closing conditions, including Hart-Scott-Rodino review.
About living.com
Launched on July 26, 1999, Austin, Texas-based living.com is the leading online home furnishings site offering furniture, home accessories, bed and bath, lighting and home textiles. The site features easy to use tools and personal advise, such as Room-Designer, Home Office Wizard, Swatch Program, Ask-A-Designer and living.com magazine making it simple and convenient to find items that suit an individuals personal style. Shaun Holliday, former CEO of Guinness Ireland is living.com's CEO. living.com was incorporated in 1998 by founder and chairman Andrew Busey. living.com has raised a total of $41.5 million from Benchmark Capital (eBay, art.com, 1-800 Flowers), Austin Ventures (garden.com, Vignette), Comdisco Ventures, Pivotal Asset Management, GE Capital, and Starbucks Corp. |
