TSIG.com Acquires GeneralSearch.com
ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Aug. 24, 2000-- TeleServices Internet Group Inc. (OTCBB:TIGI - news), known as TSIG.com, today announced that it has acquired an 85 percent interest in GeneralSearch.com, an Internet portal and search engine company, with the balance to be acquired through an exchange offer. TSIG.com and GeneralSearch.com seek to combine a vast marketing network with a leading-edge search engine and portal, giving the combined companies the potential to register millions of Internet users at the lowest customer acquisition cost in the industry.
The GeneralSearch.com portal contains one of the most powerful and accurate search engines on the Internet today, with access to a database of more than 100 million links. The companies believe their union will generate synergies resulting in far greater value than each could separately attain, combining the technical capabilities of GeneralSearch.com with TSIG.com's broad marketing strengths.
Pursuant to a revised agreement, TSIG.com acquired approximately an 85 percent interest in GeneralSearch.com in exchange for 38 million shares of TSIG.com. TSIG.com will make an exchange offer for the remaining outstanding shares of GeneralSearch.com from its minority shareholders in exchange for 7 million additional shares of TSIG.com, bringing the total number of TSIG.com shares paid for GeneralSearch.com to 45 million.
GeneralSearch.com is an Internet portal designed to enhance the individual's online experience and contains one of the most powerful and accurate search engines on the Internet, with access to a database of more than 100 million links. The search engine continues to improve and create filters that will eliminate virtually all adult-oriented content, while still providing the most accurate search results available on the Internet. GeneralSearch currently has more than 1,000 Internet-based affiliates, including Amazon.com, Land's End, Compaq and Travelocity. GeneralSearch offers free Internet access for life, free e-mail, fax, integrated messaging and other services.
``With the acquisition of GeneralSearch.com, TSIG.com becomes a full-fledged Internet company with the latest generation search engine technology, as well as first-rate IT capabilities,'' observed Robert Gordon, chairman of TSIG.com. ``We will now be able to provide our partners with state-of-the-art Internet technology, and at the same time drive traffic to our own Internet portal and search engine. With our relationships with corporations such as Lufthansa and Coca-Cola, and our planned acquisitions of The Affinity Group and Reliant Interactive Media, we will have access to national and international distribution networks.''
Added David Venchus, president of GeneralSearch.com, ``We have spent more than two years building a great team and a great product, and our challenge now is get to market in the fastest and most economical way. By joining forces with TSIG.com, we gain access to their partnerships with major corporations and non-profits, plus the benefits we expect will accrue from the proposed acquisitions of Affinity and Reliant.
These are two very successful and well managed marketing companies, and based on their year-to-date performance and their prospects for the balance of the year, their management believes they should have combined revenues well in excess of $110,000,000 this year.''
About GeneralSearch.com
GeneralSearch.com is a private company that was formed in 1998 to enhance the individual's Internet experience. GeneralSearch.com features an Internet portal with one of the most powerful and accurate search engines on the Internet, with access to a database of more than 100 million links. The search engine is family-oriented, with filters that eliminate virtually all adult-oriented content, while still providing the most accurate search results available on the Internet.
GeneralSearch has more than 1,000 Internet-based affiliates, including Office Max, Stamps.com and other popular sites. GeneralSearch offers free Internet access for life, free e-mail, fax, integrated messaging and other services. GeneralSearch.com is located in West Chicago, IL. The company can be reached by e-mail at info@GeneralSearch.com. The company's website is at www.GeneralSearch.com.
About TSIG.com
Headquartered in St. Petersburg, Florida, TeleServices Internet Group Inc., known as TSIG.com, has purchased a majority interest in GeneralSearch.com, an Internet search engine and portal, and has recently entered into agreements to acquire The Affinity Group, an affinity marketing and sales company, and Reliant Interactive Media, a direct marketing company that drives retail sales via television and the Internet. TSIG.com forms myCard partnership agreements with national corporations and non-profit organizations, and then works with those partners to design revenue-generating programs that attract consumers to their Web sites. The first myCard program was myMusicCard, which enables consumers to purchase CDs and cassettes at the lowest available prices. Similarly, TSIG.com's myPhotoCard programs provide low-cost film processing and Kodak Film, and the myPhoneCard programs provide low-cost prepaid long-distance calling card services.
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 further enhances its myCard programs by providing customer service and support with its Web-based call center and related services. With non-profits, TSIG.com is engaged in ``cause-related marketing'' and has a ``volunteer sales force'' of millions generating sales and driving traffic to Internet sites for the lowest customer acquisition cost in the business. TSIG.com is the national marketing partner of UCP, the nation's largest non-profit health care organization and leader in the disability field, which each year serves over 1 million people with disabilities in the United States. TSIG.com's corporate web site is at www.tsig.com and the myMusicCard web site is at www.mymusiccard.com.
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 and to complete its proposed acquisitions, (3) the availability of financing at favorable terms, and (4) other factors noted in the company's public filings with the SEC.
Contact:
Press Contacts:
TSIG.com, St. Petersburg
Paul Henry, 727/897-4000
phenry@tsig.com |
