Tuesday January 23, 9:31 am Eastern Time
Press Release
GETGO Inc. Plans Bold Moves in 2001
DENVER--(BUSINESS WIRE)--Jan. 23, 2001--GETGO Inc. (Nasdaq:GTGO - news) today revealed significant business development moves that are planned for execution in 2001.
Dr. Derrin Smith, CEO and Chairman of GETGO Inc., stated that ``The last six months have been well-spent by the senior executive team, advisory board and our fiduciary board creating the sophisticated foundation required to take GETGO forward, into a new future as a global media enterprise. Tough markets in the technology sector have created opportunities for us to become a dominant player in our targeted businesses.''
Some of our planned 2001 activities include:
Expand and Develop GETGO's Entertainment Division or E-Vertical. We are in late stage negotiations for the acquisition of companies in traditional radio, radio-Internet, audio streaming and production. We plan to acquire these businesses in our wholly-owned subsidiary GETGO Entertainment Enterprises, Inc.;
Spin-off of Unified Messaging. GETGO is spinning off its unified messaging subsidiary Mobilentity, Inc. simultaneously with the merger of Visual Access Technologies, Inc. and C-Voice, Inc. (companies controlled by Judah Klausner) into Mobilentity. We anticipate completing the spin-off by the end of March, subject to obtaining SEC clearance and meeting other conditions related to the merger. GETGO Inc. shareholders on the effective date of the spin-off will retain their stock in GETGO Inc. and will receive Mobilentity shares;
Launch GETGO Emerging Markets (``GEM'') and Public Offering of GEM in Europe. GETGO is targeting the amalgamation of several overseas technology opportunities into GEM, and anticipates completing a public offering for GEM in Europe. We believe that aggregation opportunities for technology in Eastern Europe and in parts of Asia are tremendous, and that focusing our efforts in this area will allow us to grow rapidly to meet and satisfy increasing demand in these emerging markets;
Launch the GETGO Fund. GETGO plans to form and capitalize a private equity fund focusing on investments in ``enterprises with proprietary intellectual properties that enhance the User's experience with Broadband technology;''
Nasdaq National Market System. We have targeted entry into the Nasdaq National Market System by the end of this year. We are optimistic that the acquisitions we plan to complete this year along with further financing efforts will allow us to satisfy the criteria for inclusion of our common stock on the Nasdaq National Market System.
GETGO's Entertainment Division, or ``E-Vertical''. The ability to stream high quality audio over the Internet (``Webcasting'') is creating a paradigm shift for the broadcasting and advertising industries that will dramatically change market structures and increase profitability for both industries. GETGO Inc. (Nasdaq:GTGO - news; www.getgocorp.com) through the acquisitions of Radio One Networks LLC, Westwind Media.com and a radio streaming company, intends to exploit the significant operating and revenue producing synergies of these companies and accelerate and extend their growth potential. The paradigm shift can be described as ``the localization of the Internet and the globalization of radio.''
Radio One Networks (``RON'') produces high-quality 24/7 programming for radio stations that includes local content delivered on a near real-time basis making the affiliate station appear to listeners as a high impact local (branded) station that is competitive at the highest level of professional broadcasting. RON also produces radio commercials for use by affiliate and non-affiliate radio broadcasters. RON receives monthly affiliate fees, commercial production fees and radio station airtime that is resold to advertising markets as compensation for its services.
Westwind Media.com produces high quality audio and video content and programming delivered through Internet portals such as Lycos and e-tailers such as BET.com and is paid on a fixed and recurring fee basis.
GETGO's targeted ``Streamer'' acquisition provides Internet audio streaming services for radio broadcasters who then simulcast this programming over the Internet. In addition to fees for services, the Streamer receives radio air-time that is resold to advertising markets as compensation.
By combining the attributes of these companies, we believe that GETGO will:
Increase audience for its radio affiliates and Internet business customers
Accelerate growth of the number of radio station affiliates and Internet customers
Increase advertising, programming and content development revenue
Use its audience and profiling measuring technology to produce higher advertising revenue
Develop e-Commerce partners and drive traffic to points of sale
Reduce per affiliate/website programming and content development costs through the use of nine music formats (genre), website development technology, streaming technology and ad insertion technology
GETGO Unified Messaging Spin-off. GETGO Inc. is concluding the planned spin-off of its wholly-owned subsidiary Mobilentity, Inc. This will occur simultaneously with the merger of Visual Access Technologies, Inc. and C-Voice, Inc. into Mobilentity under the merger agreement signed in September 2000. Mobilentity was created to realize significant revenue growth and profitability by licensing patented intellectual property in wireless communications. Management believes that the intellectual property currently held and to be acquired as a result of the merger are required for wireless Unified Messaging, and that our licensing strategy will create significant revenues in Mobilentity. Additionally, Mobilentity will realize revenue generation through the production and distribution of products, such as the latest retail version of the GGMC unified messaging product from GETGO's operations in Hong Kong, that uses our embedded intellectual property in the wireless messaging arena.
Launch GETGO Emerging Markets and Complete IPO in Europe. Leveraging extensive experience in emerging markets and international technology operations, GETGO's wholly-owned subsidiary GETGO Emerging Markets will target an initial public offering in Europe to finance continued expansion of GETGO's international operations. Several software, IT and local telecommunications enterprises have been targeted and assessed as candidates for amalgamation into GETGO's emerging markets enterprise. Investment and business opportunities were examined against GETGO's business plan incorporating the overlap and synergies of the Information, Communications, and Entertainment (``I.C.E.'') model, where opportunities exist for GETGO ownership of local enterprises to build upon the momentum of reputable and established enterprises in emergent, non-saturated new markets.
The GETGO Fund. The GETGO Fund and related General Partnership participation by GETGO was first announced at the annual shareholder meeting in October 2000. We intend to form and capitalize The GETGO Fund in 2001. The company believes that the GETGO Fund will be an enabler for GETGO's Revelator, with a charter to invest in enterprises which have a proprietary technology that enhances the User's experience with Broadband technology.
National Market Listing. As a result of value created by the activities planned for 2001 by GETGO Inc. it is an objective of management to satisfy the criteria for inclusion of the GETGO's common stock on the Nasdaq National Market System during 2001. |
