>>>Do you know if they have applied to get off the pink sheets?
Don't know John, but have this via TRAC news from a while back. (prNewswire)
PR NEWSWIRE) uDate Membership Soars Past 5 Million, as CEO Focuses on Invest
uDate Membership Soars Past 5 Million, as CEO Focuses on Investor Relations
uDate Benefits From Growing Membership Base as Brands Become More Established
Company Announces Major Commitment to Investor Relations
NEW YORK, July 12 /PRNewswire/ -- uDate.com, Inc.
(OTC Bulletin Board: UDAT), the online personals group providing dating and
matchmaking services globally through the two leading brands
udate.com and kiss.com, today announced that the
combined memberships of its Internet Dating web sites had passed 5 million
registered members. As at close of play last night the company had in excess
of 5.1 million registered members.
"Internet Dating is becoming increasingly popular as more and more people
realize the benefits. Internet Dating offers vast choice, convenience and the
ability to break the ice before that important first personal contact. Our
membership has grown by more than 20 times in just over twelve months. It is
very clear that the growth in registered membership and the revenues that flow
from Internet Dating are accelerating much faster than we had previously
anticipated. Consequently, this is an important time for uDate to increase its
foothold in the market and 5.1 million registered members is a significant
landmark for the company. Our membership is growing at more than 400,000 new
members per month, "stated Mel Morris, Chief Executive Officer, uDate.com,
inc.
"Over the last twelve months our growth in registered members has been
spectacular, increasing revenues and consistent improvement in Earnings Before
Interest Tax Depreciation and Amortization (EBITDA). I am therefore
disappointed that our stock price is a poor reflection of the value I believe
we have been building and continue to build. I accept that we are operating in
unsettled market conditions and the fact that the value of trades in OTC
stocks in April 2001 were around 10% of what was recorded just a year before.
I believe therefore that our shareholders deserve more of my attention on
investor relations and corporate PR. I am therefore launching a number of new
initiatives aimed at ensuring that our progress is well understood and
communicated to the market for the benefit of current shareholders, analysts,
brokers and all potential investors. These initiatives are:
1) Earlier filings of our quarterly 10Q's.
We will endeavor to file 10Q's by the 1st of the second month following
each quarter's end beginning with the 10Q for the quarter ended June
30th 2001 being filed immediately after the market closes on Wednesday
August 1st, 2001.
2) Quarterly Management Teleconference
Within 3 working days of each quarterly filing (10Q) I will announce
details of a teleconference during which I will discuss our results,
progress and goals for the coming quarter. I will be joined on these
calls by various of my senior managers as I feel is appropriate. The
teleconference will allow shareholders, analysts and potential
investors to hear first hand about our performance and will be given
the opportunity to post questions live. The first call will be held to
review our Q2 results and goals for Q3 on Friday August 3rd at 2 p.m.
EDT. Please check the corporate web site corporate.udate.com for
phone in details. A recording of the calls will be made available for
those who cannot attend live.
3) Public Statement of Budgets two quarters in advance
On August 1st when we file our 10Q for Q2 2001 I will also commit to
filing an 8K for guidance which will include a forward view of our
targets for the following two quarters. As we file each quarter's 10Q
we will update our forward view to ensure shareholders, analysts and
potential investors are appropriately informed.
4) Monthly Pro-Forma Statements
Given our growth, a quarter can be a very long time. For example in Q2
2001 we grew our membership by around 25% from 4 to 5+ million members.
We will publish a monthly review of headline numbers on a pro-forma
basis so interested parties may chart our interim progress during the
quarter. I will ensure these statements are filed on an 8K by the 8th
of the month following.
5) Establishment of an Investor Relations hotline
A new Investor Relations Hotline will be established prior to August
1st, 2001 so that current and potentially interested investors may
obtain speedy answers to any questions they may have regarding
investment in uDate.
'Finally I hope that shareholders, analysts, brokers and all potential
investors will appreciate this commitment to ensuring they have the best
possible opportunity to assess the significant value we are building in this
business. Thank you.' Mel Morris, CEO, uDate.com, inc.
Forward-Looking Statements
Certain statements in this press release that do not contain historical
facts or information are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements include those (a) that
contain the words "may," "will," "should," "estimates," "predicts,"
"potential," "continue," "strategy," "believes," "anticipates," "plans,"
"expects," "intends," and similar expressions, (b) that describe any of the
Company's or management's plans, objectives or goals for future operations and
products, or (c) that concern the characteristics and growth of the Company's
markets or customers or products or the expected liquidity and capital
resources of the Company. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, levels of activity, performance or achievements of the Company to be
materially different from any future levels of results, activity, performance
or achievements expressed or implied by such forward-looking statements. Such
risks include, among others, those set forth in the Company's Annual Report on
Form 10-KSB under the heading, "Risk Factors" contained within Item 6.
Management's Discussion and Analysis or Plan of Operations. Such Risk Factors
include the following: risks related to the Company's financial condition and
business model, risks related to the Company's markets and strategy, risks
related to the internet and the Company's technology infrastructure, risks
related to government regulation, and risks related to volatility in the price
for the Company's securities and the effect of future sales of the Company's
common stock. For a detailed discussion of these risk factors and other
cautionary statements, please refer to the Company's filings with the
Securities and Exchange Commission, including the Company's Annual Report on
Form 10-KSB for the most recently ended year.
CONTACTS:
Public Relations uDate.com
Stanton Crenshaw uDate.com, Inc.
Tel: 212-780-1900 Tel: 877-815-2955
Judy Grossman Mel Morris, CEO
Judy@stanton-crenshaw.com mel@udate.com
Mike Costabile
mcostabile@stanton-crenshaw.com
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SOURCE uDate.com, Inc.
-0- 07/12/2001
/CONTACT: Judy Grossman, Judy@stanton-crenshaw.com, or Mike Costabile,
mcostabile@stanton-crenshaw.com, both of Stanton Crenshaw, 212-780-1900, for
uDate.com; or Mel Morris, CEO of uDate.com, Inc., 877-815-2955, mel@udate.com/
Web site: udate.com
kiss.com
(UDAT)
CO: uDate.com, Inc.
ST: New York
IN: FIN ENT
SU: PER
*** end of story *** |
