Latest press release:
HOUSTON--(BUSINESS WIRE)--Nov. 30. 1998--
Pinkmonkey.com Offers Direct Challenge to Cliff's Notes and Other
Competitors by Cutting Prices by 50% On the Internet
PinkMonkey.com Inc. (OTC BB:PMKY), a Texas-based online publishing company specializing in providing educational services via the Internet, announced today the launch of "PinkMonkey.com", located at www.pinkmonkey.com. The new service will challenge well-established Cliff's Notes by providing literature notes, study guides and test preparation software to high school and college students via the web.
"Historically, Cliff's Notes has practically monopolized the classical literature notes market with its tight control of retail floor space in bookstores and major retailers. It established its strong brand in this segment many years ago, and retailers have been reluctant to carry other publishers' notes," explains Pinkmonkey.com Chief Executive Officer Patrick R. Greene.
Pinkmonkey.com believes that it can quickly reach a significant market share in the $400+ million study aides market through a strategy of significantly lower prices coupled with ease of immediate online access and download. Its main competitor, Cliff's Notes, also sells study notes over the Internet, but their prices are equal or higher than the full retail prices charged by retailers and bookstores. Cliff's has given no indication that it will discount its online prices any time soon. After all, this type of cannibalization would adversely affect sales through their traditional distribution network and have a harmful effect on retail distributors, who would be undersold.
Pinkmonkey.com has eliminated the "traditional" publishing distribution network, by selling products directly over the Internet to consumers. "Because we have practically no overhead costs associated with printing, warehousing or shipping, we have eliminated traditional distribution channels where significant mark-ups can occur and have reduced problems with unsold and returned products, we are able to heavily discount our products. Our PinkMonkey Literature Notes sell for $2.95 as opposed to an average of $6.00, which Cliff's charges. A three dollar difference may not sound like a whole lot to some, but students are very price-conscious and these significant savings are going to be a very strong selling argument," says Greene.
At present, practically all U.S. college students and about two thirds of teenagers as a group have access to the Internet. Ever increasing numbers of students are gaining access each year, with the majority of today's teenagers being comfortable with the Internet and unafraid of online commerce.
Pinkmonkey.com has worked extremely hard to create a wide selection of high quality Literature Notes. "After almost 2 years of product and website development, we are in a position to release our superior products on a newly created website that offers search and shop functions. All of our Literature Notes have been written by professors who are extremely familiar with the classical literature for which they are writing. Working with senior editors, they are able to create precise summaries covering key elements such as mood, setting, theme, climax, etc. for the most frequently taught literature classics. At the time of our launch, we will have 125 Literature Notes available, and all of them are of impeccable quality," states Greene.
In addition to its Literature Notes, Pinkmonkey.com offers students a complete online study resource that can help them do research, study, write book reports and take practice tests to determine their competency. In addition, a Digital Library contains the exact text of approximately 1,200 classic books and historical documents that can be downloaded directly to their desktop for free! Once downloaded files can be viewed and printed.
For more information, please contact Will Hodges at Merger Communications Inc. at 713/267-2328. Or, visit Pinkmonkey.com at www.pinkmonkey.com.
Good Luck to All
Alan |
