Go2Net and Fleet Sign $3.75 Million Marketing Agreement for Fleet-Sponsored
Credit Cards
SEATTLE, December 8, 1998 - Go2Net, Inc. (Nasdaq: GNET), a network of
technology- and community-driven Web sites, today announced that it has
reached agreement with Fleet Credit Card Services to offer Go2Net-branded
credit cards to users of the Go2Net Network (http://www.go2net.com). Based
on the success of the program, Fleet has agreed to pay Go2Net $3.75 million
over the life of the agreement for the right to market and fulfill credit
cards featuring the Go2Net Network brand, along with brands of the network's
most popular sites, including Silicon Investor, MetaCrawler and HyperMart.
Go2Net will also receive ongoing royalties generated by the program, along
with additional marketing fees if performance targets are exceeded.
Starting in March, consumers will be able to apply for no-annual-fee credit
cards bearing the customers' choice of brands from the Go2Net Network.
Fleet will administer the credit cards, which will be available through all
of the current Go2Net Network sites.
"Fleet recognizes that the Internet is a rapidly evolving channel with
enormous potential for strengthening our brand and reaching new customers in
today's competitive credit card marketplace," said Joseph Saunders, CEO and
Chairman of Fleet Credit Card Services. "Our marketing partnership with
Go2Net reflects our ongoing commitment to grow, in part, through
opportunistic partnerships. It's also consistent with our strategic intent
to generate loyal and profitable customer relationships by providing
value-added products and services to consumers."
"We are delighted to partner with an innovator like Go2Net," Saunders added.
"The Internet is increasingly important in the lives of consumers and we
intend to be there."
"We are pleased to have reached agreement with Fleet, as we look forward to
offering our loyal users Go2Net-branded credit card options," said Russell
C. Horowitz, Go2Net chief executive officer. "This will be especially
significant as we continue to develop and extend the electronic commerce
elements of the Go2Net Network. We believe that as our network continues to
expand, the scope of our agreement with Fleet will have room to grow."
About Fleet Financial Group
Fleet Credit Card Services, based in Horsham, Pennsylvania, is the nation's
sixth largest Visa and MasterCard issuer. Part of Fleet Financial Group,
Fleet Credit Card Services has approximately $16 billion in managed
receivables and more than eight million credit card customers.
Fleet Financial Group, headquartered in Boston and listed on the New York
Stock Exchange (NYSE-FLT) is a diversified financial services company with
$100 billion in assets and $74 billion in assets under management. Fleet is
the nation's sixth largest commercial lender and New England's leading small
business lender. Fleet's products and services include consumer banking,
government banking, mortgage banking, corporate finance, commercial real
estate lending, credit cards, insurance services, cash management, capital
markets, equipment leasing and asset-based lending. Fleet also provides a
wide array of investment management services for both individuals and
institutional clients and operates the nation's third largest discount
brokerage firm through its Quick & Reilly, Inc. subsidiary. With nearly
1,200 branches and more than 2,400 ATMs, Fleet also provides 24-hour
telephone banking as well as on-line banking services through the Internet
and through its PC Banking software for individuals and businesses. |
