ALERT: Friday
Friday December 18, 7:00 am Eastern Time
Company Press Release
SOURCE: CD Warehouse, Inc.
CD Warehouse, Inc. Opens On-Line Market; New Web-site Announced
OKLAHOMA CITY, Dec. 18 /PRNewswire/ -- CD Warehouse, Inc. (Nasdaq: CDWI - news) Chairman-CEO Jerry Grizzle today announced the beginning of the Company's new interactive web-site. CD Warehouse is one of America's fastest growing retailers of new and pre-owned CD music with 317 retail stores operating in 40 states and in five foreign countries.
In making the announcement, Mr. Grizzle commented that: ''I am delighted to say that CDWarehouse.com is open for business. This is just the first phase of our planned online music community. CD Warehouse will add several enhancements to the Web site over the next several months.''
Mr. Grizzle went on to say: ''CD Warehouse has developed a strategy for Internet marketing we call 'B-M-W,' bricks, mortar and the web. We have developed a growing, profitable retail business of over 300 stores and a proprietary database. The Internet becomes a logical extension of our core business and reinforces our primary business. In 1997, Internet music sales accounted for only three-tenths of one percent of total recorded music sales. However, National Association of Recording Merchandisers (NARM) estimates that percentage will grow to 8% by 2001. That 8% represents an estimated $1.4 billion in sales volume. By applying our 'B-M-W' strategy we will be positioned to take advantage of that growth, while simultaneously growing our core retail business.''
The CD Warehouse site enables consumers to conduct searches in all categories of music, including Rock/Pop/Soul, Country, New Age and Classical from among new releases and one of the largest inventories of pre-owned music in the United States. CDWarehouse.com has licensed the contents to the All-Music Guide™ Site, winner of the Yahoo award for best content, which will allow users access to a storehouse of music information. Enhanced security safeguards are provided for credit card purchases.
Some of the other unique features of the CD Warehouse On-line Music Community are as follows:
I. Discfolio™ - enables customers to track their entire CD
collection. Existing CDs can be entered into Discfolio and new
purchases are added automatically for registered users. It
organizes the user's entire CD music collection and provides
insurance protection for lost or stolen CDs. All for $3.95 a year
after a 30 day free trial.
II. Mind Candy - encourages the user to play games such as Mixmaster
(mixing instruments and sound effects to create original songs) and
Name That Dance Step (identifying various animated dance steps)
which are both entertaining and challenging.
III. Interact - a chat room and message board for music fans
IV. Happenings - a "living" listing of new releases and upcoming events,
shows and concerts.
V. Backstage Pass - this is a preferred membership with required annual
renewal at $15.95 which is still in development. Some of the
features of Backstage Pass will be:
-- access to Discfolio at no additional charge
-- new release announcements by genre mailed to members
-- a quarterly or monthly newsletter mailed to members
-- members will earn points for prizes for every on-line purchase
they make
-- new, enhanced interactive games will be made available to members
-- advance notice of upcoming musical events such as cybercasts
Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made based on management's belief as well as assumptions made by, and information currently available to, management pursuant to the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors, including those contained in the Company's periodic reports filed with the Securities and Exchange Commission.
SOURCE: CD Warehouse, Inc. |
