SOURCE: Rare Medium Group, Inc.
Rare Medium - A Leading Internet Solutions Provider, Completes Landmark Year
NEW YORK, April 1 /PRNewswire/ -- RARE MEDIUM GROUP INC. (Nasdaq: RRRR - news) raremedium.com, reported its financial results for the year ended December 31, 1998, in its Form 10-K report filed yesterday with the SEC.
Revenues on a pro forma, unaudited basis for 1998 would have been $14.0 million including the revenues of Rare Medium, DigitalFacades, and I/O 360, as well as the recently announced 1999 acquisitions of FS3, Big Hand, and Hype, as if each had occurred on January 1, 1998. This represents 350% growth over 1997 revenue of $3.9 million for Rare Medium alone.
The Company reported a loss for the year of $600,000, or $0.02 per share, versus a $0.63 loss for 1997.
Chairman, President, and Chief Executive Officer of Rare Medium Group Inc., Glenn S. Meyers, said, ''1998 will go down as a landmark year in the Company's evolution. The Company completed its transformation to a pure Internet company with a new identity and a national presence. As we look back on our accomplishments of this past year, we are proud of what's been achieved in such a short time period.
''We've laid the foundation by building an experienced management team from world-class companies. We added three talented directors to our board who bring diversified and invaluable experience to the Company. Including the recently announced acquisitions, we have completed seven acquisitions. We made major strides in expanding the infrastructure and scaling the business to support these and expected future acquisitions. We restructured a majority of our debt, and recently completed a private placement which will bring additional capital to support our continued growth.
''We launched groundbreaking Internet business solutions including Microsoft's (MSFT) first on-line store in their new E-Commerce strategy, The New York Times (NYT) community site and city guide NYTODAY, General Mills' (GIS) packaged goods site for their Big G cereal brands and Betty Crocker, as well as leading edge financial services Intranet/Extranets solution for world-class Investment Banks and Money Center Banks, and a Web-based reservation system for Hotel Reservation Network, among many others.
''All of these accomplishments give the Company a strong position moving into 1999 and we are all truly excited about the road ahead. We will have a conference call to discuss our strategic plan during the week of April 5, 1999,'' Mr. Meyers said.
Rare Medium Group Inc. (RRRR) is an Internet professional services firm, helping clients develop E-Commerce Internet strategies, improve business processes, and develop marketing, communications, branding, strategies, and interactive content using Internet-based technologies and solutions. Rare Medium develops Internet and Web-based solutions primarily for Fortune 500 Corporations including Microsoft, The New York Times, Epson, General Mills, CS First Boston, Pfizer, Hotel Reservation Network, and The Federal Reserve Bank. The Company is headquartered in New York City and has offices throughout the United States.
Except for historical matters contained herein, the matters discussed in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these forward-looking statements reflect numerous assumptions and involve risks and uncertainties that may affect Rare Medium Group Inc.'s, and its subsidiaries' business and prospects and cause actual results to differ materially from these forward-looking statements. Among the factors that could cause actual results to differ are Rare Medium's limited operating history; competition; low barriers to entry; reliance on strategic relationships; rapid technological changes; inability to complete transactions on favorable terms and those risks discussed in the Company's filings with the SEC.
SOURCE: Rare Medium Group, Inc.
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