MM,
TFSM - Did you give it a kick start... it's still going!
TechWave and 24/7 Media Enter Agreement to Collaboratively Develop and Promote Online Marketing and E-Commerce Services
BusinessWire, Tuesday, April 13, 1999 at 07:07
SEATTLE--(BUSINESS WIRE)--April 13, 1999--
24/7 Media to Acquire a Significant Equity Stake in TechWave Inc.
TechWave Inc., a leading electronic commerce company, today
announced that it has entered an exclusive co-marketing agreement with
24/7 Media, Inc. (NASDAQ:TFSM), one of the largest Internet media
companies.
Under this agreement, 24/7 Media will promote TechWave's
full-service e-Commerce enabling services to its more than 2,600 24/7
Network and ContentZone affiliates, and TechWave will promote 24/7
Media's advertising sales representation and email management services
to its more than 20,000 ShopNow shopping network affiliates. The
companies will also make a mutual investment in each other, with 24/7
Media acquiring a 19.8 percent equity stake in TechWave in exchange
for a combination of 24/7 Media common stock and cash.
The companies will develop a co-branded suite of advertising,
direct marketing, and e-Commerce technologies and services. These
services will be promoted to the companies' combined client base of
more than 20,000 Web site affiliates, with both companies sharing in
the revenues resulting from the co-marketing agreement. This agreement
benefits both companies' Web site clients through favorable incentives
to take advantage of the new co-branded suite of services. For
example, TechWave's ShopNow network will receive incentive to join
24/7 Media's advertising network while 24/7 Media's advertising
network affiliates will receive incentives to establish online
store-fronts and join the ShopNow (www.shopnow.com) Internet shopping
network. In addition, to further promote ShopNow, TechWave has
committed to a significant advertising schedule over the next three
years to run on The 24/7 Network, which reaches more than half of all
U.S. online users.
One of the new services the companies plan to roll-out this year
is an advertising/e-Commerce program that enables the consumer to
transact purchases within online advertising or "banners," thereby
making banner advertisements the actual point-of-sale. In-banner
transactions will eliminate a current barrier to purchase --
interruption of the consumer's online activity. An Internet user will
be able to shop or purchase goods while they chat, follow the stock
market, or play games without having to leave the engaging site. This
is a benefit to consumers as well as to Web site publishers who view
traditional banners in conflict with their own objective of keeping
the user engaged at the Web publisher's site.
"Our exclusive, strategic relationship with 24/7 Media will
provide thousands of e-Commerce Web sites access to extensive Internet
media and services," said Dwayne Walker, president and chief executive
officer of TechWave. "The combination of 24/7 Media's reach and
targeting with TechWave's direct marketing services and technology
will create a highly effective alliance and will immediately yield
incredible benefits for millions of Internet buyers and sellers."
"TechWave's technology, direct marketing services and shopping
platform provide complete commerce solutions and online retailing
capabilities that perfectly complement our Internet media services,"
said David J. Moore, CEO of 24/7 Media. "This partnership will give
our affiliates access to the premier e-Commerce enabling technologies
and services."
Jupiter Communications forecasts that e-Commerce will generate
$43.2 billion in revenues in 2002. Further, they estimate that only
20% of that revenue will be generated by portal sites, thus indicating
that e-Commerce sites will have to pursue promotion and distribution
strategies through alternatives such as ShopNow.com and The 24/7
Network.
About 24/7 Media
Reaching more than half of all online users in the U.S., 24/7
Media, Inc. is one of the largest Internet media companies. Through
its global online advertising and direct marketing networks, 24/7
Media provides a full-suite of online media sales services to
advertisers and Web publishers. Through its flagship networks, 24/7
Media represents more than 1.3 billion ad impressions per month on
more than 250 high-profile sites covering 20 countries. 24/7 Media
also owns and operates 24/7 Profilz(TM), the first online co-op
database of Web user profiles used to deliver targeted online banner
and email campaigns. Based in New York, 24/7 Media, Inc. is a publicly
traded company (NASDAQ:TFSM) with offices in 26 cities and 14
countries. For more information please visit www.247media.com,
www.247europe.com or www.247asia.com.
About TechWave
Established in 1994, TechWave Inc. (www.techwave.com) is a
leading electronic commerce and direct marketing company dedicated to
making e-Commerce a reality for all businesses. Through its full suite
of e-Commerce solutions, TechWave helps customers and merchants safely
and easily buy and sell merchandise online. With offices in Seattle
Washington and Sausalito California, TechWave provides electronic
commerce technology services to thousands of companies.
CONTACT: 24/7
Leslie Howard, 212/231-7104
lhoward@247media.com
OR
Barokas Public Relations (For TechWave)
Howard Barokas, 206/264-8220
howard@barokas.com
OR
TechWave
Hannah Coan, 206/389-6464
hannahc@techwave.com
KEYWORD: WASHINGTON NEW YORK
INDUSTRY KEYWORD: INTERACTIVE/MULTIMEDIA/INTERNET RETAIL
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Copyright 1999, Business Wire
Companies or Securities discussed in this article:
Symbol Name
NASDAQ:TFSM
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