Huge is an understatement....
Now maybe even Chester B. Jester will understand how RRRR
will be making money.....too bad he sold his shares
RRRR...may be another CMGI...with the the wherewithal to provide
capital, development and support.....
WOW !!!!
Hmmm.....Interesting News RE:
go2net.newsalert.com
EXCERPTS
NEW YORK, April 15 /PRNewswire/ -- Apollo Management, L.P. and Rare Medium Group Inc. (Nasdaq: RRRR), raremedium.com, today announced that they have signed a letter of intent under which Apollo affiliates will invest $75 million of equity into Rare Medium in a transaction that will transform the company into a one-stop provider of venture capital, Internet solutions and professional services.....
"Our goal is to use this investment to become an incubator for the best new technology companies emerging from Silicon Alley in New York, the Digital Coast in Los Angeles, Dallas, Atlanta, Toronto, San Francisco and beyond, all cities where we currently have a substantial presence," said Glenn S. Meyers, Chairman and Chief Executive Officer of Rare Medium. "These markets are particularly ripe for this kind of effort. Each has an enormous concentration of talent and entrepreneurial energy, but little infrastructure for converting that energy into large and rapidly-expanding Internet companies, as they have in Silicon Valley."
Mr. Meyers explained, "Every Internet entrepreneur faces three major problems: access to capital; technical expertise and execution; and the countless administrative, legal and financial headaches that confront every start-up company. With this investment and Apollo as our world-class partner, Rare Medium will be in a position to help entrepreneurs end-run those obstacles by providing a complete package of venture capital, our pace-setting Internet solutions, which we are prepared to provide to our portfolio companies in exchange for equity, and professional services support. We could not have asked for a better or more capable partner than Apollo and we believe this strategy will deliver significant value to our shareholders and those entrepreneurs who join us."
Marc Rowan, a senior partner of Apollo, said, "Rare Medium is in a unique position. As one of the country's most sought after Internet solutions providers, it is at the center of what's happening in the Internet space and has the management expertise, business infrastructure and technical knowledge to capitalize on it. We look forward to working with the company and assisting it in the execution of its strategy. Moreover, we believe Apollo's experience and relationships will significantly leverage Rare Medium's access to capital, deal flow and profile within the investment community."
Additionally, Apollo is working with Rare Medium to build a turnkey set of Internet and Web solutions to assist Apollo's portfolio companies in developing leading Internet platforms.
|
