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Thursday April 22, 7:01 am Eastern Time
Company Press Release
SOURCE: eUniverse.com, Inc.
eUniverse Acquires Casesladder.com
Casesladder.com, One of the Internet's Largest Gaming Communities With Over 1 Million Registered Users, Has Signed a Definitive Agreement To Be Acquired By eUniverse for $7 Million Dollars in Stock
WALLINGFORD, Conn., April 22 /PRNewswire/ -- eUniverse.com, Inc. (aka Motorcycle Centers of America, Inc.) (OTC Bulletin Board: MCAMD - news) today announced that the definitive agreement has been signed to acquire Cases Ladder, Inc., (www.casesladder.com). Cases Ladder is one of the largest interactive entertainment communities on the Internet with over 1 million registered users and more than 35 million page views per month. Profitable, and growing at the rate of 2,000+ new members per day, Cases Ladder will become the first community based acquisition for the eUniverse.com network. eUniverse will issue 700,000 shares of common stock for the acquisition, based on eUniverse's closing price on Wednesday, April 21, 1999, the acquisition would be valued at $7 million dollars.
Cases Ladder is the premier ''event management'' community site on the Internet, providing a place for game players to gather and interact with one another in targeted tournaments, ladders, forums, and chat rooms. Cases Ladder has been online since 1996 and has developed partnerships with many of the major gaming services and game developers. From classic games such as hearts and spades, to the latest PC games, Cases Ladder manages in excess of 1500 tournaments per month on more than 100 games and 200 ladders. Cases Ladder hosts events for gamers playing on gaming community sites such as: Yahoo Games, The Microsoft Gaming Zone, Mplayer, Kali, and more.
''With the acquisition of Cases Ladder, we have positioned eUniverse as one of the largest players in the interactive entertainment arena,'' said eUniverse.com Chairman, Brad D. Greenspan. ''The eUniverse.com network has gained one of the most unique platforms on the Internet. Cases Ladder is a profitable and thriving community that has experienced tremendous organic growth of its user base by providing free event management products and services to a growing number of Internet gaming communities.''
Frank Westall, Cases Ladder's CEO, adds, ''Being part of the eUniverse.com network will allow us to use the tools we have developed, and our concept of community to enter additional niches and diversify our user base. We also look forward to introducing the members of Cases Ladder to eUniverse's award winning commerce sites: (www.cduniverse.com) and (www.videouniverse.com). In addition, we expect to work with eUniverse in order to begin offering PC games, video games and related merchandise to our user base in the near future.''
In 1997, PC and video game sales were $5.7 billion in the U.S. market, alone, according to research provided by the Interactive Digital Software Association.
The acquisition will close upon the satisfaction of certain conditions set forth in the definitive agreement. It is expected that such conditions will be met within 21 days.
About eUniverse, Inc. (www.euniverse.com):
eUniverse, Inc., is a network of entertainment focused commerce, community, and technology driven Web sites.
Through its online commerce property, CD Universe (www.cduniverse.com; www.videouniverse.com), eUniverse competes directly with companies such as Amazon and CDNow. CD Universe expects to report revenue over $9 million dollars for its year ending March 31, 1999 with a net loss of approximately ($500,000). CD Universe has over 275,000 customers and was recently rated by Bizrate, an independent commerce ranking service, the 3rd best online shopping site for customer service out of 500 online merchants.
Through its recently acquired online community property, Cases Ladder (www.casesladder.com), eUniverse has added over 1 million registered users and competes directly with such community sites as: Nettaxi, Inc. and theGlobe.com.
Safe Harbor Statement
Investors should carefully consider the preceding information as well as other information contained in this press release before making an investment in the Common Stock. Information contained in this press release contains ''forward-looking statements'' which can be identified by the use of forward-looking terminology such as ''believes,'' ''expects,'' ''may,'' ''should,'' or ''anticipates'' or the negative thereof or given that the future results covered by such forward-looking statements will be achieved. The preceding matters constitute cautionary statements identifying important factors with respect to such forward-looking statements, including certain risks and uncertainties that could cause actual results to vary materially from the future results covered in such forward-looking statements. Other factors could also cause actual results to vary materially from the future results covered in such forward-looking statements.
eUniverse.com, Inc.'s, common stock is traded in the over-the-counter market under the trading symbol, ''MCAMD.'' To receive a current Corporate Profile and complete due diligence package on the Company, please call Fifth Avenue Communications at 800-992-6616 or visit their web site at: www.stocksfifthavenue.com or e-mail your request to: fifth@juno.com
CONTACT: Robert Pratt, Investor Relations of eUniverse.com, Inc., 877-318-1819; or Edward Williamson of Fifth Avenue Communications, 800-992-6616.
SOURCE: eUniverse.com, Inc.
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