Galaxy Sets New Internet Mall Standards
OREM, Utah--(BUSINESS WIRE)--May 13, 1999--Galaxy Enterprises Inc. (OTC BB:GLXY), an established e-commerce corporation and operator of the Galaxy Mall Internet e-commerce site (http://www.galaxymall.com) and the MatchSite.com engine (http://www.matchsite.com) Thursday answered e-commerce questions concerning the exponential growth of its Internet e-commerce business during the previous 12 months.
Galaxy's e-commerce business is experiencing dramatic growth on the rapidly evolving Internet arena largely due to its Internet mall, GalaxyMall.com. Galaxy Mall is proud to announce it now exceeds 1,900 merchants hosting their Internet business on the mall. This growth rate of e-commerce sites accounts for the revenue growth from $2,495,096 in 1997 to $11,488,392 in 1998.
When asked to compare Galaxy's growth during the last 12 months to other large Internet e-commerce sites such as iMall (IMAL), Galaxy's chairman and chief executive officer, John Poelman, stated, ''Much as iMall experienced a revenue growth from $973,600 in 1997 to $1,596,000 in 1998, Galaxy also experienced a dramatic rate of increase in revenues from $2,495,096 in 1997 to $11,488,392 in 1998.''
Along with this 358 percent increase in revenue growth, Poelman went on to point out that instead of experiencing losses common to most Internet e-commerce sites in their first years such as iMall's net loss of more than $13 million, Galaxy actually maintained a net profit for the second year in a row. Dramatic growth rates like these are usually reserved for e-commerce specialty areas such as the large auction house eBay (EBAY) rather than the e-commerce malls.
Galaxy's continual revenue growth in 1999 reflects management's conscious decision to increase the number of e-commerce merchants on both GalaxyMall.com and GalaxyCenter.com (http://www.galaxycenter.com).
GalaxyCenter.com is a Web-based Web site builder program, which allows individuals and business owners to create and maintain proprietary fully functional e-commerce Web sites.
Positioning Galaxy's popular MatchSite.com search engine and its banner advertising resource, BannerSource.com, also reflect management's decisions to increase Galaxy's Internet presence. BannerSource.com (http://www.bannersource.com) currently has access to a network of more than 20,000 sites and markets in excess of 1 million dynamic impressions over the Internet daily.
About Galaxy
Galaxy maintains the search engine, MatchSite.com, which has also experienced exponential growth in recent months. MatchSite.com stands out from other search engines because of its ability that allows for a simultaneous search of the most popular search engines on the Internet including Alta Vista, Excite (XCIT), Hotbot, Infoseek, Lycos (LCOS), Magellan, Snap, Webcrawler, and Yahoo (YHOO). Traffic on MatchSite has increased 400 percent in the first three months of 1999.
Safe Harbor
Certain of the above statements may be forward-looking statements that involve risks and uncertainties. In such instances, actual results could differ materially as a result of a variety of factors, including competitive development and risk factors listed from time to time in the company's SEC reports.
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