Here ya go, folks:
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Home Network Teams With Egghead.com and ISN to Create Broadband AuctionDestination
REDWOOD CITY, Calif., Jan. 14 /PRNewswire/ -- In a move designed to drive
real-time auctions to its high-speed users, @Home Network (Nasdaq: ATHM),
today announced agreements with two leading Internet e-commerce sites
specializing in online auctions -- Egghead.com, Inc. (Nasdaq: EGGS) and
Internet Shopping Network's First Auction. The companies will anchor the
newly created auction category on the @Home Service.
Jupiter Communications estimates that sales of merchandise via online
auctions will grow to $3.2 billion in 2002. In addition, the number of online
users that make these purchases via auction are estimated to grow from
1.2 million in 1998 to 6.6 million users in 2002.
"Having witnessed the growing usage and popularity of online auctions, we
believe our agreements with Egghead.com and First Auction will be vital
components in delivering a compelling shopping experience to our customers,"
said Charles Moldow, vice president, @Media sales and marketing, @Home
Network. "@Home's high-speed network and 'always-on' capabilities, coupled
with our partner's vast and diverse selection of consumer goods, will provide
@Home subscribers with an unparalleled solution for finding superb online
values."
Egghead.com's Auction and ISN's First Auction sites will be anchor tenants
in the new auction category on the @Home Shopping Channel. @Home's
"always-on" connection eliminates the lengthy dial-up process, enabling
bidders to continuously monitor the status of their bids and react quickly to
price changes.
The auction companies will also benefit from @Home's recent acquisition of
Narrative Communications, whose Enliven technology enables auctioneers to
drive impulse purchases through product advertisements that contain real-time
bids. Additionally, users also will have direct access to Egghead.com's
auction site and First Auction's services through contextual links in @Home's
editorial content.
Egghead.com is a leading Internet-based discount retailer of a wide
variety of products including computers, software, consumer electronics, small
household appliances and jewelry. Egghead.com's auction revenues make it one
of the largest on-line auction sites. Visitors to Egghead.com can also order
merchandise in category-specific superstores, like Egghead Computer, Egghead
Software and the Surplus Direct liquidation center.
"The agreement with @Home Network is an important extension of our
services," said Jon Brodeur, Chief Marketing Officer of Egghead.com.
"Leveraging the power of cable, we will be able to create one of the most
unique shopping experiences available on the Web today."
Internet Shopping Network-First Auction
As one of the web's e-commerce companies, Internet Shopping Network
(www.isn.com), a division of USA Networks Interactive, launched the world's
first online store in 1994. ISN has continued its online commerce innovation
with First Auction (www.firstauction.com), featuring a diverse selection of
home and leisure products, jewelry, apparel, consumer electronics and
computers. Users will be able to participate in First Auction's exclusive
30-minute Flash Auctions throughout the day, or in any of their 48-hour
auctions.
"When it comes to merchandising on-line, broadband matters," said
Ken Neibaur, senior vice president of Internet Shopping Network. "A key
factor of on-line retail success will be determined by those who understand
their customers' needs and can meet them with compelling experiences. Given
@Home's broadband capabilities we are well positioned to do so."
About @Home Network
Based in Redwood City, California, @Home Network distributes high-speed
interactive services to residences and businesses using its own network
architecture and a variety of transport options including the cable industry's
hybrid-fiber coaxial infrastructure. The cable connection provides users
significant increases in speed over conventional Internet services.
Leveraging the "always on" attributes of cable, @Home allows for unique
multimedia applications that go beyond current Web experiences. Individuals
seeking additional information about availability and subscription can refer
to the @Home Network Web site (www.home.net). Since its founding in 1995,
@Home Network has reached affiliate agreements with eighteen leading cable
companies-worldwide, including Bresnan Communications Company, Cablevision
Systems Corp., CasTel, Century Communications, Cogeco Cable Inc., Comcast
Corporation, Cox Communications, Garden State Cable, Insight Communications,
InterMedia Partners, Jones Intercable, Lenfest Communications, Marcus Cable,
Midcontinent Cable Co., Palet Kabelcom, Rogers Cablesystems Limited, Shaw
Communications, and Tele-Communications Inc.
About Egghead.com
Egghead.com is a rapidly growing on-line retailer. It is the first
national retailer to close its stores and move its business entirely to the
Internet. Through its virtual computer and software superstores and its
auction and surplus direct liquidation centers, the company had become a
diversified "off-price" retailer. In its second fiscal quarter ending
September 26, 1998, the company reported more than 20 million unique visitors
to its web sites, and revenues of $35 million.
About Internet Shopping Network
Internet Shopping Network (www.isn.com), a division of USA Networks
Interactive, launched the world's first online store in 1994. ISN continues
its online commerce innovation with First Auction (www.firstauction.com), the
first real-time online auction, featuring a diverse selection of home and
leisure products, jewelry, apparel, consumer electronics and computers. ISN
plans to launch new commerce sites in 1999. Internet Shopping Network is
headquartered in Sunnyvale, CA.
NOTE: The @ logo, @Home, and @Home Network are trademarks of At Home
Corporation and may be registered in certain jurisdictions. All other brands
and product names are trademarks of their respective owners.
This announcement contains forward-looking statements about Egghead.com
that involve risks and uncertainties that include, among others, Egghead.com's
limited Internet operating history, risks associated with management of
potential growth, competition, and Egghead.com's dependence on vendors,
distributors, and certain supply sources. More information about factors that
potentially could affect Egghead.com's financial results is included in
Egghead.com's Form 10-K for the fiscal year ended March 28, 1999 and Form 10-Q
for the fiscal quarter ended September 26, 1998 filed with the Securities and
Exchange Commission.
This press release contains forward-looking information within the meaning
of Section 27A of the Securities Exchange Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, and is subject to the safe harbors created by
those sections. These forward-looking statements include statements related
to the rate of growth of merchandise sales via online auctions. Actual
results may differ materially due to a number of factors, including the actual
growth and popularity of online auctions. The matters discussed in this press
release also involve risks and uncertainties described from time to time in
@Home's filings with the Securities and Exchange Commission. In particular,
see the risk factors described in @Home's Form S-3 Registration Statement
filed on August 12, 1998 and in its Form 10-Q for the quarter ended
September 30, 1998. @Home assumes no obligation to update the forward-looking
information contained in this press release. |
