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ImaginOn to Acquire Largest Internet Based Rebate Shopping Mall
and Family Magazine
SAN CARLOS, Calif.--(BUSINESS WIRE)--April 13, 1999--
When acquisition is completed, ImaginOn will own
"www.800America.com" and the "Internet Web Guide."
ImaginOn, Inc. (NASDAQ: IMON) today announced that it has signed a
non-binding Letter of Intent to acquire Nashville, Tennessee based 800America,
Inc., a privately held Web publisher that owns and operates the Internet's largest
rebate shopping mall, www.800America.com, and largest circulation family
magazine, the Internet Web Guide.
The Company anticipates signing a definitive agreement detailing the terms of the
proposed acquisition before May 15, 1999. According to ImaginOn Chairman &
Chief Executive Officer David Schwartz, the acquisition is being contemplated as
a merger between software developer ImaginOn, Inc. and 800America, Inc.
Internet Web Guide, originally a printed publication, currently has over 70,000
paid subscribers from 53 countries and all 50 of the United States. An annual
subscription is priced at $19.95. What's more, www.InternetWebGuide.com has a
hit rate of over one million viewers per month.
"Once this acquisition is completed, ImaginOn's WebZinger software will be
installed on the Internet Web Guide's website, enabling each subscriber to quickly
customize the Guide's contents to their personal interests WebZinger will also be
used on the shopping mall site to find the best deals on the product the shopper
wants," Schwartz said.
800America's rebate-oriented e-commerce Web site, www.800America.com,
currently has 120 national retailer storefronts. Fifty more are expected to be
added within the next 30 days, with a goal of 300 retailers by the end of the year.
Storefronts pay "rent" plus a percentage of each customer's rebate.
"We opened www.800america.com for business on February 1st," said Jacque
Pate, 800America's Senior Vice President and Director. "Already, we have
11,000 members shopping on our site and I expect our membership to reach
100,000 by the end of 1999."
Regarding the synergy of the proposed merger, Schwartz said, "Imagine visiting a
shopping website where all the brand names you can think of are located, and
asking a robot sales assistant to find you the best deals on the products you want.
Well, that's exactly what ImaginOn's WebZinger will do for you at 800America,
once we add our software technology to their servers. Then, there's the potential
for ImaginOn's sellONstream CDs to make the rebate mall come to life in
TV-quality video."
ImaginOn, Inc., operating through its wholly-owned subsidiary, ImaginOn.com
(www.imaginon.com), engineers, produces and sells business and consumer
software for CD-ROM and network users, including: WebZinger, its product line
of Web Research Assistants; sellONstream, its e-commerce software solution;
and WorldCities 2000 Web/CD travel planners. ImaginOn, Inc's wholly-owned
subsidiary, INOW, Inc., (www.inow.com) provides Internet services including
high-speed connectivity, website hosting, website design and e-commerce
support.
WorldCities 2000, sellONstream, and WebZinger are trademarks of
ImaginOn.com and are also protected under a U.S. Patent and a U.S. Patent
Pending. Internet Web Guide and 800America are trademarks of 800America, Inc.
Except for the historical information presented herein, the matters set forth in this
press release are forward-looking statements within the meaning of the
"safe-harbor" provision of the Private Securities Litigation Act of 1995. These
forward-looking risks are subject to risks and uncertainties that may cause actual
results to differ materially. These risks are detailed in the Company's periodic
reports and in its Form S-3/A registration statement filed on March 17, 1999 with
the Securities and Exchange Commission. These forward-looking statements
speak only as of the date hereof. The Company disclaims any intent or obligation
to update these forward-looking statements.
CONTACT: Griffin Public Relations & Marketing, New York
Bob Griffin, 212/481-3456
E-mail: Bgriffin@griffinpr.com |
