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April 19, 1999 10:03
Interactive Objects Acquires Avatar Interactive And Completes Stock Buyback
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SEATTLE--(BUSINESS WIRE)--April 19, 1999--Interactive Objects (OTC BB:OBJX) today announces the acquisition of Avatar Interactive, Inc., a software development and IT consulting company.
This acquisition combines Avatar's stellar consulting services with Interactive Objects' already promising business model. Interactive Objects also announces the completion of a stock buyback of 950,000 shares of common stock, to be retired to treasury.
A Microsoft Certified Solution Provider with engineers skilled in Microsoft technologies, Avatar Interactive's client-centric business model encompasses the complete software design, development and test cycle. Through their commitment to the rapid development and delivery of quality solutions for the Internet and distributed PC environments, Avatar contributes a powerful combination of resources to the Interactive Objects team, giving the combined company a distinct industry advantage in system assessment, planning, development and implementation of distributed systems.
"Joining Interactive Objects is an exciting move for Avatar. We are all looking forward to making a contribution toward the growth of the corporate business model," said Kayleen Arafiles, president, Avatar Interactive, Inc. "We anticipate this union will enable our teams to take full advantage of the resources this environment offers. This provides us a significant competitive advantage in our industry."
The acquisition of Avatar Interactive exemplifies the promise of Interactive Objects' business model by leveraging the collective intellectual property and talent of a successful organization to generate research, consulting, and licensing revenue. Interactive Objects will continue meeting the Company's strategic priorities by focusing on additional complimentary merger and acquisition candidates. With the implementation of a communications infrastructure to support multiple member organizations' requirements for information exchange and group collaboration, Interactive Objects will establish a highly productive team environment with the necessary communication tools for success.
"This acquisition is a concrete step toward the realized success of our business plan," said Steve Jackson, executive vice president of Business and Technology Development, Interactive Objects, Inc. "We eagerly anticipate working with Avatar's exceptional team and welcome the strong resources they bring to the organization."
The buyback of 950,000 shares of common stock provides a portion of Interactive Objects' stock, yet to be determined, to facilitate the acquisition of Avatar Interactive. This transaction supports Interactive Objects' business and financial responsibility by allowing the merger to occur at a significantly reduced price to the Company. The acquisition, which will be accounted for as a pooling of interests and is subject to certain conditions, including regulatory approval, was completed at the end of the first quarter, 1999. Interactive Objects expects to record a one-time charge in the first quarter of 1999 relating to acquisition expenses.
Interactive Objects has launched their new web site at iobjects.com. Please visit the Company on the Internet.
About Avatar Interactive, Inc.
Avatar Interactive, known as Seattle Web Werks until early 1998, adopted a charter to fulfill the market demand for cutting-edge Web development. With the rapid growth of Web technology and the increased focus on the distributed PC environment, Avatar Interactive moved quickly to include this growing opportunity into its Corporate Strategy. Successfully integrating a targeted focus on developing solutions for the distributed PC environment, Avatar Interactive has positioned itself as a leader in the software development and IT consulting world.
Avatar Interactive is headquartered at 1122 E. Pike Street, Suite 973, Seattle, WA 98122, USA. The Company can be reached on the web at ainteractive.com
About Interactive Objects, Inc.
Former Microsoft employees founded Interactive Objects in 1995 to develop object software for commercial Internet and intranet applications. Today, Interactive Objects continues to evolve and expand its offerings by leveraging revenue generating intellectual property and technical talent.
Interactive Objects is headquartered at 217 Pine Street, 8th Floor, Seattle, WA 98101 USA. Interactive Objects is listed on the OTC BB under the symbol "OBJX" and on the "Third Segment" of the Berlin Stock Exchange under the symbol "IOX" and German securities code WKN: 913011. The Company can be reached on the web at iobjects.com
Certain information included in this communication contains statements that are forward-looking, such as statements relating to the future anticipated direction of the high technology industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth and potential contracts. These forward statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated. These risks include, among others, risks associated with unproven sales of the Company's products, risks associated with the software development process and risks related to the transition to a new management team. Certain of these risks and other risks are described in the Company's Registration Statement on Form SB-2 filed with the Securities and Exchange Commission (SEC). The registration statement is available from the SEC's Web site at sec.gov.
CONTACT: Interactive Objects (Media)
Suzanne Miller, 206/464-1008
suzanne@iobjects.com
OR
Interactive Objects (Investors)
Steve Wollach, 206/464-1008
stevew@iobjects.com
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