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Technology Stocks : MSGI Marketing Services Group Inc. -- Ignore unavailable to you. Want to Upgrade?

To: posjim who wrote (835)	5/14/1999 6:53:00 AM
From: JPhilipS	Read Replies (1) \| Respond to of 3418

Deal Is Done: Look at Wetherell quote! I hope everyone bought yesterday; this will be a boost! MSGI Completes CMG Direct Acquisition; Short-Term Financing To Be Provided By GE Equity Business Wire - May 14, 1999 06:30 NEW YORK--(BUSINESS WIRE)--May 14, 1999--Marketing Services Group, Inc. (Nasdaq: MSGI), an integrated marketing and Internet services industry leader, today announced it has successfully completed the acquisition of CMG Direct Corporation, the original CMGI direct marketing business. In conjunction with the acquisition, CMGI will become a significant minority shareholder, representing over 10 percent of the outstanding shares of MSGI, post transaction. Current investor, GE Equity, has agreed in principal to provide $10 million of short-term debt financing to support the acquisition. MSGI plans to expand its Internet marketing services by leveraging CMG Direct's traditional database marketing unit, as well as their latest Internet incubation, PermissionPlus(TM), an automated Internet Marketing solution. PermissionPlus(TM) enables companies to automate the Web site customer acquisition function and to increase the lifetime value of its customers. "The CMG Direct acquisition represents the first of our new corporate initiatives to pursue strategic opportunities in the Internet," commented Jeremy Barbera, Chairman and CEO of Marketing Services Group, Inc. "This acquisition has reshaped MSGI as a premier player in the Internet space and supports our strategy of investing, acquiring and incubating online businesses." "GE Equity has been extraordinarily supportive of the CMG transaction, as well as our expanded Internet strategy. They looked at MSGI's financing opportunities for closing this transaction and gained approval to provide us with the financing for $10 million. We are very excited to have the backing and support of GE Equity as we expand our enterprise with CMGI as our latest strategic partner," added Jeremy Barbera. David Wetherell, Chairman and Chief Executive Officer of CMGI, stated, "I look forward to working with MSGI to assist them in building upon their business model. I'm confident that, under the direction of Ed Mullen as their President, MSGI is well positioned to move forward with a solid Internet marketing strategy. We look forward to their success."