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IJNT.NET ENTERS EXPLOSIVE ONLINE AUCTION INDUSTRY THROUGH ACQUISITION OF $1.2 MILLION FAIR AUCTION WEBSITE
Houston, TX - March 18, 1999: IJNT.net (OTC BB: IJNT), a leading wireless and high-speed Internet access provider, today announced that it acquired the Fair Auction website that sells over $1.2 million of surplus computers and related equipment to its subscriber base of roughly 6,000 consumers and dealers. The auction site generates an average net profit of 5%. Terms of the acquisition were not disclosed.
Located at www.fairauction.com, the Fair Auction site enables commercial liquidators, wholesalers, and dealers to offer surplus equipment direct to consumer and dealer markets. Fair Auction generates revenues by charging companies a fee to sell the surplus computers and related equipment on the site. Through arrangements with leading shipping firms, the site is able to pass along savings to its subscriber base with retail prices significantly below online competitors.
IJNT has retained the site's developers as consultants for a one-year period and hired an additional employee to manage the Fair Auction website. The Company intends to expand the site to include additional products and increase profitability by generating revenues through banner advertising.
According to IJNT.net CEO Jon H. Marple, “Fair auction is a young website with unlimited potential and a desirable url, a factor that is key to consumer recognition and the success of any Internet site. The acquisition is part of our strategy to expand IJNT's presence in the e-commerce industry through our website development subsidiary Man Rabbit House Multimedia. An exciting online auction site provides IJNT.net the opportunity to capitalize upon a very profitable sector of the e-commerce market.”
Online auctions generated $337 million in 1997 sales, representing approximately 15% of all direct online product sales. After growing rapidly in 1998, analysts expect the market to continue expanding and predict that online auctions will be valued at $129 billion in 2002.
IJNT.net provides high-speed, wireless Internet access and telephony services to homes and businesses without the use of phone lines. The Company's subscriber base is rapidly growing as the service expands nationwide. IJNT also provides website development and e-commerce services as well as dial-up Internet access throughout the U.S. and internationally. The Company's rapid growth is the result of aggressive marketing and sales, internal development, acquisitions, and strategic alliances.
This press release may contain forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, subscriber growth, product demand, competition, and other risks and uncertainties detailed from time to time in the Company's periodic reports, including Quarterly Reports on Form 10-Q and Annual Reports on 10-K. This and additional information can be found on the Company's website at www.ijnt.net or can be obtained from the Company upon request.
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