AMG Invests in Comunia.com.Business Editors/Technology Writers MIAMI BEACH Miami Beach, city (1990 pop. 92,639), Dade co., SE Fla., on an island between Biscayne Bay and the Atlantic Ocean; inc. 1915. It is connected to Miami by four causeways. , Fla.--(BUSINESS WIRE)--July 20, 2000 AMGI AMGI Area Median Gross Income (low housing tax credit units tenancy) AMGI Agencia Mutua para la GarantÃa de las Inversiones Capital -- the e-merchant banking arm of Miami-based Internet conglomerate Advanced Multimedia Group, Inc. (AMG AMG All Music Guide (music website) AMG All Media Guide (group of media websites) AMG All Movie Guide (Movie website) AMG Arzneimittelgesetz (German Law) ) -- announced today that it has made a strategic investment of close to $1 million in Comunia.com, the intelligent group-buying site for Spanish-speaking Internet users. The investment will support Comunia.com's regional expansion to Brazil, Mexico and Spain. "We decided to invest in Comunia because we believe that the group-buying concept has a promising future," said Oscar de la Guardia, AMG's Executive Vice President. "In addition, we believe that the company's management has the experience and skills necessary to develop the business." Comunia.com is an e-commerce site, which sells products through the group-buying model. The group-buying process, which is enjoying a significant growth in popularity on the Internet, allows for prices on goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. offered through the site to go down as more buyers join the buying cycle. By using Comunia.com, consumers have the opportunity to increase their savings while suppliers see a positive effect on sales. "AMG's confidence in our product and on our executive team are great incentives to continue developing Comunia.com and expanding it to other Spanish-speaking and Portuguese-speaking regions of the world," stated Vanesa Kolodziej, Comunia.com's President. "In addition to capital, AMG is providing us with a wide range of strategic tools that enable us to maximize our resources and continue evolving into a major player in the Spanish- and Portuguese-speaking Internet arena." About AMG Capital AMG Capital is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Advanced Multimedia Group, Inc. Headquartered in Miami Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. , AMG is a global Internet investor and business developer focused on Latin America and other emerging international markets. Since AMG's inception in mid-1999, AMG Capital has already made key early-stage investments in over 15 operating e-companies that are already fulfilling their market promise. AMG's business catalyst unit, E-ccelerator.net, assists enterprises from start-ups to publicly traded companies publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. in securing strategic alliances, globalizing products and services, and enhancing investment value. AMG's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Robert A Farmer, was treasurer of the Democratic National Committee from 1989 to 1991, when he resigned to become treasurer of the first presidential campaign of Clinton/Gore. For more information please visit www.amginternational.com. |
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