Cox Interactive Media and Altrec.com in $10.5 Million Transaction.Business Editors/High Tech Writers BELLEVUE, Wash.--(BUSINESS WIRE)--May 3, 2000 Altrec.com Acquires GreatOutdoors.com, Receives Cash Investment Online outdoor and travel lifestyle retailer Altrec.com today announced it has acquired all assets of Cox Interactive Media's (CIMedia) online content and community portal for outdoor enthusiasts, GreatOutdoors.com, and received a cash investment from CIMedia, in a transaction valued at $10.5 million. Specific terms of the agreement are not made available. Mike Morford, Altrec.com 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. , explained that the acquisition of GreatOutdoors.com is meant to help the company meet the increasing demands of the burgeoning online community for outdoor enthusiasts(a). "This deal brings together Altrec.com, an award-winning, state-of-the-art online retailer with one of the most highly-trafficked outdoor content sites," said Mr. Morford. "Joining Altrec with GreatOutdoors, two of today's top Internet pure-plays in the outdoor market, means that consumers will now have an even more powerful and definitive resource to bookmark A stored location for quick retrieval at a later date. Web browsers provide bookmarks that contain the addresses (URLs) of favorite sites. Most electronic references, large text databases and help systems provide bookmarks that mark a location users want to revisit in the future. when it comes to pursuing their outdoor passions." Altrec.com plans to increase Altrec.com's market share by immediately capitalizing on the large flow of qualified consumer traffic directed to GreatOutdoors.com. Leveraging the content created and amassed by GreatOutdoors.com, a pioneer in delivering a top-quality outdoor and adventure Web content portal for outdoor enthusiasts, will also be a priority for Altrec.com. Altrec.com will use the CIMedia investment to build market share and brand awareness, accelerate the introduction of new merchandise categories, develop tools and features to improve the online experience for customers, and further develop its proprietary distribution model. CIMedia's cash investment, which was made through its parent company, Cox Enterprises Cox Enterprises is the successor to the publishing company founded in Dayton, Ohio, by James Middleton Cox, who began with the Dayton Daily News. The company is private, 98% controlled by the octogenarian daughter of Cox, Anne Cox Chambers, and the two children of her late , Inc., gives CIMedia a minority stake in Altrec.com, and a director's seat on the Altrec.com board. "CIMedia is an ideal partner for Altrec.com on several levels. CIMedia has a proven track record in the Internet space and truly understands how to deliver relevant niche content, while its sister company, Cox Communication, is an aggressive investor in new media and the broadband movement," added Mr. Morford. "Cox Communications Cox Communications is a privately owned subsidiary of Cox Enterprises providing digital cable television and telecommunications services in the United States. It is the third-largest[2] cable television provider in the United States, serving more than 6. also brings extensive experience in the outdoor industry having created several of today's leading outdoor-oriented program networks, including the Discovery and Outdoor Life networks. To be associated with the broader Cox family certainly adds value to the CIMedia deal." CIMedia President Peter Winter also commented, "Altrec.com, with GreatOutdoors.com, is poised to secure pole position pole position Noun 1. (in motor racing) the starting position on the inside of the front row, generally considered the best one 2. an advantageous starting position Noun 1. in the outdoor industry. We've watched the players in this arena for some time, and as the inevitable consolidation in this dot-com space occurs, we believe that Altrec.com will find its way to the top by delivering the most value to outdoor enthusiasts." Mr. Morford also disclosed that the Altrec.com-CIMedia transaction arrived following Altrec.com's first quarter 2000 dealings which included: a $5.7 million strategic investment from Transcosmos USA, a global investment and development partner for Internet companies that is helping Altrec.com with its Asian entry strategies; an exclusive e-commerce agreement with Virtuoso (formerly, API Travel Consultants), a network of more than 5,000 independent travel specialists with combined annual sales exceeding $2.5 billion; and the addition of Ray Johnson Ray Edward Johnson (1927-1995) The eccentric, enigmatic figure often credited as the founder of the New York Correspondance School and as a key influence in the formation of the Mail art movement. , former co-chairman of Nordstrom, Inc., to drive the outdoor retailer's customer service and retail systems initiatives. About GreatOutdoors.com GreatOutdoors.com is an award-winning community Web site delivering multi-media content for adventure travel, cycling, climbing, hiking and camping, mountain biking mountain biking Sports medicine A sport in which participants use specialized bicycles to navigate rough, steep trails covered with unforgiving rocks Injury risk Concussions, fractures, death. See Extreme sport, Novelty seeking behavior. , paddling pad·dling n. 1. The act of moving a boat by means of a paddle. 2. A spanking or beating with a paddle. Paddling of ducks: a company of ducks on water—Lipton, 1970. , skiing and snow sports and other human-powered recreational activities. One of the first outdoor portals to arrive on the Internet (1995), GreatOutdoors.com has remained one of the top-ranked online outdoor destinations having received widespread recognition for covering such events as the Tour de France Tour de France World's most prestigious and difficult bicycle race. Staged for three weeks each July—usually in some 20 daylong stages—the Tour typically comprises 20 professional teams of nine riders each and covers some 3,600 km (2,235 miles) of flat and , Raid Gauloises and other adventure events worldwide. GreatOutdoors.com combines practical information and services with magazine-quality content offering outdoor enthusiasts a highly functional web site that includes an online gear store, community forums, current conditions for weather, river levels, etc., live web cams, travel directories and more. It combines original content of its partner publishers and contributors, with the resources of CIMedia, Atlanta, the largest producer of local content on the Web. About Cox Interactive Media Cox Interactive Media (CIMedia) has built the highest-ranked network of city sites in the U.S. reaching 29 percent of the total adult population and 41 percent of adult Internet users. The network consists of 70 local sites across the country with 24 in the top 50 U.S. markets. CIMedia (www.cimedia.com), headquartered in Atlanta, was launched in 1997 and is a subsidiary of Cox Enterprises, Inc. Cox Enterprises is one of the nation's leading media companies and operator of automobile auctions. In addition to CIMedia, major subsidiaries include Cox Newspapers, Inc. (newspapers, local and national direct mail advertising and customized newsletters); Cox Broadcasting, Inc., (TV, spot sales, television production, research and Cox Radio Cox Radio NYSE: CXR is a publicly traded company that holds a number of radio stations. Private company Cox Broadcasting, Inc., a subsidiary of Cox Enterprises owns all of the company's super-voting Class B common stock, and thus controls the company. , Inc. (NYSE NYSE See: New York Stock Exchange : CXR CXR abbr. chest x-ray CXR, n chest x-ray; an image of the thoracic cavity, produced by an irradiation scan of the upper torso. )); Cox Communications, Inc. ((NYSE: COX) cable distribution, programming, telephone and high-speed Internet See broadband. access services); Manheim Auctions Manheim Automotive Services is the largest and highest volume wholesale automobile auction company in the world. As a subsidiary of Cox Enterprises, Inc., Manheim provides services including financing, title work, transportation, recovery, auto body repair, dealership management , Inc., which operates auto auctions in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and Australia; Cox Enterprises also owns an equity stake in a range of Internet businesses, including AutoTrader.com, the world's largest source of used car listings for dealers and consumers. About Altrec.com Altrec.com ("all trek") is the only "360-degree" destination on the Web that brings together all the components necessary for people to activate their passion for the outdoor lifestyle. It offers an online store with more than 300 leading gear and apparel brands for camping/hiking, snow sports, paddle sports, cycling, climbing, adventure travel and fly fishing; informative and inspirational magazine-style content; adventure travel planning services; an interactive outdoor community; and live customer service -- all in one Web site. Founded in April 1998, Altrec.com is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. based in Bellevue, Wash. (a) Forrester and Ernst & Young forecasts show online sales of outdoor and active travel products and services will generate between $9 and $32 billion of annual revenue by 2003. |
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