Multimedia 2000 Inc. Sells Online Promotions Subsidiary to 24/7 Media.Business/Hi-Tech Editors SEATTLE--(BUSINESS WIRE)--June 26, 2000 Sale of iPromotions, Incentive Marketing Leader, First Major Transaction for Multimedia 2000'S Business Development Unit, M-2K Ventures Multimedia 2000 Inc. (M-2K) today announced the April 12 sale of iPromotions, its online promotions subsidiary, to 24/7 Media (Nasdaq:TFSM), a New York-based Internet advertising Delivering ads to Internet users via Web sites, e-mail, ad-supported software and Internet-enabled cellphones. Also called an "ad network," Internet advertising organizations act as a middleman between the advertiser and the Web sites and software publishers that display the ads. company. The Corum Group of Bellevue, WA, a world leader in assisting software and Internet companies with mergers and acquisitions, represented Multimedia 2000 (www.m-2k.com) in the transaction. The terms of the deal were not disclosed. "This is a deal that will undoubtedly benefit all of the parties involved. iPromotions is one of the leading innovators in the field of online incentive marketing, and we know they will make a great addition to 24/7 Media's stable of companies," said Paul Bader, M-2K'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. . "We believe that this will be the first of many promising ventures for M-2K Ventures. We are especially pleased that 24/7 Media, a significant leader in Internet advertising and marketing, recognized the exceptional value in iPromotions' technology and people." Both 24/7 Media and iPromotions are excited about the synergies and opportunities the new partnership will bring. "24/7 Media has experienced impressive growth in the promotions segment," said David J David J. Haskins (b. April 24, 1957, in Northampton, England) is a British alternative rock musician. He was the bassist for the seminal gothic rock band Bauhaus. Life and work . Moore, President and CEO of 24/7 Media. "iPromotions' expertise in online incentive marketing further supports 24/7 Media's leadership in providing comprehensive advertising solutions to our customer base." "Adding the iPromotions portfolio of incentive marketing products will enable 24/7 Media to capitalize on the strategic synergies between online media and promotion," said Bryan Heathman, President and founder of iPromotions. "This relationship will open exciting opportunities for top-line revenue growth." Multimedia 2000 Inc. 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. founded in February 1998. Apart from its development of promising technology-based concerns such as iPromotions, Multimedia 2000 is the parent company of M-2K Publishing, New Cool Media Services, and M-2K Ventures. M-2K Publishing (www.m-2k.com) is a leading developer and distributor of DVDs and CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). software, such as the Webster's line of reference and nature titles, the best-selling Bubblegum bub·ble·gum n. also bubble gum 1. Chewing gum that can be blown into bubbles. 2. Slang A style of popular music designed to appeal to adolescents, characterized by bouncy rhythms and a generally cheerful tone. Crisis anime series, and the new American Sign Language American Sign Language n. The primary sign language used by deaf and hearing-impaired people in the United States and Canada. American Sign Language (ASL), n. for Kids educational program. M-2K Publishing is currently developing two applications for the exploding Palm Pilot market: PocketPhoto, which lets users store hundreds of photos and images on their handheld, and PocketRetriever, which lets users remotely access their home or office PC through their handheld device. New Cool Media Services manages a suite of Internet content and commerce sites, including The DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. Reporter (www.dvdreporter.com), GetCDsFree (www.getcdsfree.com), and DVDROMShop (www.dvdromshop.com). M-2K Ventures is a value-based venture concern that provides both intellectual capital and infrastructure to unique and promising technologies and startups. 24/7 Media Inc. (www.247media.com) is a leading global provider of end-to-end advertising and marketing solutions for Web publishers, online advertisers, advertising agencies, e-marketers and e-commerce merchants. 24/7 Media provides a comprehensive suite of media and technology products and services that enable Web publishers, online advertisers, advertising agencies and e-marketers to attract and retain customers worldwide, and to reap the benefits of the Internet and other electronic media. Based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , 24/7 Media Inc. has offices in 50 cities in 27 countries. iPromotions (www.ipromotions.com) caters to marketers through online promotional services such as sweepstakes, incentive and viral marketing products. In business since November 1997, iPromotions has experienced astonishing a·ston·ish tr.v. as·ton·ished, as·ton·ish·ing, as·ton·ish·es To fill with sudden wonder or amazement. See Synonyms at surprise. growth with clients such as CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. .com, Airborne Express, Petstore.com and chipshot.com. |
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