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GiftCertificates.com Announces Agreement to Acquire GiftSpot.com.

Business Editors

NEW YORK and SEATTLE--(BUSINESS WIRE)--April 17, 2000

Addition of Advanced Technology Enhances

GiftCertificates.com's Leadership Position

GiftCertificates.com, a leading Internet marketplace for gift certificates and other stored value products, today announced that it has entered into a definitive agreement to acquire GiftSpot.com, a leading technology company that provides digital gift certificate capabilities for retailers' Web sites.

By integrating GiftSpot's proven digital gift certificate enablement technology into its suite of service offerings, this acquisition will fortify GiftCertificates.com's position as an online leader in gift certificates and other stored value products. The acquisition will also provide GiftCertificates.com with a West Coast presence that enhances the Company's sales efforts.

"We are delighted to have entered into this agreement with GiftSpot.com, a true innovator in developing gift certificate transaction technology," said Jonas Lee, founder and CEO of GiftCertificates.com.

"This is a continuation of our strategy of growing both organically and through acquisitions," continued Mr. Lee. "In March, we acquired giftpoint.com, at the time our largest competitor, and now we have acquired GiftSpot.com. As a result of these acquisitions, we are well positioned to offer a suite of stored-value products and services: gifts to consumers, incentives to corporations, and now, digital gift certificate technology to merchants."

"We are thrilled to be teaming up with the premier marketer of online gift certificates," said Michael Ahern, co-founder, president and CEO of GiftSpot.com. "We are proud of our track record of developing superior technology and strong customer relationships and believe that this partnership will provide us with the resources and opportunity to offer a better experience for purchasing and spending gift certificates online."

All of GiftSpot.com's employees, including its executive group, technology team, sales and business development force, will join GiftCertificates.com. The Seattle office of GiftSpot.com will continue operations.

About GiftCertificates.com

GiftCertificates.com is an online marketer of gift certificates and other stored value products for many leading retailers, restaurants, and hotels. The company represents a broad range of merchants including luxury retailers like CHANEL, Neiman Marcus, and Tourneau; national retailers like Barnes & Noble, Bloomingdale's, Brooks Brothers, Crate & Barrel, Macy's, and The Sharper Image; travel related services like American Airlines and Marriott Hotels & Resorts; and popular restaurants like the Palm, McCormick & Schmick's, Benihana and TGI Fridays. Customers can purchase elegantly packaged gift certificates sent via overnight and standard mail or send electronic gift certificates via email. GiftCertificates.com also provides retailers with private-label gift certificate services and corporations with employee gift and incentive solutions. http://www.GiftCertificates.com

About GiftSpot.com

GiftSpot.com is a personalized online gift-giving company that provides private label digital gift certificate and promotional technology services for merchants. GiftSpot.com additionally sells universal consumer gift certificates that can be spent instantly at many leading retailers on the Internet. GiftSpot.com was founded in the Spring of 1999.
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Publication:Business Wire
Geographic Code:1USA
Date:Apr 17, 2000
Words:480
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