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Interactive Imaginations, Inc. closes private placement; GE, Travelers, Unterberg Harris Among Investors.

NEW YORK--(BUSINESS WIRE)--Nov. 22, 1996--Interactive Imaginations, Inc., creators of the popular Riddler.com gaming site and the Commonwealth Network, announced today the closing of the company's private placement of Series A Preferred Shares. GE Investments, Travelers Insurance Company, and Unterberg Harris Capital Management were among the investors. Jack Rivkin from Travelers and David Wiederecht of GE Investments will join the Interactive Imaginations board of directors.

"We've watched Interactive Imaginations evolve from the earliest days of Riddler 1.0, to its current position as one of the web's premier media companies," says David Wiederecht, Vice-President, GE Investments. "Their unique business model is creating a new standard for advertising supported content on the World Wide Web."

Interactive Imaginations, one of the first Internet oriented companies to be headquartered in New York's Silicon Alley, was founded in September 1994 by Michael Paolucci and John Waller. The company is privately held and is developing a diverse portfolio of entertainment offerings for the World Wide Web. Its Riddler site (www.riddler.com), which as the first independent site built specifically for the web to gain support from national advertisers, pioneered one-to-one marketing on the Web. Riddler is the Internet's top ranking site, based on average amount of time spent on the site per visit, as reported by PC Meter LP. The company's Commonwealth Network, launched in June of this year, is an Internet advertising supported network that brings revenue to over 5,000 small and emerging web sites.

CONTACT: Ross Goldstein

(212) 598-9455
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Publication:Business Wire
Date:Nov 22, 1996
Words:250
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