Exhibit 99.1
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For Immediate Release Contact: Geltzer & Company, Inc.
- --------------------- Harry Schmitz
Roger Greene
212-575-1976
212-245-2145 fax
hschmitz@geltzerpr.com
rgreene@geltzerpr.com
SMARTSERV ONLINE COMPLETES FINANCING
CHASE H&Q SERVES AS PLACEMENT AGENT
ON INITIAL PRIVATE ROUND OF FINANCING
NEW YORK, NY (MAY 16, 2000) - SmartServ Online (OTC BB: SSOL), a leading Web and
wireless application services provider, today announced the completion of a
$17.5 million equity financing through Chase H&Q. The investors in this initial
round are TecCapital, Ltd., Conseco Capital Management and The Abernathy Group.
"We are extremely pleased to announce the completion of this private
round," said Sam Cassetta, Chairman and Chief Executive Officer of SmartServ.
"This financing will help to maintain our forward momentum as a leading global
provider of Web and wireless transaction services. In addition to their
financial investment, these investors will act as true strategic partners and
bring to SmartServ significant international exposure toward creating new and
exciting business opportunities."
-more-
ABOUT SMARTSERV ONLINE
SmartServ Online is a leading application services provider offering
complete systems to extend financial and e-commerce businesses to the Web and
wireless marketplace. The world class "SmartServ" platform today offers a
secure, scalable and reliable environment for application hosting and
industrial-strength transaction order routing services. All applications
developed and hosted by SmartServ Online are accessible from a vast array of Web
and wireless interactive appliances, including desktop PCs, Internet-ready
wireless handsets, Palm and Windows CE devices.
SmartServ's Alliance Program members consist of leading technology,
consulting and content provider companies. SmartServ is an established member of
the WAP Forum and aims to remain at the forefront of new mobile technologies
such as Bluetooth and Epoc. Visit the Company's Web site at www.smartserv.com
for more information.
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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements that involve risks and
uncertainties. Forward-looking statements in this document and those made from
time-to-time by the Company are made under the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
concerning future plans or results are necessarily only estimates and actual
results could differ materially from expectations. Certain factors that could
cause or contribute to such differences include, and are not limited to,
potential fluctuations in quarterly results, the size and timing of awards and
performances on contracts, dependence on large contracts and a limited number of
customers, dependence on wireless and/or internet networks of third-parties for
certain products and services, lengthy sales and implementation cycles, changes
in management estimates incident to accounting for contracts, availability and
cost of key components, market acceptance of new or enhanced products and
services, proprietary technology and changing technology, competitive
conditions, system performance, management of growth, the risk that the
Company's current and future products and services may contain errors or be
affected by technical problems that would be difficult and costly to detect and
correct, dependence on key personnel and general economic and political
conditions and other factors affecting spending by customers, and other risks
described in the Company's filings with the Securities and Exchange Commission.
051500