EXHIBIT 99.1
FOR IMMEDIATE RELEASE
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For more information contact:
Cotter Cunningham
Intelligent Life Corp.
561-630-1265
Vicki Greene / Roger Bentley
Miller/Shandwick Technologies
617-536-0470
vgreene@miller.shandwick.com
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rbentley@miller.shandwick.com
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Intelligent Life Corp. Launches E-Commerce Strategy with Purchase of Online
Insurance Site and Partnership with Leading Mortgage Site
Online Financial Publisher Acquires Pivot Online and Partners with mortgage.com
NORTH PALM BEACH, FLA.--August 23, 1999--Intelligent Life Corporation (Nasdaq:
ILIF), today launched its Internet e-commerce initiative with the announcement
of two important agreements: the acquisition of Professional Direct Agency, Inc.
("Pivot") an Internet and direct seller of term life and other insurance
products; and the signing of a deal with mortgage.com (Nasdaq: MDCM), the
leading online mortgage lender, to become the exclusive mortgage lender for
Intelligent Life's consumer personal finance site, theWhiz.com.
The interactive Pivot Web site (www.go2pivot.com) allows consumers to obtain
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instant online term insurance and annuity quotes, and apply online for term
insurance quickly and easily through the Internet. By representing the nation's
leading term and annuity companies, Pivot is able to shop the market for the
most competitive products available in a matter of seconds. The Pivot site also
includes the ability to calculate the appropriate amount of life insurance,
educational insurance insight and healthy lifestyle tips. In addition to the
Web site, Pivot operates an inbound call center employed with fully licensed
agents. Pivot's efficient marketing and fulfillment capabilities have succeeded
in the agency being selected by a number of prominent insurers to operate as the
fulfillment arm for business generated through InsWeb Corporation (Nasdaq:
INSW).
In a separate agreement, mortgage.com was established as the exclusive mortgage
lender and co-branded technology provider for Intelligent Life's new mortgage
Web site. mortgage.com provides one of the industry's most comprehensive
mortgage platforms. Its goal is to reduce the cost of mortgage origination and
funding by supplying realtors, home builders and financial institutions with
point-of-sale and Internet technology, business management, loan processing,
call center, and mortgage funding capabilities.
"These deals are a natural fit," said William Anderson, president and CEO,
Intelligent Life Corp. "The quality editorial content of theWhiz.com coupled
with the established insurance/lending relationships and transaction
capabilities of Pivot and mortgage.com is a win-win for consumers. The
insurance site purchase and online mortgage agreement are part of the first
phase of Intelligent Life's e-commerce strategy which will involve additional
deals and partnerships in the near future," he added.
This e-commerce initiative will provide cross-selling opportunities with the
entire network of Intelligent Life personal finance sites including bankrate.com
and consejero.com. Users and partners with Pivot will see no immediate site
changes. Intelligent Life will be enhancing the editorial content with their
current editorial operations. In addition, Pivot staff will remain and continue
to operate out of the Columbus, Ohio headquarters.
The Pivot acquisition will be accounted for under the purchase method of
accounting. The purchase price of approximately $4.64 million consists of
approximately $290,000 in cash and a $4.35 million five-year convertible
subordinated note payable, to acquire a 100% interest in Pivot. As of June 30,
1999 Pivot had net assets of approximately $600,000.
About Intelligent Life Corporation
Intelligent Life Corporation is an online financial publisher employing a staff
of more than 80 editors and researchers. The company creates original content
for its personal finance sites, bankrate.com, theWhiz.com, consejero.com and
CPNet.com. bankrate.com provides consumers with independent, objective
research on banking and credit products including mortgages, home equity loans
and credit cards. In addition, this information is published on co-branded
Internet sites through more than 70 distributions, including Yahoo! (Nasdaq:
YHOO), CNN, SmartMoney and AOL (Nasdaq: AOL). The company's original research
is also distributed through major national and local publications. bankrate.com
has approximately one million unique visitors per month, and is ranked among the
top ten personal finance and brokerage sites according to Media Metrix.
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Forward-looking statements (statements which are not historical facts) in this
release are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned that all
forward-looking statements involve risks and uncertainties, including those
risks and uncertainties detailed in the Company's filing with the Securities and
Exchange Commission.