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Exhibit 99.1
Mitchell Simmons Laura Kraft
24/7 Media Fleishman-Hillard
212-231-7916 213-489-8255
mitchell.simmons@247media.com kraftl@fleishman.com
FOR IMMEDIATE RELEASE:
24/7 MEDIA COMPLETES ACQUISITION OF EXACTIS.COM
NEW YORK--JUNE 28, 2000--24/7 Media, Inc. (Nasdaq: TFSM), one of the
largest global Internet media and technology companies, announced today that it
has completed its previously announced acquisition of Exactis.com, Inc.
Exactis.com is a leading provider of permission-based precision e-mail marketing
and communications outsourcing solutions.
At special meetings held in New York yesterday, stockholders of
Exactis.com approved the merger and stockholders of 24/7 Media approved the
issuance of 24/7 Media common stock in the transaction. Each shareholder of
Exactis.com common stock will receive 0.60 shares of 24/7 Media common stock for
each share of Exactis.com common stock. Under the terms of the agreement, 24/7
Media will issue approximately 8.2 million shares of common stock and will
assume options and warrants exercisable for an additional 2.1 million shares of
common stock. Shares of Exactis.com common stock ceased to be traded on the
Nasdaq National Market at the close of business today.
Exactis.com has become a wholly owned subsidiary of 24/7 Media and will
operate under the 24/7 Media name.
Tom Detmer, president and CEO of Exactis.com, said "the combined entity
will have the broadest e-mail marketing and communications capabilities
available today, addressing all elements of e-mail CRM: customer acquisition,
retention and growth." He said Exactis.com customers would now have access to
24/7 Mail's opt-in email database, the industry's largest and fastest-growing
database, as well as other 24/7 Media solutions and services, including Web and
wireless ad serving.
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"We're now able to offer our thousands of combined clients an
end-to-end CRM solution that will help them acquire and retain new customers and
grow existing ones using both e-mail and the World Wide Web," said David J.
Moore, president and CEO of 24/7 Media. "Combining Exactis.com's highly
scalable, precise e-mail delivery and advanced data mining with the massive
global reach of the 24/7 Network and 24/7 Mail's 23 million permission-based
e-mail addresses under management allows us to offer an unsurpassed breadth of
solutions to e-marketers." The combined organization has more than 250 engineers
on staff, Moore noted, evidencing its technology leadership.
Exactis.com will maintain its operations in Denver, with no changes to
client account management.
ABOUT 24/7 MEDIA, INC.
24/7 Media Inc. is a leading global provider of end-to-end interactive
technology and marketing solutions and services 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 these client groups to attract and retain customers
worldwide, and to reap the benefits of interactive and other electronic media.
Our solutions include advertising and direct marketing sales, ad serving,
promotions, email list management, email list brokerage, email delivery, data
analysis, loyalty marketing and convergence solutions, all delivered from our
industry-leading data and technology platforms. Our 24/7 Connect ad serving
technology solutions are designed specifically for the demands and needs of
advertisers and agencies, Web publishers and e-commerce merchants. Based in New
York, 24/7 Media Inc. has offices in 51 cities in 28 countries. For more
information, please visit www.247media.com.
FORWARD-LOOKING STATEMENTS
Certain statements herein are "forward-looking statements" made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements represent 24/7 Media's current expectations and
beliefs and are naturally subject to uncertainty and changes in circumstances.
Actual results may vary materially from the expectations contained herein due to
changes in economic, business, competitive and/or regulatory factors. More
detailed information about those and other factors is set forth in 24/7 Media's
1999 Form 10-K and in all filings with the Securities and Exchange Commission
made by 24/7 Media subsequent to the filing of the Form 10-K. 24/7 Media does
not undertake to publicly update or alter its forward-looking statements,
whether as a result of new information, future events or otherwise.