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EXHIBIT 99.1
For more information contact:
Paula Sirois
www.bankrate.com
561-630-1249
[email protected]
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FOR IMMEDIATE RELEASE
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Ilife.com changes name to Bankrate, Inc.
Bankrate, Inc. name change reflects strategic focus on high volume financial
services
NORTH PALM BEACH, FLA. - September 25, 2000 - The Board of Directors of
ilife.com, Inc. (NASDAQ: ILIF) has officially approved the company's decision to
change the company name to Bankrate, Inc.. The name change was effective as of
September 18, 2000. In connection with the name change, the Company's Nasdaq
National Market symbol will change to "RATE" effective on September 25, 2000.
"Our reason for the change is to better reflect our focus on our leading
Internet financial services website after successfully divesting several
ancillary assets over the past quarter," explained Elisabeth DeMarse, President
and CEO. "www.bankrate.com is the trusted source of interest rate and
transaction information and analysis for the most significant areas of consumer
spending and savings: housing, credit cards, auto loans, checking accounts, CD's
and savings. There is enormous brand equity and clarity in the Bankrate name
that we can now leverage with this change."
"Over twenty years, Bankrate has established deep domain expertise in the
consumer money market arena," continued DeMarse. "This is an impressive position
to hold and we continue to experience rapid growth from this
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core business. And we are enjoying our best year ever. Our online revenue
growth, propelled by the growth of the Internet, was 84% for the first half of
this year."
"Our mission is to be the leading destination for consumer banking and money
market activity. The Board and the senior management team understood that a
stronger focused approach on our core business would be the most effective means
of building shareholder value for our company," Chairman of the Board, Jeff
Cunningham, explained. "We have curtailed expenses, reduced staffing,
eliminated excess marketing spending and streamlined our operations very
effectively over the past two quarters. Our immediate initiative today is to
strengthen our financial performance and capitalize on the enormous market
volume that products and services participate in and enable. We believe this is
the best and surest means for our company to drive growth and positive
cashflows, and reach profitability."
Viewed as one of the best and most diverse personal finance sites, Bankrate.com
has built a sizeable base of loyal users and partners. This unique combination,
and the synergy of an award-winning editorial and research team, reflects
Bankrate's new identity in this leadership position.
About Bankrate.com
Bankrate.com is owned and operated by Bankrate, Inc. (formerly ilife.com, Inc).
Bankrate.com is the Internet's leading consumer banking marketplace, with an
average of 1.6 million unique visitors per month connecting with over 4,000
financial institutions in 126 markets in 50 states. Bankrate operates a
portfolio of personal finance channels, including banking, investing, taxes and
small business finance. It is the leading aggregator of 100 financial products,
including mortgages, credit cards, new and used auto loans, money market
accounts and CD's, checking and ATM fees, home equity loans and online banking
fees.
Bankrate provides financial applications and information to a network of over
120 partners including NBCi (NASDAQ: NBCI), Yahoo (NASDAQ: YHOO), America Online
(NYSE: AOL), CNN and Smart Money. The company's information is also distributed
through more than 120 national and state publications.
Forward-looking statements in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Act. Investors are cautioned
that actual results could differ materially from those anticipated by such
statements and are advised to consult our current SEC filings for additional
information concerning risk factors that affect the Company's business.
