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Exhibit 99.1
Anthem/uDate.Com Contact: Mel Morris
877/815-2955
KPR, Contact: David Kaye
818/368-8212
FOR IMMEDIATE RELEASE
ANTHEM AND UDATE.COM ANNOUNCE
COMPLETION OF ACQUISITION
1.1.1. Outlines growth strategy for new entity
Bellingham, WA, May 24, 2000.....Anthem Recording West Inc. (OTCBB:ANRW)
announces the completion of the acquisition of all the issued and outstanding
shares of Internet Investments Inc. and its UK subsidiary, uDate.Com, Ltd..
in exchange for 10,925,000 shares, or approximately 60% of Anthem's
outstanding shares. The valuation of the acquisition is $68M.
MATCHMAKING IS A RAPIDLY GROWING MARKET
"uDate.com (http://www.udate.com) is one of the highest-quality and fastest
growing matchmaking sites on the Internet," notes Mel Morris, CEO of
uDate.Com, Ltd. "We are delighted to bring uDate.com into the public sector.
The increased visibility and development capital provided by this transaction
will allow us to grow our client and revenue base dramatically. When we
launched our web site in February 1999 we were privately funded and chose to
focus on developing a strong revenue model supported by a scalable,
industrial-strength application. While many others were intent on growing
their client base without regard to cost, we concentrated on developing and
refining our web application, gaining percentage points in visitor
conversion, stickiness and membership retention. We shall continue to strive
for controlled growth recognizing that shareholder value is dependent upon
profitability. We have zero debt, manageable overheads and rapidly growing
memberships and revenues. Our market sector is highly fragmented which will
give rise to a period of consolidation which we plan to exploit. Our
subscription based revenue model is fundamental to profitable strategic
partnerships and a critical component in leveraging the consolidation process
which will inevitably drive our growth."
STRONG REVENUE MODEL
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"uDate.Com is an unusual phenomenon in the ".com" world. It is a company
with a strong revenue model, based on both membership fees and advertising.
Even without advertising, uDate.Com will be profitable. Our growth is based
on strategic partnerships and ROI-driven marketing. These activities will be
aimed at rapidly increasing the membership, and hence the monthly revenues,"
says Morris.
STICKINESS IS IMPORTANT
uDate.Com's revenue model also depends upon a high degree of "stickiness,"
the ability of the site to draw users back over and over again. uDate.Com
offers one-on-one messaging facilities and a variety of other entertaining
features aimed at maximizing that stickiness.
GROWTH OPPORTUNITIES ABOUND
"We have numerous opportunities for future growth. While we will be looking
at many different areas for growth, we will initially concentrate on
co-branding and consolidation," notes Morris.
uDATE.COM FOUNDERS JOIN BOARD
As of the closing today, the founders of uDate.Com, Ltd., Mel Morris and
Howard Thacker have been appointed directors of Anthem.
This press release contains forward-looking statements, within the meaning of
the Private Securities Litigation Reform Act of 1995, specifically the
statements regarding growth prospects and future partnerships. All
forward-looking statements are subject to certain risks, uncertainties and
assumptions, including changes in the market conditions in the industries in
which the company operates.
Please direct all editorial inquiries to David Kaye at KPR, Inc. Phone:
818/368-8212 or email: [email protected].
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