- COMPANY REACHES PROFITABILITY
- REPORTS NET REVENUES OF OVER $30 MILLION
- DANIEL ISHAG, CEO & FOUNDER, SHORTLISTED FOR ERNST & YOUNG 'ENTREPRENEUR OF THE YEAR' AWARD
London, 27th April 2004. Espotting Media, one of Europe's leading paid-listings providers, today reported preliminary results for the calendar quarter ended March 31, 2004.
'We are delighted that Espotting has reached profitability and that we have had the most successful quarter in the Company's history' commented Daniel Ishag, CEO & Founder, Espotting Media. 'As we approach our merger with FindWhat.com, Espotting's performance is stronger than ever.'
- Net revenues were over $30 million in the first calendar quarter of 2004, compared to approximately $18 million in the same period of 2003. This represents a 67% growth in revenue. Espotting's results for the first calendar quarter of 2004 are preliminary results, prepared by Espotting's finance department. Espotting continues to finalise the audit of its March 2004 fiscal year. Espotting's fiscal 2003 results have been audited by Ernst & Young.
- Espotting reached profitability in the first calendar quarter of 2004, for the first time.
- Espotting's advertiser base grew by 14%. The number of active advertisers receiving targeted traffic from the Espotting Network was 22,700 in the first quarter 2004. This compares to 20,000 in the third calendar quarter of 2003.
- Espotting's volume base of queries grew by 26% in the first calendar quarter of 2004, to nearly 4.3 billion, up from 3.4 billion in the fourth calendar quarter of 2003. The volume base of queries is the number of impressions where Espotting's listings can appear and thus represents the opportunity to reach potential customers.
ERNST & YOUNG 'ENTREPRENEUR OF THE YEAR' AWARD
Daniel Ishag, Espotting's CEO & Founder, has been short-listed as a finalist for Ernst & Young's London Entrepreneur of the Year Award. The award celebrates entrepreneurs who are building and leading successful, growing and dynamic businesses. Ernst & Young run a global awards programme, covering over 35 countries.
UPDATE ON THE MERGER WITH FINDWHAT.COM
On February 10th 2004, Espotting announced its amended merger agreement with NASDAQ listed FindWhat.com (NASDAQ: FWHT). It is currently anticipated that on 2nd June 2004, the shareholders of Espotting, and on the 4th June 2004, the shareholders of FindWhat.com, will be meeting, independently, to vote on the merger.
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Espotting is one of Europe's leading paid-for listings providers. Espotting operates an online marketplace where advertisers bid against each other for prominence within the paid-for listings that Espotting delivers. The higher an advertiser bids, the higher that advertiser is listed. What's more, an advertiser only pays for the traffic it receives - it's pay-per-click advertising that's 100% cost-effective and accountable. Espotting currently has 22,700 active advertisers including British Airways, Norwich Union Direct, eBay and Lastminute.com.
Espotting is a network, not a destination site or a portal. Espotting supplies its listings to hundreds of sites across the web. Through its network Espotting powers over 1.4 billion queries each month across Europe.
Espotting has announced the signing of a merger agreement with FindWhat.com, a leading performance-based marketing company in the US. The merger is expected to close in the third calendar quarter of 2004, subject to customary closing conditions. More details are available at: http://www.espotting.com/info/pressreleases/pressrelease10_02_04.asp
No Offer or Inducement
This press release is intended to provide information only. It is not intended as an offer or inducement to shareholders of Espotting Media Inc. or FindWhat.com or to any other person to enter into any investment activity in connection with the proposed transaction, Espotting Media Inc. or FindWhat.com. Any person affected by the transaction who requires any advice should contact an independent financial adviser authorised by the Financial Services Authority.
The completion of the acquisition is conditioned upon registration of the shares to be issued to Espotting stockholders on a Registration Statement on Form S-4 with the United States Securities Exchange Commission, foreign regulatory filings, approval from stockholders of FindWhat.com and Espotting, and other customary closing conditions. As a result, the merger may not be consummated. The two companies' respective stockholders are expected to vote on the Merger Agreement and the Merger, among other things, at stockholder meetings expected to be held on June 2nd and June 4th 2004, respectively. The proposed merger provides that Espotting will be merged with and into a wholly-owned subsidiary of FindWhat.com with Espotting surviving the merger.
Relevant documents concerning the merger have been filed with the United States Securities and Exchange Commission, including an amended Registration Statement on Form S-4 on April 22, 2004, containing a joint proxy statement/prospectus. Investors are urged to read these documents because they will contain important information. Investors will be able to obtain the joint proxy statement/prospectus and any other documents that may be filed with the Commission free of charge at the Commission's web site (http://www.sec.gov).
For further information and to arrange an interview, please contact: Espotting Marketing
t: +44 (0)20 7539 0500
Published on: 12:00AM on 27th April 2004