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| eUniverse to Acquire BigNetwork.com, A Premier Online Entertainment Hub |
eUniverse Has Signed a Binding Letter of Intent to Acquire BigNetwork.com for
$17.1 Million Dollars, Adding Proprietary Interactive Entertainment,
Community, and Commerce Technology to the eUniverse Network
WALLINGFORD, Conn., June 14 /PRNewswire/ -- eUniverse
(OTC Bulletin Board: EUNI), a network of entertainment focused commerce,
community, and technology driven Web sites (http://www.euniverse.com), today
announced that a binding letter of intent has been signed to acquire the Big
Network, Inc. (http://www.bignetwork.com). Big Network, online since June
1998, has produced a suite of tools that provide an engaging environment for
commerce, community, and entertainment. eUniverse will issue 1.8 million
shares of common stock for the acquisition. Based on eUniverse's closing price
on Friday, the acquisition would be valued at $17.1 million dollars.
BigNetwork.com is an online entertainment and community hub with over
200,000 registered members that generates over four million advertising
impressions per month. BigNetwork.com features Java multi-player Classic
Games, including spades, backgammon, checkers, and chess. In addition,
BigNetwork.com reaches almost 20% of the Internet market through licensing and
distribution agreements. Big Network also owns and hosts Play4Prizes.com, a
suite of interactive online game shows where users can compete for cash and
prizes.
Big Network has also created LivePlace, a new and proprietary community-
building technology that will provide users of eUniverse with a unique
environment that will set it apart from any other online community. LivePlace
will be deployed for the first time when eUniverse re-launches its network in
the near future.
"The acquisition of Big Network adds tremendous strategic value for
eUniverse." Explained eUniverse Chairman Brad D. Greenspan, "Big Network adds
several important dimensions to eUniverse. First, we now own an incredible
core interactive entertainment suite of products already widely used on the
Internet and a popular entertainment hub. Second, through the acquisition of
the 'LivePlace' technology, we will be able to provide a community and
shopping experience throughout the eUniverse network that will be unparalleled
and entirely new. Last but not least, the eUniverse team will bolster its
senior management ranks with the addition of two incredibly talented
individuals, Steve Sellers and John Hanke."
Upon the closing of the acquisition, which is expected within 45 days,
Steve Sellers will become eUniverse's Vice President of Business Affairs and
John Hanke will become eUniverse's Vice President of Marketing and Community
Architecture.
Steve Sellers, CEO of Big Network, was the Cofounder and CEO of Archetype
Interactive, which created Meridian 59, the first graphical Internet multi-
player game. After the company's acquisition by The 3DO Company, he worked as
Director of Internet Business Development. He holds an MBA from the University
of California, Berkeley, and a BA from Stanford University.
John Hanke, President/COO of Big Network, has extensive experience in the
design and development of Internet projects. He was the product manager and
producer for Meridian 59 at Archetype Interactive and served as Director of
Internet Marketing at 3DO. He holds an MBA from the University of California,
Berkeley, and a BA from the University of Texas, Austin.
"We're very excited about joining eUniverse," said Steve Sellers, Big
Network CEO. The company has done a terrific job of assembling an excellent
set of commerce and entertainment sites, and we see a natural fit with our
products and technology. We're looking forward to offering our games
immediately to Case's gaming community and integrating them with its ladder
and tournament system. We also see an unprecedented opportunity to deploy our
core technology to create an entirely unique online community. eUniverse has
collected the pieces, and we're ready to provide the glue to put them
together.
About eUniverse, Inc. (http://www.euniverse.com)
eUniverse, Inc., is a network of entertainment focused commerce,
community, and technology driven Web sites.
Through its online commerce properties, CD Universe
(http://www.cduniverse.com) Video Universe (http://www.videouniverse.com),
eUniverse has over 300,000 customers and was recently rated by Bizrate, and
independent commerce ranking service, the 3rd best online shopping site for
customer service out of 500 online merchants.
eUniverse's recently acquired interactive entertainment communities
include, Cases Ladder (http://www.casesladder.com), which has approximately
1.1 million registered user and over 35 million page views per month and
Gamers Alliance (http://www.gagames.com) one of the largest networks of
gaming related sites on the Internet, with over 800,000 unique monthly
visitors and over 10 million banner impressions per month.
Safe Harbor Statement
Investors should carefully consider the preceding information as well as
other information contained in this press release before making an investment
in the Common Stock. Information contained in this press release contains
"forward-looking statements" which can be identified by the use of forward-
looking terminology such as "believes," "expects," may," "should," or
"anticipates: or the negative thereof or given that the future results covered
by such forward-looking statements will be achieved. The preceding matters
constitute cautionary statements identifying important factors with respect to
such forward-looking statements, including certain risks and uncertainties
that could cause actual results to vary materially from the future results
covered in such forward-looking statements. Other factors could also cause
actual results to vary materially from the future results covered in such
forward-looking statements.
SOURCE eUniverse, Inc.
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CONTACT:
Brett Brewer of eUniverse, Inc.,
203-294-1648, x.554; or Investor Relations, Robert Pratt,
877-318-1819
