Internet Gold's MSN-Israel Acquires Controlling Interest of GetPrice, a Popular Price Comparison Site
August 30 2005 - 1:09AM
PR Newswire (US)
- Plans to Jointly Establish 'MSN-Compare,' a New Price Comparison
Site - PETACH TIKVA, Israel, Aug. 30 /PRNewswire-FirstCall/ --
Internet Gold (NASDAQ:IGLD)(TASE:IGLD) today announced that
MSN-Israel, the subsidiary it owns with Microsoft Corporation
(50.1% owned by Internet Gold), has acquired 51% of the rights in
getprice.co.il ("GetPrice"), one of Israel's most popular price
comparison sites. The remainder 49% of the rights in GetPrice will
continue to be held by Naltec Internet solution provider, the
partnership that founded GetPrice and developed its advanced price
comparison engine. Working with GetPrice, MSN-Israel intends to
establish a new price comparison site called MSN-Compare.
MSN-Compare will operate in parallel to GetPrice, but will target
users of other MSN-Israel services. Commenting on the news, Uri
Adoni, CEO of MSN-Israel, said, "Internet-based price comparison is
growing hand-in-hand with e-Commerce, and, as Israel's leading
Internet Media Group, it is natural for us to establish a
significant position in this emerging field. As with our other
media-related acquisitions, the ability to bring the MSN brand as
well as our excellent sales force to a technological leader will
benefit both companies, enabling the business to be incremental to
our results from the very first quarter. At the same time, the
ability to use GetPrice's advanced price comparison platform as the
basis for MSN-Compare will enable us to launch this important
service with a very low incremental investment cost. We believe the
entire Price-Comparison segment will become an increasingly
important part of our business." About Internet Gold Internet Gold
is a communications company that provides Internet access and
related value-added services, international telephony,
e-advertising, content and e-Commerce services throughout Israel to
both residential and business customers. Internet Gold's operations
are carried out through four subsidiaries. Through MSN Israel, its
(50.1% owned) joint-venture with Microsoft Corp. (49.9% owned), the
Company operates several of Israel's Internet portals. Its
fully-owned subsidiary, Internet Gold International, specializes in
the provision of international Internet and communication services.
Its fully-owned subsidiary, GoldMind, focuses on the provision of
Internet value-added services. Through GoldTrade, its fully-owned
e-commerce subsidiary, the Company has established itself as one of
Israel's leading e-commerce providers. For additional information
about Internet Gold, please visit our Website at
http://www.igld.com/. Certain statements made herein that use the
words "estimate," "project," "intend," "expect," "believe" and
similar expressions are intended to identify forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve known
and unknown risks and uncertainties which could cause the actual
results, performance or achievements of the Company to be
materially different from those which may be expressed or implied
by such statements, including, among others, changes in general
economic and business conditions and specifically, decline in
demand for the Company's services, inability to timely develop and
introduce new technologies, services and applications and loss of
market share and pressure on prices resulting from competition. For
additional information regarding these and other risks and
uncertainties associated with the Company's business, reference is
made to the Company's Annual Report filed with the Securities and
Exchange Commission and its other reports as filed from time to
time with the Securities and Exchange Commission. For further
information, please contact: Ms. Idit Azulay, Internet Gold +972 3
939-9848 DATASOURCE: Internet Gold CONTACT: Idit Azulay of Internet
Gold, +972-3-939-9848, Web site: http://www.igld.com/
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