WALLINGFORD, Conn.--(BUSINESS WIRE)--April 22, 1999--
Casesladder.com, one of the Internet's largest gaming
Communities with over 1 million registered users, has signed
a definitive agreement to be acquired by eUniverse for $7
million dollars in stock.
eUniverse, Inc. (aka Motorcycle Centers of America, Inc.)
(OTCBB:MCAMD - news) today announced that the definitive agreement
has been signed to acquire Cases Ladder, Inc. (www.casesladder.com).
Cases ladder is one of the largest interactive entertainment
communities on the Internet with over 1 million registered users and
over 35 million page views per month. Profitable, and growing at the
rate of over 2,000 new members per day, Cases Ladder will become the
first community based acquisition for the eUniverse.com network.
Euniverse will issue 700,000 shares of common stock for the
acquisition, based on Euniverse's closing price on Wednesday, the
acquisition would be valued at $7 million dollars.
Cases Ladder is the premier `event management' community
site on the Internet. Providing a place for game players to
gather and interact with one another in targeted
tournaments, ladders, forums, and chat rooms. Online since
1996, Cases Ladder has developed partnerships with many of
the major gaming services and game developers. From classic
games such as hearts and spades to the latest PC games,
Cases Ladder manages in excess of 1500 tournaments per month
on over 100 games and 200 ladders. Cases Ladder hosts events
for gamers playing on gaming community sites as: Yahoo Games
(Nasdaq:YHOO - news), The Microsoft Gaming Zone (Nasdaq:
MSFT - news), Mplayer, Kali, and more.
"With the acquisition of Cases Ladder, we have positioned
eUniverse as one of the largest players in the interactive
entertainment arena," said eUniverse Chairman Brad D.
Greenspan, " The eUniverse.com network has gained one of the
most unique platforms on the Internet. Cases Ladder is a
profitable and thriving community that has experienced
tremendous organic growth of its user base by providing free
event management products and services to a growing number
of Internet gaming communities."
Frank Westall, Cases Ladder's CEO adds, "Being part of the
eUniverse.com network will allow us to use the tools we have
developed and our concept of community to enter additional
niches and diversify our user base. We also look forward to
introducing the members of Cases Ladder to eUniverse's award
winning commerce sites: (www.cduniverse.com) and
(www.videouniverse.com). In addition, we expect to work with
eUniverse in order to begin offering PC games, video games,
and related merchandise to our user base in the near future.
In 1997, PC and vide game sales were $5.7 billion in the US
market alone, according to research provided by the
Interactive Digital Software Association.
The acquisition shall close upon the satisfaction of certain
conditions set forth in the definitive agreement. It is
expected that such conditions will be met within 21 days.
About eUniverse, Inc. (www.euniverse.com)
eUniverse, Inc., is a network of entertainment focused
commerce, commmunity, and technology driven Web sites.
Through its online commerce property, CD Universe
(www.cduniverse.com) (www.videouniverse.com), eUniverse competes
directly with with companies such as Amazon (Nasdaq:AMZN - news) and
CDNow (Nasdaq:CDNW - news). CD Universe expects to report revenue
over $9 million dollars for its year ending March 31, 1999 with a net
loss of approximately ($500,000). CD Universe has over 275,000
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.
Through its recently acquired online community property,
Cases Ladder (www.casesladder.com), eUniverse has added over
1 million registered users and competes directly with such
community sites such as: Nettaxi, Inc. (OTCBB:NTXY - news)
and theGlober.com (Nasdaq:TGLO - news).
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.
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