SAN FRANCISCO--(BUSINESS WIRE)--Feb. 19, 1999--GourmetMarket.com (OTC Bulletin Board:WINE - news; www.gourmetmarket.com), one of the leading Internet commerce sites for culinary products, announced today that it has acquired the assets of Travlang.com for a combination of cash and stock.
Travlang.com, a pioneer Internet travel and foreign language site founded in 1995, today has over 7,500,000 page views and over 560,000 unique visitors per month. The site provides instant translations into 60 languages and extensive travel information. Travlang has won numerous web site awards including best travel site in 1997. Revenues are generated from advertising as well as e-commerce from the sale of airline tickets and hotel reservations.
GourmetMarket.com expects this acquisition will substantially increase the company's revenues.
Chanan Steinhart, CEO of GourmetMarket.com, said: ``Travlang will complement our site by bringing additional traffic to our growing Lifestyles offerings of both content and E-commerce. It will expand our site, which offers specialized foods, chocolates, wines, cigars and other premium culinary products.''
Dr. Michael Martin, founder of Travlang who will continue to consult with the company, said: ``I am excited by the opportunity to work with GourmetMarket.com and look forward to the continued growth and synergy of both sites. I believe the approach GourmetMarket is taking can only lead to success.''
Tom McGrew, COO of GourmetMarket, added: ``People who enjoy gourmet foods and products are generally interested in travel and foreign language. We have found a psychographics match that will allow us to offer users of both sites products and services that will interest them, inform them and motivate them to buy. Together with our other strategic relationships with Internet companies such as Yahoo (Nasdaq: YHOO - news); Infoseek (Nasdaq: SEEK - news) and Mindspring (Nasdaq: MSPG - news), we continue to build the growth of our sales and traffic.``
GourmetMarket.com has been selling hundreds of products online for more than a year. Not only does the company offer specialty kitchenware, CD Rom cookbooks and gourmet food products, but it also has started five rapidly growing clubs for chocolate lovers and wine connoisseurs hosted by world renowned experts who select the products and provide information with each monthly shipment.
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in the press release other than historical facts are ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. The company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
C. Lawrence Rutstein, 561/470-6005
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