BOCA RATON, Fla.--(BUSINESS WIRE)--Jan. 20, 2000--iiGroup, Inc.(OTCBB:iiGR - news), an Internet holding company formed to acquire Internet content and information providers, today announced that it has acquired Travlang.com (www.Travlang.com). Travlang is the premier Internet foreign travel language website.
MCG Partners, Inc., a merchant banking firm in Boca Raton, arranged the combination cash and stock purchase of Travlang from GourmetMarket.com (OTCBB:WINE - news). MCG Partners will assume a leading management role in iiGroup, Inc.
Neil Swartz, MCG Partner, said, ``Travlang's base of 750,000 hits per day, its numerous awards, matched with the infrastructure iiGroup has in place to expand, makes this a perfect fit. This will be the first of several iiGroup acquisitions. We will be using what is currently the basis of the Travlang site with foreign language databases for expansion into new services that will increase site traffic and revenues and open up licensing opportunities. iiGroup is currently negotiating with several major portals to set up partnerships whereby the unique features of Travlang.com's content will be licensed.''
Travlang is a site that has existed for nearly five years and is recognized as the leader in providing free access to over seventy foreign language translation dictionaries to over half a million unique visitors a month. The site provides a variety of useful tools and links to some of the best places on the Internet. This has allowed the site to sell tens of thousands of banner advertising.
Travlang.com's success at increasing traffic is an indicator to
iiGroup that the content of the site has revenue-bearing value to
other sites. The increasing use of the Internet for travel bookings
and research has lead to tremendous growth of both foreign and
domestic traffic on Travlang.com. This trend gives iiGroup the
opportunity to establish relationships with other companies that will
provide services and products to Travlang traffic, while increasing
revenues and value for iiGroup.
Travlang.com features the following: -- Round-the-clock access to the most complete coverage of foreign language on the Internet, which includes over 70 foreign languages in dictionary form. -- A direct link to over 7,000 different websites on the Internet relating to both foreign travel and language. -- A Travel Concierge which enables site visitors to explore the travel library, create travel plans, and consult with a travel agent for personalized travel planning. -- A Currency Exchange which gives the site visitor the latest exchange rates for foreign currencies. X A World Wide Hotel which allows the user to find hotels and book reservations at over 30,000 hotels in 5,000 cities in 140 countries.
The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, regulatory approval processes, the impact of competitive products or pricing, unpredictability of patent protection, technological changes, the effect of economic conditions and other uncertainties detailed in iiGroup, Inc.'s filings with the Securities and Exchange Commission.
MCG Partner Neil Swartz, 561/620-9202 firstname.lastname@example.org
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