Under agreement, InfoSpace mobile shopping and electronic promotions services would integrate real-time product availability data from Found`s ICaM (Integrated Clicks and Mortar) Solution* enabling new ways for merchants to reach consumers via wireless/wireline devices
BELLEVUE, Wash. and SAN FRANCISCO, CA. - April 17, 2001 - InfoSpace (NASDAQ: INSP), a leading global provider of cross-platform infrastructure products and services on wireless, broadband, and narrowband platforms, and Found, Inc., an e-infrastructure technology solution provider leveraging the Internet to create efficiencies for offline retailers and manufacturers throughout the supply chain, today announced an agreement to incorporate inventory information delivered by Found`s ICaM (Integrated Clicks and Mortar) Solution* with InfoSpace`s mobile commerce services. This integration would provide Found retailers with innovative new ways to increase customer traffic, drive sales and manage inventory by integrating their real-time product availability data with InfoSpace`s mobile commerce services, which offer consumers the ability to comparison shop among and receive promotions for goods and services from almost any device.
For consumers, these cutting edge services provide the ability to quickly and easily find products currently in stock at nearby retailers with the best price, confirm availability, pay for products and services and elect to pick them up at the merchant`s physical storefront or have them shipped, all from the convenience of a mobile device.
Jupiter Research recently found that the services consumers were most interested in using via mobile devices were those that allowed them to find local stores, check the availability of products and compare the prices for those products among both online and offline merchants. Furthermore, Jupiter expects that by 2005, the Web will influence roughly 24% of all US consumer spending but that only 6% of this will be spent online, leaving18% of all US consumer spending that will be influenced by the Web but that will be spent in traditional (offline) channels.
"We always are looking for ways to add value to our retail customers` multi-channel strategy," said Richard Lawson, president and CEO of Found, Inc. "By partnering with InfoSpace, we are able to provide our customers with the ability to deliver inventory availability data in real-time to consumers over a wide range of devices, allowing them to give consumers the immediately gratifying shopping experience they are demanding."
"InfoSpace is committed to leveraging our core technologies and established base of users to drive the adoption of mobile commerce by delivering innovative services that capitalize on the unique aspects of the mobile environment while providing consumers and merchants with practical solutions that deliver tangible benefits," said Naveen Jain, chief executive office and chairman of InfoSpace. "This announcement with Found represents another step forward in the implementation of our vision of being at the center of the powerful confluence of online and offline commerce."
About Found, Inc.
Found is an innovative e-infrastructure solution provider that utilizes the Internet to create dramatic efficiencies for offline retailers and manufacturers throughout the supply chain. Found`s ICaM (Integrated Clicks and Mortar) Solution* helps traditional offline companies rapidly and cost-effectively allow their customers to search for, locate and purchase products online or offline from their regional distribution centers or local retail stores. Found technology also provides offline partner companies the ability to more effectively monitor and react to geographically relevant real-time product movement within the supply chain. Found is a privately held company based in San Francisco. For more information, visit www.found.com
About InfoSpace
InfoSpace is a leading global provider of cross-platform merchant and consumer infrastructure services on wireless, broadband, and narrowband platforms. The Company provides commerce, information, and communication infrastructure services to wireless devices, merchants, and Web sites. InfoSpace`s partners encompass a global network of wireless, PC, and non-PC devices, including cellular phones, pagers, screen telephones, television set-top boxes, online kiosks and personal digital assistants. InfoSpace has relationships with Verizon Wireless, AT&T; Wireless, Cingular Wireless, Intel, Virgin Mobile, Hasbro, National Discount Brokers, and Bloomberg, among others. InfoSpace`s affiliate network also consists of more than 3,200 Web sites that include AOL, Microsoft, NBCi, Lycos, and ABC LocalNet. InfoSpace is also positioned to tap the market for broadband wired (DSL and cable) and broadband wireless (2.5G and 3G) services, such as interactive gaming, television and other entertainment services. In addition, the Company recently added back-end payment processing to InfoSpace`s existing commerce services, allowing InfoSpace to offer everything a merchant needs to conduct the entire lifecycle of a transaction, one of the key drivers of mobile commerce adoption.
Contact information:
Adam Whinston
InfoSpace
(425) 201-8946
adam.whinston@infospace.com
Coleman Smith
Alexander Ogilvy
Public Relations for Found
(404) 881-2397
csmith@alexanderogilvy.com
This release contains forward-looking statements relating to the development of InfoSpace`s products and services and future operating results, including statements regarding InfoSpace`s agreement with Found, Inc., that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "believe," "expect," "intend," "anticipate," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect InfoSpace`s actual results include the progress and costs of the development of our products and services and the timing of market acceptance of those products and services. A more detailed description of certain factors that could affect actual results include, but are not limited to, those discussed in InfoSpace`s Annual Report on Form 10-K, in the section entitled "Factors Affecting Our Operating Results, Business Prospects and Market Price of Stock." Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. InfoSpace undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
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