Company Rewards Expanded Savings from Merger and Recent Successes
NEW YORK, Apr 17, 2002 -- 24/7 Real Media, Inc. (Nasdaq: TFSM), a leader in interactive marketing, today announced promotions for four senior executives in their New York headquarters.
The promotions reward the success of the merger between and ultimate integration of 24/7 Media and Real Media. They also reflect the consolidation of senior management resulting from the merger, since so many titles and responsibilities overlapped between the two companies` senior executives.
Executive Changes in New York
The consolidation in both technology platform and product/service teams was completed in February, with savings far exceeding estimates. And the leadership of these newly promoted executives will be a deciding factor in the company`s move toward profitability in Q4 02.
Chief Executive Officer David Moore becomes Chairman of 24/7 Real Media`s Board of Directors, with Board Secretary and Company General Counsel Mark Moran adding the title of Executive Vice President. Chief Operating Officer Tony Plesner becomes President and COO of North American operations for the Company, adding to his responsibilities the management of all US and Canadian operating units. Jonathan Hsu, who had managed Corporate Development for Real Media, becomes Senior Vice President for Corporate Development, including all venture activities and high-level partnerships. He will continue to report to Executive Vice President and CFO Norman Blashka, who also joined from Real Media.
"The new titles reflect added roles for all of these executives," said Mr. Moore. "Their management of the consolidation of both our technology platforms and of our teams after the merger of 24/7 Media and Real Media has left us very well positioned. Thanks especially to the cost-cutting and integration efforts of Tony, Norm, and their people, our burn rate is way down and we`re tracking nicely toward our goal of profitability in Q4 02."
About 24/7 Real Media, Inc.
Merged in October 2001, 24/7 Real Media provides marketing and technology solutions to online marketers and publishers to maximize customer relationships and revenue. Our products and services include: Internet ad serving technology, online media representation, integrated marketing solutions comprised of network and site specific advertising, email list management & brokerage, online promotions and search engine optimization. For more information, please visit our Web site: www.247realmedia.com.
Caution concerning forward-looking statements:
This news release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management`s current expectations and are naturally subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein due to changes in economic, business, competitive and/or regulatory factors. More detailed information about those factors is set forth in the most recent quarterly report and other filings with the Securities and Exchange Commission made by the companies named herein. In addition, the following factors, among others, could cause actual results to differ materially from those described herein: the risk that the 24/7 Media and the Real Media ad serving platforms and businesses will not be integrated successfully, the potential for impairment of relationships with employees or customers, the costs related to the merger or integration of ad serving platforms, the inability of the companies to realize synergies or other anticipated benefits of the merger, and other economic, business, competitive and/or regulatory factors affecting the businesses of 24/7 Real Media. The Company is not under any obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
24/7 Real Media, New York
Mark Naples, 212/231-7175