MyPhotoAlbum Inc.
FortuneCity.com Inc.: FortuneCity.com Inc. Announced Today the Sale of Its Web Hosting Customer Base And New Marketing Agreement for Web Hosting Services
Ad hoc announcement transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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FortuneCity.com Inc. announced today that it has sold its paid web hosting
and domain name customer base for a total consideration of approximately
$1.1 million which will be paid out in instalments over the next 18 months.
Additionally, the Company entered into an agreement with the Purchaser to
market paid web hosting services leveraging the FortuneCity.com web site in
return for a 57% share of the customer’s revenue during the first year of
service. FortuneCity estimates that the total value of the two agreements
to the Company will be in excess of $1.5 million over the next two years.
The Company will continue to operate its advertising supported ‘free’
homepage product. Peter Macnee, President and CEO commented, “After
reviewing our web hosting business strategy, we decided that it made more
sense to sell our paying customer base and concentrate on growing the
original free hosting service and the new online photo sharing business,
rather than continuing to compete against much larger players in the
fiercely competitive small business hosting segment. The sale will also
allow management to focus on other opportunities.”
Contact:
Contact:
Peter Macnee
President & CEO
investor-relations@corp.fortunecity.com
+1-212-981-8624
(c)DGAP 01.02.2006
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