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InterSearch Group, Inc. Completes Merger with Search Engine and Internet Consulting Firm Walnut Ventures
TAMPA, Fla. --(Business Wire)-- Dec. 13, 2004 -- Merger Marks Major Expansion of Its Presence in the Internet's Hottest Growth Industry
InterSearch Group, Inc. (Pink Sheets:ISGP) has completed its merger with Walnut Ventures, Inc., a San Francisco-based owner and operator of several performance based PPC search engine properties and search enhancing products. Financial terms were not disclosed.
"We're very pleased to have Walnut Ventures and its performance based PPC search properties as an integral part of InterSearch Group," said Frank McPartland, Chairman of InterSearch Group. "Operationally and strategically, Walnut represents a great fit."
McPartland said, "With the completion of this merger the board of directors is pleased to announce that Daniel (Dan) O'Donnell, Chief Executive Officer for Walnut Ventures, has been elected to serve as president and CEO of InterSearch Group. Dan O'Donnell will lead the combined organization to continue growth through additional complementary acquisitions, strategic distribution partnerships and joint ventures while maintaining the companies existing rapid organic growth."
"This is a great marriage of organizations," O'Donnell said. "Walnut Ventures provides a solid base from which to move forward in boosting organic business growth, while InterSearch Group affords us the platform to expand through carefully targeted acquisitions and strategic partnerships."
As CEO of Walnut Ventures, O'Donnell focused on identifying emerging Internet opportunities and developing them into sustainable businesses and high-value enterprises. Mr. O'Donnell's entrepreneurial background includes the development of successful financial and professional services firms such as Global Financial Services (GFS) which was eventually sold to iGate Corp (IGTE).
Walnut has recently made a number of key strategic moves that ideally positions the business to continue its meteoric growth, including the hiring of former Overture Director Robert Hoult to head its Business Development and Acquisition efforts as well as the hiring of former AskJeeves Strategic Partnership Manager, Milo Ryan.
Based in San Francisco, Walnut (http://www.walnut-ventures.com) owns a number of revenue producing Internet search properties that operate in the same space as firms like Google (GOOG), Mamma.com. (MAMA), InfoSpace (INSP) and AskJeeves (ASKJ). Walnut has long-standing partnerships with the top PPC search results providers. Walnut's unique meta-search technology provides users with "one-stop shopping" for the best search results offered throughout the Internet.
In addition, Walnut offers search services to the Registrar/ Domain name channel and desktop search management tools, including a multi purpose toolbar and a desktop search application that allows users to search the internet without first opening a web browser.
InterSearch Group is a holding company providing related technology, Search Engine and consulting services to many distinct markets and customers.
San Francisco-based Corporate Consulting Services, Inc. became an InterSearch Group company through a merger completed in October. CCS (http://www.ccs4resources.com) provides professional technology, training and consulting services to companies serving the financial services and internet/software industries.
More information about InterSearch Group, Inc. can be obtained at its website: www.InterSearch.com or by contacting the company at 415-901-0410. InterSearch Group's stock is listed on the National Quotation Bureau under the symbol ISGP.PK
Except for historical information, matters discussed above are forward-looking statements within the meaning of safe-harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from projected results. Those factors include, but are not limited to, economic, competitive, governmental and technological factors affecting the Company's operations, markets, services and related products, prices or other areas. The Company undertakes no obligation to publicly release the results of any revisions to forward-looking statements.
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