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Incode to Acquire KissyKat Online Dating Service for Pet Lovers; Unique Online Dating Service Committed to the Sponsorship of Pet and Animal Charities
NEW YORK --(Business Wire)-- Sept. 13, 2004 -- Incode Corporation today announced its execution of an agreement to acquire KissyKat, a special interest online dating service devoted to pet and animal lovers and their community. Incode expects to close the acquisition of KissyKat in line with the completion of Incode's proposed acquisition by BIB Holdings, Ltd. ("BIB") (OTCBB:BIBO).
As online dating increases in popularity, KissyKat offers an exciting new breed of service that sets itself apart from generic matchmaking sites by providing pet and animal lovers with a stimulating interactive experience on a fun and easy-to-use online platform based on the best of today's internet technologies. KissyKat's mission is to bring the enabling power of successful eBusiness to the overall pet community -- to the mutual benefit of pet-owners and pets at the same time.
A Horse of a Different Color
Given the sheer number of singles using online dating services as a compliment to other means of dating, it is becoming increasingly difficult to find and develop a relationship with like-minded people on the majority of the available online matchmaking services. These overcrowded services can be limited by their generality and are becoming increasingly difficult to navigate. Incode believes that community-centric niches, such as the pet and animal community, are inclined to higher rates of conversion and retention and are therefore capable of lower subscriber acquisition costs and higher rates of return relative to generic services.
Jim Grainer, Incode's president and chief financial officer, stated that, "we see niches in the online dating sector as a significant arbitrage opportunity today. Not only do these niches come with highly qualified consumers that are seeking people that share a common interest, but they often come with established grass roots distribution networks that can cost-effectively drive the acquisition and retention of subscription-based memberships."
In addition to traditional subscription-based matchmaking services, KissyKat's dating services are set up to drive recurring monthly charitable donations down through a distributed network of affiliated adoption agencies, shelters, clinics and animal welfare organizations for referrals to the KissyKat dating service.
"Nearly 40 million of the 98 million domestic singles own pets. Pets command a multi-billion dollar sector of our economy and help break the ice for prospective dates. We are very excited by the inclusion of KissyKat's online dating service in our planned portfolio of successful subscription-based eBusinesses," added Grainer.
The American Pet Products Manufacturers Association reported in April 2004 that pet spending has nearly doubled in the past decade, from $17 billion in 1994 to $32.4 billion in 2003 and a projected $34.3 billion in 2004.
Incode's plan is to expand on KissyKat's current model and subscriber base. Incode is targeting KissyKat to make a significant revenue contribution to Incode's overall portfolio of subscription-based eBusinesses, including Incode's previously announced planned industrial and financial services portals.
The Online Personals Industry
In November 2003, Jupiter Research estimated that 2003 revenues for the U.S. online personals industry would be $313 million, growing to $642 million in 2008. "21% of Internet users browsed online personals in the last year and 13% posted their own profiles" (Nov. 2003). Similarly, Hitwise, in February 2004, reported the market share of visits to online dating web sites in the U.S. has grown over 52% from January 2003 to January 2004, making online dating one of the fastest growing categories on the web.
About KissyKat Corporation
KissyKat is an online personal service with a focus on a major niche market: the pet products industry. KissyKat helps people who love their pets find love. KissyKat's strategy is premised on the creation of a unique, upscale and innovative environment where like-minded people can socialize and start relationships. KissyKat's founding ideal is to bring the enabling power of the internet to the pet and animal welfare community for the mutual benefit of singles and pets. KissyKat sponsors pet and animal welfare organizations through its unique charitable donation program. Additional information is available online at www.kissykat.com.
About Incode Corporation
Incode was founded in 2004 to acquire, develop and commercialize innovative and profitable subscription-based eBusinesses in the online dating, information, retail, industrial, and financial services sectors. Additional information is available online at www.incodetech.com.
About BIB Holdings Ltd.
BIB Holdings Ltd. (OTCBB:BIBO) designs, manufactures, imports, sells and markets branded and non-branded apparel. The company has a showroom in New York, a distribution center in Pennsylvania and a distribution center in Las Vegas, within a Foreign Trade Zone. The company designs, sources and markets a brand of high quality apparel under the m.Sasson, Elk Canyon and New Terrain labels as well as private label. Product lines have included underwear, loungewear and outerwear, as well as accessories such as ties, hats, scarves, gloves, jewelry, backpacks and small leather goods as well as apparel. BIB Holdings Ltd. distributes its clothing via leading retailers throughout the United States and abroad. Additional information is available online at www.msasson.com.
Safe Harbor Statement
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of BIB Holdings Ltd., and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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