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IBD Acquires 4playauction.com; Addition of Adult Lifestyle Auction Website to Complement Existing Operations and Brand Investments
DEERFIELD BEACH, Fla. --(Business Wire)-- Nov. 11, 2004 -- Care Concepts I, Inc., (AMEX:IBD), a media company engaged in interactive brand development, today announced that it has acquired 4playauction.com, an adult lifestyle auction website in exchange for 25,000 shares of its common stock.
4playauction.com offers a low-cost distribution alternative to traditional adult e-commerce platforms. By providing a secure environment for both wholesale and P2P trading, 4playauction.com offers an alternative marketplace to mainstream trading sites such as eBay (NASDAQ:EBAY) who actively discourages adult orientated product transactions. 4playauction.com has been featured nationally through syndicated talk radio programs like "Love Line" hosted by well known author, Dr. Kelly Johnson (Q101 in Chicago).
Revenue is generated through a per transaction commission as well as through the sale of advertising space which IBD expects to complement with advertising agreements from travel providers, video providers and other adult related enterprises.
"The acquisition of 4playauction.com from CPM, Inc., which includes the website, URL, and proprietary software, is a logical and synergistic addition to our existing mainstream auction operations and our investments in adult brands including our 40% equity interest in Penthouse Media Group," said IBD's Chief Operating Officer Steve Markley.
"By leveraging our existing assets and operational expertise we hope to build a strong and loyal community within the $50 billion adult marketplace," said Markley.
About Care Concepts I, Inc.
Care Concepts I, Inc. (AMEX:IBD) is a media and marketing holding company with significant consumer brand investments. The company owns interests in animation brands; adult entertainment brands; and in internet online auctions. The Company's brand investments include Penthouse Media Group (PMG), publisher of Penthouse Magazine, a brand-driven global entertainment business founded in 1965 by Robert C. Guccione. PMG's flagship PENTHOUSE(TM) brand is one of the most recognized consumer brands in the world and is widely identified with premium entertainment for adult audiences. PMG is operated by affiliates of Marc Bell Capital Partners, LLC as a global multimedia company encompassing Internet distribution through multiple websites, video production, broadcast, clubs and product licensing.
This release contains statements relating to future results of the Company that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of various risks and uncertainties. In July 2004, the Company entered into an agreement to acquire iBill from PHSL in exchange for Company securities convertible into 49.9% of the Company's fully-diluted common stock. As previously disclosed, the American Stock Exchange objected to the closing of the iBill transaction for, among other factors cited, public interest issues and has required the Company to supply additional information. Management believes that iBill is fully compliant with all applicable laws and is hopeful that it will be able to satisfy the inquiries of the AMEX so as to be able to consummate the iBill acquisition and retain its AMEX listing.
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