Altrec.com Acquires GreatOutdoors.com, Receives Cash Investment

Posted on May 5, 2000

Online outdoor and travel lifestyle retailer Altrec.com has announced it has acquired all assets of Cox Interactive Media's (CIMedia) online content and community portal for outdoor enthusiasts, GreatOutdoors.com, and received a cash investment from CIMedia, in a transaction valued at $10.5 million. CIMedia's cash investment, which was made through its parent company, Cox Enterprises, Inc., gives CIMedia a minority stake in Altrec.com, and a director's seat on the Altrec.com board.

Mike Morford, Altrec.com CEO, explained that the acquisition of GreatOutdoors.com is meant to help the company meet the increasing demands of the burgeoning online community for outdoor enthusiasts. ``This deal brings together Altrec.com, an award-winning, state-of-the-art online retailer with one of the most highly-trafficked outdoor content sites,'' said Mr. Morford. ``Joining Altrec with GreatOutdoors, two of today's top Internet pure-plays in the outdoor market, means that consumers will now have an even more powerful and definitive resource to bookmark when it comes to pursuing their outdoor passions.''

Altrec.com plans to increase Altrec.com's market share by immediately capitalizing on the large flow of qualified consumer traffic directed to GreatOutdoors.com. Leveraging the content created and amassed by GreatOutdoors.com, will also be a priority for Altrec.com.

CIMedia President Peter Winter also commented, ``Altrec.com, with GreatOutdoors.com, is poised to secure pole position in the outdoor industry. We've watched the players in this arena for some time, and as the inevitable consolidation in this dot-com space occurs, we believe that Altrec.com will find its way to the top by delivering the most value to outdoor enthusiasts.''