59 physical office locations across the United States, including 24 corporate owned and 35 franchise locations.
Mountains West Announces Agreement to Complete Merger of Together, The Right One and eLove
Online and Off-line Dating Service Providers Engaged to Marry and Leverage Strengths in Exciting New Business Model
CHICAGO, Dec 14, 2006 (BUSINESS WIRE) -- Mountains West Exploration Inc. (OTCBB:MWXI, "Mountains West") today announced that it has entered into a definitive letter of intent to acquire privately held Together, The Right One and eLove (TTRO), based in Norwell, Mass. TTRO is one of the largest and most successful off-line dating companies. The Company previously executed a Letter of Intent on November 10, 2006, with Think Partnership Inc. (AMEX: THK) to purchase their online dating businesses which include Cherish, Inc., and other direct and indirect subsidiaries, including Personals Plus, Inc., and Vintacom Florida, Inc. (collectively, "Cherish").
Together, The Right One and eLove (www.togetherdating.com) has been a dominant player in the off-line dating business since 1974 and has a total of 59 physical office locations across the United States, including 24 corporate owned and 35 franchise locations.
"This historic transition will define the future of the dating service industry for years to come. I am very excited to be a part of this new venture and feel the future of our industry will be dependent on uniting the online with the off-line services," noted Paul A. Falzone, CEO of The Right One.
Falzone added, "Our businesses have done well because we re-invented our marketing strategies. Our return on investment (ROI) for marketing expenditures has increased significantly because our cost per acquisition of new members has decreased greatly. We now compete for leads with the online services because our conversion rates are very similar, but our memberships are at a much higher price point. This is the first step in what I believe will be the future transformation of our business and industry. In addition, there will be many more opportunities to merge online and off-line dating companies in the near future. I give Doug Stukel and Lee Wiskowski, co-CEOs of Mountains West a great deal of credit for recognizing this and being so innovative."
Said Bradford W. Megahan, president of Together, "Our goal is to build a company that is situationally relevant to single people. We now can provide different levels of personal service to single people of all ages with various price points."
TTRO is the nation's largest brick-and-mortar personal introduction service with 30 years of history. Unique in the dating industry, the company emphasizes safety and personal value attention, helping clients achieve their goal of finding a suitable mate. Concentrating largely on "white-collar" professionals between the ages of 25 to 65, TTRO has developed a sophisticated interview process in addition to using proprietary software modules to be a leader in the match-making industry.
Doug Stukel, Co-CEO of Mountains West said, "The partnership of TTRO and Cherish should create an unparalleled strategic advantage in the acquisition of dating leads for the online and off-line dating worlds."
Scott P. Mitchell, president and CEO of Think Partnership, and future chairman of Mountains West, commented, "Combining the lead generation and profiling power of online dating properties with the high level of service, value, and associated price and margin support obtainable from operating off-line dating services will enable Mountains West to develop what we believe will be a powerful and scaleable cross-marketing engine to drive revenue growth and margin expansion. Think Partnership is excited about working with TTRO in helping them achieve their online marketing goals and developing a mutually successful relationship."
Cherish is the operator of many commercial dating properties and through Cherish's wholly owned Vintacom Florida, Inc. subsidiary ("Vintacom", www.vintacom.com), Cherish is also the worldwide leading provider of online dating technologies. Vintacom's technology currently powers over 180 online dating sites in the United States and Canada (www.Vintacom.com) including such popular sites as American Greetings' SpecialSomeone.com, Dating.com, Relationship.com, Single.com and Soulmate.com.
Cherish owns and operates a number of successful commercial dating properties across a variety of niches including DreamMates.com, SingleMe.com, and PassionatePersonals.com. Also, through the Relationship Exchange (www.relationshipexchange.com), Vintacom's innovative technology and network of independent online affiliated dating sites, independent sites can share and tap into one of the Internet's largest databases of personal ads. Canada.com, a major portal for radio stations, television stations and newspapers, utilizes the Relationship Exchange technologies for their online dating services. In addition to hosting online dating sites, Vintacom's world-class turnkey services include quality control and customer service, making it one of the world's leading service and technology suppliers for companies that want to enter, or quickly expand their operations, in the growing online dating space.
Cherish has hosted over 25 million dating profiles since 1998, has over 4 million current profiles in its databases and adds an average of 200,000 new profiles each month. Although most subscribers live in the United States or Canada, roughly 30 percent of the profiles listed on Cherish's dating sites and the Relationship Exchange are international.
Lee Wiskowski, Co-CEO of Mountains West said, "We believe the combination of Scott Mitchell as chairman of Mountains West and Kristi Mitchell as president of the online business, along with Paul Falzone and Brad Megahan as continuing presidents of the off-line businesses, creates a unique hybrid dating company and should be the first company to leverage both sectors."
About Mountains West Exploration Inc.
Mountains West Exploration, Inc is a New Mexico incorporated holding company which is publicly listed and traded on the Over the Counter Bulletin Board Exchange (OTC.BB) listed under the symbol MWXI.OB. The company intends to be a leader in the consolidation of dating companies in both the online and off-line industries.
Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Although the company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements.
Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties such as the company's inability to accurately forecast its operating results; the company's potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the company's business. For further information on factors which could impact the company and the statements contained herein, reference should be made to the company's filings with the Securities and Exchange Commission, including annual reports on Form 10-KSB, quarterly reports on Form 10-QSB and current reports on Form 8-K. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
SOURCE: Mountains West Exploration, Inc.
12/31/96 --- 3.125 0.781 0.781 2,720
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12/31/97 --- 5.469 2.344 2.344 21,688
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09/29/06 --- 0.600 0.300 0.260 24,900
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [X] No [ ]
The number of shares of the issuer's common stock, par value $.001 per share, outstanding at November 15, 2006, was 1,300,018 shares.