Wyith acquires major US-based domain registration company, Domain Avenue
Hackensack, New Jersey - November 8, 2000 - Wyith Incorporated announced the
acquisition of a major US-based domain registration company, DomainAvenue.com.
This transaction reinforces Wyith's community
integration business model and helps extend its growing expansion.
DomainAvenue.com was an early entrant in the domain registration market,
having started its business in 1996. Since then, DomainAvenue.com has offered
domain registration services to over 16,000 customers and has also reserved
over 400 generic domain names, including domains in the agriculture/food
category, travel, insurance, health care, medicine, Internet services,
encryption security, media, news and sports.
Examples of domain names DomainAvenue.com registered include
SyndicatedNews.com, M.md, EncryptionSolutions.com, ChemicalProducts.com,
and many others.
"We are very pleased that Wyith succeeded in acquiring DomainAvenue.com knowing that
other competitors, including Network Solutions, Inc. (Nasdaq:NSOL), had made
much more attractive offers. It was clear that our business model had appealed
to the President of DomainAvenue.com, Ms. Ruth DiTucci, and that she
was satisfied with the promising prospects Wyith had offered. Most of
the competitors' offers, including NSI's, were simply after DomainAvenue.com's
InternicRegistration.com and InternicRegistrations.com domains whereas Wyith
offered DiTucci a chance to have the domains developed." said Dr Raymond Cheng,
Managing Director of Wyith Incorporated.
||DomainAvenue.com was thoroughly covered by
various online media as they turned down Network Solutions'
millions offer to take over the company.
Ruth DiTucci, President and CEO of DomainAvenue.com, said
she would not be interested in selling her company to NSI
because she realised that NSI's business model is saturating
and is too narrow when compared to Wyith's model.
Read more about Wyith's community
integration business model
Dr Cheng continued, "Though being tactically variant for Wyith to acquire
a cyber-squatter company, adding DomainAvenue.com's domain reserves and its
local client base to Wyith will definitely strengthen Wyith's position in the
development of Wyith's Internet community. Afterall, Wyith is in no way interested in
selling the domain names to any other parties but only to develop them one by one."
"We're not cyber-squatters and we have never supported cyber-squattering.
The only reason we acquired DomainAvenue.com is because their domain reserves
were an ideal match with our business development. Good names are very important for
generating traffic, especially generic online brands, and we believe that by acquiring
DomainAvenue.com, Wyith will be able to further expand its online presence to a much
"We are extremely excited to join the Wyith family," said
President and CEO of DomainAvenue.com who will be staying
in Wyith as both Director for Sales as well as President for the
new DomainAvenue.com Division of Wyith Incorporated during the transitional period.
"As one of the most controversial companies for domain names with a
large inventory and number of registered users, DomainAvenue.com is joining
Wyith to create the most comprehensive set of personal domain services in
the international B2C market."
Upon completion of acquisition of DomainAvenue.com's domain assets, the
company will be renamed 'Wyith Limited d/b/a DomainAvenue.com' and will be
grouped under the Wyith umbrella as a new division targeting the personal domain market.
The Web site for Domain Avenue is www.DomainAvenue.com
About Wyith Incorporated
Founded in 1991, the company is a provider of corporate MIS applications,
backend IT services and is a strategic consultant of e-business.
The company's wholly owned division, Wyith Limited, is also a
world class leader in B2C domain-based services, including
domain registrations in over 70 countries, Web hosting and
related services. The business has serviced over 40,000 customers
worldwide, spanning 110 countries.
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