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24/7 Media Acquires CLIQNOW! Sales Group

24/7 Media Inc. in New York City acquired the CLIQNOW! Sales Group, the Internet advertising representation division of K2 Design Inc., for about $4 million in cash and stock.

CLIQNOW! currently reps for more than 75 Web sites serving approximately 75 million impressions per month through its eight branded sub-networks, including CLIQFINANCIAL!, CLIQCOLLEGE! and CLIQTRAVEL!

K2 Design will receive $1 million in cash and $3 million in 24/7 Media convertible preferred stock.

CLIQNOW!'s content sub-networks will remain intact and be positioned separately from the 24/7 Network, the company said.

CLIQNOW!'s six-person sales team will expand and operate independently, and will be managed by Scott Paternoster who will retain the title of president of the CLIQNOW! division and also assume the title of senior vice president at 24/7 Media.

All support functions will be integrated into 24/7 Media's corporate infrastructure and the CLIQNOW! properties will be converted to 24/7 Media's ad-serving technology, Adfinity.

Joe Apprendi, executive vice president, of the CLIQNOW! Sales Group, will work in conjunction with the sponsorships and promotion team of 24/7 Media as senior vice president.

"CLIQNOW! has developed an impressive client roster," said David J. Moore, CEO of 24/7 Media, Inc. "Its properties have a unique positioning that complements the 24/7 Network, and we share similar sales strategies. We look forward to pooling our strengths to provide the best Internet advertising solutions to CLIQNOW!'s Web sites and advertisers."

CLIQNOW! clients include Thomson Investor, Associated Press, PR Newswire, fastWeb, Women's Forum and Wall Street Sports.

"After considering several options, it became clear that the best opportunity to carry out our vision was with 24/7," said Scott Paternoster, president, CLIQNOW! Sales Group. "Like CLIQNOW!, 24/7 is managed by media leaders who understand the business of Internet advertising sales."

24/7 operates an online advertising network representing more than 80 brand-name Web sites. Through its subsidiary Intelligent Interactions Corp. it also develops and markets its underlying ad-serving technology, Adfinity, as well as an e-commerce direct marketing solution.