RealTime IT News

CyberQuest Acquires Web Mall For $1.03 Million

Sarasota, FL-based CyberQuest Group Inc. said it has acquired an e-commerce shopping mall and related assets from The Outlet Mall Network Inc. in a stock and options deal valued at $1.03 million.

The site, located at www.theoutletmall.com, features more than 70 online stores selling primarily name brand merchandise shipped factory direct to consumers.

Mark E. Gray, president/CEO of CyberQuest Group, said the purchase comes complete with quality, brand name merchandising relationships that give the online mall a "unique marketing position online."

The Outlet Mall Network stated that the Web mall generates gross profit margins "in excess of 41 percent" compared to the average run of the mill "link" mall gross margins of only 1 to 3 percent. The site generated over 1.7 million hits in the last half of 1998, Outlet Mall said.

Gray said the company plans to expand the existing site as well as spin off speciality sites including one devoted to gourmet cooking and wine.

"In considering this acquisition," said Eric Piper, vice president of business development for CyberQuest, "what we liked most about the online mall was the variety of brands available, ease of shopping and the 'product of the day' specials, which bring shoppers back to the site on a regular basis."

The CyberQuest Group Inc. is a Web development company specializing in e-commerce applications. The company offers advanced Web services, Web hosting, database hosting and media server hosting. CyberQuest also provides a full range of application tools, including secure transaction services, e-mail, chat room and home page support for client applications.