iTurf Acquiring Ontap.com
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iTurf will issue 1.6 million shares of its Class A common stock (it closed Friday at $12.625) to the selling shareholders in a tax-free exchange.
iTurf itself is a subsidiary of dELiA*s Inc.
OnTap.com offers 10 different content communities -- Entertainment, Hot Forums, V-Dorm, Career Center, Breakaways, Lifestyle, Freeform, Gaming, Sports and Technology -- each with its own editorial style driven and directed by students across the country.
OnTap.com has an exclusive alliance with MarketSource Corp., a marketing services company focused on the Generation-Y market.