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Netgateway to Acquire StoresOnline.Com

Netgateway Inc. has entered into a binding agreement to purchase StoresOnline.com, broadening Netgateway's menu of e-commerce solutions and storefront building services.

StoresOnline.com will become a wholly owned Netgateway subsidiary that includes more than 400 customer accounts, proprietary software systems and StoreOnline.com's Web site. Financial terms of the stock deal were not disclosed.

Netgateway said its strategy is to have thousands of small business e-commerce accounts activated through its StoresOnline.com subsidiary--in combination with the Netgateway Internet Commerce Center, which provides back-office functions needed to organize a company's online sales and marketing efforts.

"Combining StoresOnline.com's proprietary store front technology with Netgateway's Internet Commerce Center creates a whole new e-commerce alternative for small business," said Netgateway's CEO Keith Freadhoff.

"Small businesses can now rapidly launch their business to the Web with all of the sophisticated e-commerce features Netgateway has been known for, at a fraction of the cost. Together with StoresOnline.com, we intend to dominate the low- cost e-commerce storefront market."

StoresOnline.com is a division of Spartan Multimedia Inc., which was founded in September 1997 by David Rosenvall and Jordi MacDonald. The company offers a variety of e-commerce products including Cart, Point of Sale, Hosting and Search. Each can be added to an existing site or clients can create a complete commerce site from scratch.



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