L90 Files for $69 Million IPO

L90 Inc., the online advertising and direct
marketing company that recently changed its name from Latitude 90, filed for
an IPO aimed at raising up to $69 million.

The company designs “beyond the banner” ad campaigns that feature
sponsorships, co-branding and other marketing techniques. It has applied to
trade the shares on Nasdaq under the symbol LNTY.

The underwriters are SG Cowen, Banc of America Securities LLC and Wit
Capital.

L90 said represents a network of Web publishers featuring sites with online
brand awareness like Alloy Online Inc. the Generation Y content
provider, and music company Liquid Audio Inc.

The company, said in its SEC filing that it plans to use the net proceeds
from the IPO for general corporate purposes, including working capital,
information technology investments, sales and marketing and possible
acquisitions.

L90, with about 94 employees at the end of August, is led by Chairman William
Apfelbaum, the founder of CBS Plus, which oversees advertising sales across
all seven of CBS Corp.’s media divisions, including its Internet properties.

CEO is John Bohan, a former advertising sales account executive at USA
Networks Inc.