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NORTH PALM BEACH, FLA. – July 20, 2000
– Bankrate Inc. (NASDAQ: ILIF) announced today the sale of its online
insurance business, Professional Direct Agency Inc. ("Pivot"),
to a financial services institution for $4.35 million in cash.
"We are on the steady path to profitability,"
explained Elisabeth DeMarse, President and CEO of Bankrate Inc. "The
sale of Pivot is yet another milestone in our progress. We are devoted
to returning to our core competency, which is bankrate.com, the leading
online resource for banking and credit products. This sale dramatically
moves us forward toward our goal of rebuilding our balance sheet, controlling
our expenses, and ultimately increasing shareholder value."
"Part of our strategy in achieving profitability is
a divestiture of our non-core sites," continued DeMarse. "The
sale of Pivot combined with the recent sale of our college site, CPNet
to Colleges.com, and the pending sale of our Spanish language site, Consejero.com,
will bring phase one to a successful completion. These divestitures are
additive to recent cost control and expense reduction efforts. Now we
are refocused on our core product and flagship site, bankrate.com. Bankrate
is indispensable to consumers seeking the best banking programs for their
individual needs. With over 20 successful years in business, this return
to our roots will enhance our path to profitability."
About Bankrate Inc.
Bankrate Inc. (NASDAQ:ILIF) is the Internet's leading consumer banking
marketplace, with over 1.3 million unique visitors per month connecting
with over 4,000 financial institutions in 126 markets in 50 states.
Bankrate Inc. operates a portfolio of personal finance channels, including
banking, investing, taxes and small business finance. Its flagship site,
bankrate.com, is the leading aggregator of over 100 financial products,
including mortgages, credit cards, new and used auto loans, money market
accounts and CD's, checking and ATM fees, home equity loans and online
banking fees.
Bankrate Inc. provides financial applications and information
to a network of over 120 partners including SNAP (NASDAQ: NBCI), Yahoo!
(NASDAQ: YHOO), America Online (NYSE: AOL), CNN and Smart Money. The company's
information is also distributed through more than 120 national and state
publications.
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