NORTH PALM BEACH, FLORIDA - January 9, 2003 - Bankrate, Inc.
(NASDAQ: RATE), the Internet's leading consumer banking marketplace, today reported
that its stock will begin trading today on the Nasdaq SmallCap Market under its
existing stock symbol RATE. Bankrate provides a free and neutral marketplace through
Bankrate.com for consumers seeking a trusted source for data and education for
their specific consumer banking needs.
Commenting on today's
announcement, Bankrate's President and CEO Elisabeth DeMarse said, "The move to
Nasdaq reflects our success over the past two years in strengthening our business
model to attract a growing base of brick and mortar advertisers and on-line partners.
Most importantly, we are continuing on a course of profitable growth backed by
a virtually debt-free balance sheet. We are committed to increasing value for
our shareholders and believe the move to Nasdaq will provide higher visibility
for our performance."
About Bankrate, Inc.
Inc. (NASDAQ:RATE) owns and operates Bankrate.com, the Internet's leading consumer
banking marketplace. Averaging over 4 million unique visitors per month, comScore
Media Metrix ranked Bankrate.com first in unique visitors in the "Financial Information
and Advice" category. Bankrate.com reviews more than 4,800 financial institutions
in 173 markets in 50 states. Bankrate.com is a destination site of personal finance
channels, including banking, investing, taxes and small business finance. It is
the leading aggregator of over 100 financial products, including mortgages, credit
cards, new and used auto loans, money market accounts and CDs, checking and ATM
fees, home equity loans and online banking fees. Bankrate.com provides financial
applications and information to a network of more than 80 partners, including
MSN (NASDAQ: MSFT), Yahoo! (NASDAQ: YHOO), America Online (NYSE: AOL), CNN and
Smart Money. Bankrate.com's information is also distributed through more than
100 national and state publications.
Certain matters discussed
in this press release are or may be considered to be "forward-looking statements"
within the meaning of the Securities Act of 1933 and the Securities Exchange Act
of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those
statements include statements regarding the intent, belief or current expectations
of the Company and members of our management team. Such forward-looking statements
include without limitation statements made with respect to future revenue, revenue
growth, market acceptance of our products, and profitability. Investors and prospective
investors are cautioned that any such forward-looking statements are not guarantees
of future performance and involve risks and uncertainties, and that actual results
may differ materially from those contemplated by such forward-looking statements.
Important factors currently known to management that could cause actual results
to differ materially from those in forward-looking statements include the following:
we have a history of losses and could run out of cash; we use barter transactions
that do not generate cash; our success depends on Internet advertising revenue,
interest rate volatility, establishing and maintaining distribution arrangements,
and increasing brand awareness of our Web site; our markets are highly competitive;
our Web site may encounter technical problems and service interruptions; we rely
on the protection of our intellectual property; we may face liability for information
on our Web site; future government regulation of the Internet is uncertain and
subject to change; our ownership is heavily concentrated; our success may depend
on management and key employees; we may encounter difficulties with future acquisitions;
our results of operation may fluctuate significantly; and our stock price may
be volatile in the future. These and additional important factors to be considered
are set forth under "Item 1. Business - Risk Factors,'' "Item 7. Management's
Discussion and Analysis of Financial Condition and Results of Operations'' and
in the other sections of our Annual Report on Form 10-K for the year ended December
31, 2001, and in our other filings with the Securities and Exchange Commission.
We undertake no obligation to update or revise forward-looking statements to reflect
changed assumptions, the occurrence of unanticipated events or changes to future
operating results or expectations.