BabyUniverse announces significant third quarter accomplishments: • Completed the merger of eToys Direct, Inc. and BabyUniverse on October 12, 2007; • Launched BabyUniverse.com and Dreamtimebaby.com web sites on the eToys technology platform, which included website migration, data and system integration, inventory transfer, vendor relations, facilities utilization and employee retention; • Closed three BabyUniverse facilities, including the Jupiter, Florida corporate office, the Las Vegas, Nevada fulfillment center and the St. Louis, Missouri third party fulfillment center; • Reduced headcount associated with BabyUniverse by approximately 60%, resulting in $2.3 million in payroll expense savings; • Hosted its second live internet television broadcast via BabyTV.com in connection with the ABC Juvenile Products trade show.
Regarding the business opportunity of the newly combined company, Mr. Wagner continued, "Through our recently completed merger, we are well positioned to leverage a large combined parent audience through a balanced model of commerce, content and new media. We now have the opportunity to establish a relationship with a family during the earliest stages of pregnancy and maintain that relationship as their children move into their teenage years. We believe this strategy provides us with multiple opportunities to build meaningful and sustainable value for our shareholders."
Chief Executive Officer, Mike Wagner, Chief Financial Officer, Barry Hollingsworth, and Chairman, John Textor, will discuss the Company's earnings, operations and the Company's recently completed merger and associated business plans, on December 18 at 10 AM Eastern Time.
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