LOS ANGELES, May 26, 1999 (PRIMEZONE) -- WallStreet Research announced today that it has issued a "buy" recommendation on PhotoLoft.com, (OTC BB: LOFT). The Campbell, CA Internet company is the leader in on-line photo sharing, hosting a photo community Web site that allows users to store and share their photos in a community environment. WallStreet Research is a prominent research boutique led by Alan Stone, Managing Director of Alan Stone & Company and Joseph E. Jones, CFA, a former Director of Research at the American Stock Exchange. Mr. Jones, earlier in his career, was a senior analyst at Brown Brothers, Harriman & Co. and Standard & Poor's. Mr. Stone was formerly an analyst and assistant portfolio manager at Merrill Lynch Asset Management and securities analyst at Prudential Insurance Company's Capital Markets Group.
Unlike any other photo site, PhotoLoft.com offers users viewing technology that allows them to zoom in on images and to examine even the most minute details of a photo. In addition, users can pan the image to enjoy the full panorama. These advanced viewing features make PhotoLoft.com particularly popular with potential bidders using on-line auction sites.
Photoloft.com also offers users state-of -the-art printing capabilities that allow them to print images to the highest resolution of their printers. This means users can get photo-finish quality prints in standard photo sizes ranging from 8"x10" to wallet size directly from their browser with no special plug ins or additions.
PhotoLoft.com's revenues are derived through advertising sales on the site and through E-commerce. Today, users can easily order photo-personalized gift items like T-shirts and mouse pads from the PhotoLoft.com site. During the second quarter, the company plans to launch photo-personalized greeting cards. The card designs are exclusive to PhotoLoft.com and allow users to insert the image of their choice along with a customized greeting. No other Web site offers such a wide range of choices.
During the third quarter, the company will begin offering consumables, such as paper, ink and other items associated with digital imaging. The company plans to round out its E-commerce offerings during the fourth quarter by enabling professional photographers to establish accounts.
PhotoLoft.com pioneered photo sharing on the Web and has forged some important partnerships with industry leaders such as Hewlett Packard, Casio, Epson, and The Walt Disney Company.
WallStreet Research has conducted fundamental and technical research on Photoloft.com and the report's findings will be distributed to clients of WallStreet Research, including several thousand stockbrokers, portfolio managers and institutional investors. The report is also available to Photoloft.com's stockholders and the public through the IPO Monitor website at www.ipomonitor.com/wsr and the WallStreet Research website at www.wallst-research.com. Readers are advised to view the complete text of the research report in order to get more complete disclosure on the contents of the report.
Statements in this release that are not strictly historical are "forward-looking statements" and subject to risk and uncertainty. Factors that effect actual events or results materially include, but are not limited to: (i) the Company's ability to obtain subsequent financing to further its current and future business strategies; (ii) the Company's ability to attract and retain key technical employees; (iii) the Company's success against competitive products and services and (iv) the effects of business, economic, and market conditions, and factors that influence the supply/demand for the Company's publicly traded common stock generally. The risk factors and other information contained in the Company's audited financial statements and other public disclosure documents should be considered in evaluating the company's prospects and future financial performance.
The information presented in this release is not to be construed as an offer to sell, nor a solicitation of an offer to purchase, any securities referred to herein or otherwise. The information contained in this release is considered reliable, although it has been obtained from the company featured herein, and other sources, in each case without independent verification. Such information includes certain forward-looking statements issued by the company, which is not an indicator of actual performance. By accepting and reading this report, the reader hereby acknowledges that neither WallStreet Research, nor any other affiliate thereof (including without limitation, Alan Stone & Company, to which the company featured herein has paid a consulting fee in conjunction with the preparation and distribution of this report) makes any representation, either express or implied, as to the accuracy, completeness, fitness for a particular purpose or future results, of any statement contained herein. Neither WallStreet Research, nor any of its officers, agents or affiliates, accepts any liability whatsoever for any statements made herein, including without limitation any liability for direct, consequential or special damages of any kind or nature.