|Amazon.com Announces Minority Investment in and Strategic Alliance with Drugstore.com|
SEATTLE, Feb. 24, 1999 /PRNewswire/ -- Amazon.com (NASDAQ: AMZN), the leading online retailer, today announced that it holds a significant minority stake in newly opened Drugstore.com (www.drugstore.com), which offers more than 15,000 brand-name personal healthcare products, extensive product information, and a licensed pharmacy.
Amazon.com, the Internet's No.1 book and No.1 music retailer, will help introduce customers to the new shopping experience at Drugstore.com as part of a strategic alliance. Amazon.com founder and CEO Jeff Bezos will serve on the Drugstore.com board of directors.
"We're excited about Drugstore.com," said Bezos. "Drugstore.com shares our passion for empowering customers and giving them the best possible experience. Peter Neupert and the team he's assembled are going to shake up their industry by giving customers what they really want."
"People who like Amazon.com will like shopping at Drugstore.com," says Neupert. "Amazon.com sets the standard for quality and excellent service and we at drugstore.com are committed to matching that standard."
Amazon.com has an investment of approximately 46% of Drugstore.com's outstanding shares as of December 31, 1998, which is accounted for under the equity method of accounting.
About Amazon.com, Inc.
This announcement contains forward-looking statements that involve risks and uncertainties that include, among others, Amazon.com's limited operating history, anticipated losses, unpredictability of future revenues, potential fluctuations in quarterly operating results, seasonality, competition, risks associated with system development and operations, management of potential growth, and risks of new business areas, international expansion, business combinations, and strategic alliances. More information about factors that potentially could affect Amazon.com's financial results is included in Amazon.com's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 1997, as amended by the Form 8-K filed September 11, 1998, and quarterly reports on Form 10-Q for the quarters ended March 31, 1998, June 30, 1998 and September 30, 1998.
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