LEADING ELEVATOR ADVERTISING COS. MERGE

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Two leading elevator advertising companies, Captivate Network and Elevator News Network, merged in a stock-for-stock transaction. Captivate and ENN deliver content and advertising via wireless technology to screens in high-rise office elevators. The two elevator networks are installed in 255 office towers across North America, and their combined networks would offer advertisers access to 3 to 4 million business professionals during the work day.

The new entity, which will operate under the Westford, Mass.-based Captivate Network name, has an advertiser roster including Continental Airlines, Dunkin' Donuts, General Motors Corp. and Salomon Smith Barney, and content partners such as CNN, The New York Times and The Weather Channel. Captivate's president-CEO, Michael DiFranza, will assume the same post at the combined company, while the Toronto subsidiary will continue to run as ENN and be led by its current president-CEO, Peter Irwin.

Copyright March 2001, Crain Communications Inc.

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