Markowitz resigns as CEO

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Online loyalty marketing company is searching for a new CEO after Steve Markowitz resigned from the position. Mr. Markowitz will remain with the company as chairman through the end of this year, and then serve only on the board. Layton Han was named president, from senior VP-corporate and business development. Third-quarter revenues were $14.5 million, up 107% from the same period in 1999; however, the company reported a third-quarter net loss of $23.4 million, or 66 cents per share, compared to a pro forma net loss of $9.8 million, or 47 cents per share, in the third quarter of 1999. At the end of the quarter, there were 16.1 million unduplicated members enrolled in the MyPoints programs. As of Sept. 30, 2000, the company had approximately $125 million in unrestricted cash, cash equivalents and short-term investments, an amount the company believes is sufficient capital resources to grow and achieve profitability. Mypoints' stock price lost another 31 cents Nov. 3 ending the day at $2.06. The company's shares this year have dropped 97.25%.

Copyright November 2000, Crain Communications Inc.

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