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Afternic.Com Facilitates $200,000 Sale of Domain Name Donated for Philanthropic Cause

Posted on: Friday, 31 March 2006, 09:00 CST

Leading domain-name exchange Afternic.com today announced facilitating a six-figure transaction in which the seller donated the entire proceeds to a major community foundation. The seller's philanthropic act, in turn, inspired Afternic.com to contribute its transaction fee to the foundation, as well.

In what is possibly a first-of-its-kind gift using an appreciated Internet moniker as currency, Tom Bird, a Massachusetts entrepreneur, donated the domain name Farm.com to The Boston Foundation, a 90-year old community foundation with $700 million in assets, after learning the value of the URL had soared since it was first registered in the 1990s.

Serving as a broker between The Foundation and the buyer, Afternic.com helped manage the sale of the domain name for $200,000. The site acted as agent during escrow and as a conduit in negotiations that preserved both parties' anonymity, ensuring all expectations were met.

In addition, moved by Bird's selflessness, Afternic.com CEO and President Roger Collins resolved to donate his company's transaction fee to The Foundation.

"Donating the fees was the least we could do to not only aid the mission of The Boston Foundation, but also help fulfill the donor's philanthropic vision," said Collins.

Further, according to Collins, this sale highlights how domain names are taking their place beside stock, insurance, real estate and works of art as appreciable assets worthy of gifting.

"When an appreciated domain name can be used for fueling philanthropy, it brings enhanced credibility to an industry that was previously best known for name speculation and arbitrage. Properly valued domain names represent a potential treasure trove for nonprofits and a virtually untapped channel for doing good," Collins noted.

According to Foundation Public Relations Director David Trueblood, The Foundation accepts complex assets as charitable gifts, but until now, no one had ever donated something as unique as a domain name.

"Although Farm.com is not your typical asset, we were open to the creative nature of this transaction. We are more than pleased with the outcome and are grateful to both the seller and Afternic.com for their generosity," Trueblood said.

The Farm.com sale comes on the heels of a banner year for domain-name values in 2005, during which Afternic.com managed the year's largest all-cash e-commerce transaction with the $1 million sale of Fish.com.

About The Boston Foundation

The Boston Foundation, Greater Boston's community foundation, is one of the oldest and largest community foundations in the nation, with an endowment of $686 million. In 2005, the Foundation and its donors made a record-breaking $63 million in grants to nonprofit organizations and received gifts of $53 million. The Foundation is made up of some 850 separate charitable funds established by donors either for the general benefit of the community or for special purposes. The Boston Foundation also serves as a major civic leader, provider of information, convener, and sponsor of special initiatives designed to address the community's and region's most pressing challenges. For more information, visit www.tbf.org or call 617-338-1700.

About Afternic.com

A leading domain-name exchange based in Orlando, Fla., Afternic.com is the most recognized name in the secondary domain name industry. The company boasts an extensive exchange network, where partner domain name registrars refer buyers of aftermarket domains and earn commissions from Afternic. Afternic provides a "one-stop shop" where consumers can buy secondary domains in a secure, anonymous environment. Some of the industry's leading registrars -- including Register.com, eNom.com and Eurodns.com -- are Afternic partners. The company has experienced triple-digit annual growth since its acquisition in 2002 from Register.com.

 Contact: Roger Collins Afternic.com (407) 880-3211 Contact via http://www.marketwire.com/mw/emailprcntct?id=59F256EF6FD4A6E8  Lynn Fireside or Jerry Freisleben Foley/Freisleben LLC (213) 955-0020 Contact via http://www.marketwire.com/mw/emailprcntct?id=E8767215557320C7; Contact via http://www.marketwire.com/mw/emailprcntct?id=A677986DBDB8C792  

SOURCE: Afternic.com

Source: MARKET WIRE

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