CanGo CEO Explains Her Entrepreneurial Spirit

Kingston—April 15, 1999

"We've been blessed with success," CanGo, Inc.'s founder and CEO Liz Barret told an audience at a symposium, "The E-commerce World," held in New York City on Monday evening. She explained how she conceived the idea for CanGo while working on her MBA at Alford University in 1996 and working as a district manager for HotWax Audio & Video. After finishing her degree she laid the groundwork for her dream company that would combine two of her passions: reading and music.

Bennet explained to the mixed age group that she first outlined a business plan, completed the legal paperwork, built a Web site, and began operating out of a spare bedroom in her apartment.

"I contacted some wholesale book distributors and began taking orders online at very little profit," she said. "I was still working a full-time job for someone else. But I had a long-term plan and I knew I would need to work out a few kinks in the beginning."

After contacting Warren Fox, an MBA classmate, to join the effort, the two took the next step toward growth by leasing a warehouse in the City of Kingston in the Hudson Valley.

"I cashed in my stock options, quit my job, and jumped in with both feet," she said. "If this didn't work out I could have jumped out the window into the Rondout Creek. But we've never had to look back and my feet are still dry."

Since then the company has expanded its operations to include CDs, DVDs, and audio and video tapes. After a move to larger and newly renovated office space in the historic section of Kingston, the company's latest venture is manufacturing customized MP3 players.

"The vision I had during graduate school has materialized before my eyes," said Bennet. "But I have also been blessed with a talented and dedicated staff with whom I can share this success."

CanGo Makes Amends for Holiday Deliveries

Kingston—January 4, 2000

The CEO and founder of CanGo, Inc. promised to make amends to customers for problems with its holiday deliveries. To each customer who received orders late, incorrect, or not at all, the company is issuing $10 gift certificates and free shipping on their next order.

"We admit to problems both internally and externally that resulted in some very disappointed customers," said Elizabeth Bennet, the company's founder. "I personally apologize to every one of our valued customers. Poor deliveries are annoying anytime, but at the holidays they are especially so."

Part of the problem arose due to the company's popularity. In only its second holiday season since operations began, managers underestimated the number of orders it would receive. CanGo's Director of Operations Warren Fox said other problems were due to the company's staff level in the warehouse facilities and outside delivery companies.

"We are researching a new automated system for packaging and addressing orders and have also had serious discussions about our outside delivery contractors," Fox said. "This will not happen again."

CanGo Plans Initial Public Offering

Kingston—February 2, 2000

Citing exponential growth in the first two years of operation, CanGo, Inc., an online retailer of books and audio/visual entertainment, today announced its plans for an initial public offering (IPO) of stock set for April 27. According to company CEO Liz Bennet, CanGo revenues have grown much faster than expected.

"We believe this IPO will raise sufficient capital which will help expand our business to where we will become a dominant player in the Internet entertainment market," said Bennet. "We've already proven our business model is a winner."

Clark Reznik, Director of Finance, said the company had reached a plateau in terms of its ability to foster continued expansion. After reviewing several possible routes and speaking with an investment banker, the company's managers decided the IPO was the most logical course of action.

With a successful initial public offering of stock, the company plans to upgrade its facilities and distribution. There are also plans for pursuing a new line of business. Marketing Director Andrew Jordan said, "We're pretty sure of where we are headed, but we'll keep it under wraps for now. But believe me, it'll be big. Really big!"

CanGo IPO Raises $130 Million

Kingston—April 28, 2000

Investors agree—CanGo, Inc. is a winner. The NASDAQ welcomed its newest member yesterday with a very successful IPO. Company founder and CEO Liz Barret was very pleased with the day's events.

"We planned for this event for several months," she said, "But the work really began several years ago when I started this company. It wouldn't have been possible without the talent and persistence of the entire staff. We're not just a company, we're a family."

Clark Reznik, Director of Finance, said the cash infusion would allow CanGo to complete an upgrade of its facilities and pursue both long and short-term objectives.

"I believe we have taken a significant step toward sound fiscal health which will ensure that our current success continues far into the future," he said.

CanGo is an online business that e-tails books, music, and movies. Future plans include a move into online gaming and other areas. The company's success has also helped rejuvenate its home base of Kingston, New York—the state's first capital on the banks of the Hudson River.

CanGo Purchases Webjouster

Kingston—June 30, 2000

Following the successful release of its first stock offering, CanGo purchased Webjouster, a company whose specialty is online gaming. With the acquisition of Webjouster, CanGo is quickly garnering a major position in entertainment e-commerce. Company CEO Liz Bennet said the move is a natural progression for the company.

"I have to admit I have always loved playing video games," she said. "Now I'll be able to share that with, hopefully, millions of others."

Webjouster, based out of Poughkeepsie, New York, was formed in 1993 by two college friends, Ashok Choudury and Paul Lassiter. They sold the company "to pursue other personal plans" and will not be part of the newly merged company. Tom Wicks, general manager of Webjouster, will join CanGo as the two companies merge. He believes CanGo has the vision, knowledge and capital to take Webjouster from a niche market toward a dominant role in the online gaming business. CanGo expects to unveil a newly revised Web site and game choices by the end of summer.

"It will take several weeks to assess our facility needs, staffing and technical skills, but we don't anticipate any problems," said CanGo's Director of Operations Warren Fox.

CanGo to Unveil Online Gaming Venture

Kingston—August 30, 2000

To celebrate their new Web site and online games business, CanGo is hosting a free block party and the community is invited. The event takes place Saturday, September 2 from 1 P.M. to 5 P.M.

With support from the City of Kingston, the company will line the streets of Kingston with dozens of computers connected to the Internet. Each end of the block will have giant video screens that will randomly show action from the games played by partygoers against a simultaneous event held in San Diego.

"This will really show how the current technology takes computer gaming to the next level," said Marketing Director Andrew Jordan. "I said a few months ago it would be really big and it is."

The online games will be available at CanGo's Internet site on a subscription basis. Company CEO Liz Bennet said her team worked very hard to assure their selection of games are socially sensitive, but still exciting. "And I'll be taking on all challengers at my favorite game, but you'll have to come to the party to see which one that is."

Along with the video action, the street will be filled with a variety of live action, including music. Free food and drinks, t-shirts, software, and other gifts will be given away.

CanGo CEO Holds Fast

Kingston—November 15, 2000

The CEO and founder of CanGo, Inc. dismissed rumors of her imminent departure and said her position as leader of the company is secure.

"I started this company in a spare bedroom in my apartment," she said. "I love our business and the staff. I'm not leaving."

Rumors have been circulating that the company's Board of Directors is dissatisfied with her performance due to lower than expected stock prices. Though the company has had a meteoric rise in the e-commerce world and a very successful IPO last spring, its recent advance into online gaming has not generated the level of profits anticipated.

"It's a new field for us and the rest of the world," said Bennet. "But it will grow and prosper just like all of our other ventures. And I'll be right here where I should be."