L Company Overview
I-AD TM has developed a truly revolutionary business process that will effectively address both the current and future shortcomings of both traditional broadcast advertising and Internet advertising. I-ADTM has designed and attained a patent pending status on the process of delivering interactive commercials onto the Internet and future Internet/Television unit. In short, this business process will not permit Television viewers (upon Internet/Television integration), and Internet users to skip, miss, or obliviously sit through advertising. The process we have developed ensures against these occurrences by using existing hardware and slightly modified software that will require Television viewers and Internet users to interact with the advertising in order to view the next scene of the programming, reach the next level of an online video game, etc. The process developed by I-AD is designed to work in accordance with current advertising methods so that these interactive commercials may be inserted into standard 10, 15, 30, 60, or 120-second commercial time slots. The content, design, functionality, and message of the commercial are limitless. The commercials I-AD will produce will be more creative than the typical television commercial of today, primarily due to the interactive technology components. With eminent advances in graphics design, video conferencing, voice recognition, and computer animation, I-AD's commercials will become the state-of-the-art in the advertising industry. The viewer veill be euWztaiu_d by the advezti_em_u_'$ game_li_e f_at_es, and will l_ematicated to l_artieipate witl_p_amatiaual iuce,nti_es_ For example, American Express might incorporate a quiz on various episodes of the TV show 'Seinfeld' (Jerry Seinfeld being their spokesperson) into their commercial. If the viewer answered all of the questions correctly, they might receive a free gift (along with an application for the American Express credit card). A beer commercial on the other hand, might incorporate Football Trivia, or a football video game within the commercial. (See the d_tallcd _ampte i_ the attacl_ed A_eudum) Again, if the viewer does not complete his interaction with the commercials, he will be unable to return to the primary programming. This will encourage both show loyalty and commercial interaction. Furthermore, because all of this programming will be streamed via the Internet, we will be able to target specific demographics based upon their individual profiles. More importantly, a key element of this patent-pending process allows for the limitless storage of the audience's individual interactions. In other words, if a specific viewer decides to leave the primary programming at the time an interactive commercial is streamed, our technology will 'remember' where they left off. In this respect, if a viewer is watching an episode of Seinfeld, changes the 'channel,' and returns months later, the commercial will 'pop' back up[ Because the majority of this future programming will be on demand (except for sporting events and other 'live' broadcasts), time restrictions will not be a factor. Even this can be overcome via the use of program 'credits" whereby a viewer must first interact with 10-15 (or more) commercials before gaining access to the event/
IL Market Overview
A, Adverting Ba_g,rouad
The Advertising Industry can be considered the revenue source of the Entertainment Industry. Only through the sale of Television and Radio time, Print Advertisements (magazines and newspapers), out-of-home media (Billboards), and more recently Intemet banners and sponsorships, can the Entertainment Industry profit from its programming. The Advertising Industry is able to ascertain (through audience ratings reports such as Neilson and Arbitron) the specific demographic profiles (primarily age and sex) of its viewers for each individual program or time period. Although still in its' infancy, the Intemet Industry has provided advertisers (e.g. McDonald's) with the unique opportunity to target consumers more specifically. The Internet provides advertisers with the ability to place ads according to age, sex, race, income, hobbies and a wide array of other characteristics. Tracking technology commonly referred to as a 'cookie' allows advertisers to know exactly how many people viewed an advertisement, accepted the solicitation link to the advertisers site (known as the "click-through rate"), and most importantly how many people (along with their individual profiles), purchased a good or service from the advertisers site through those specific links (the "conversion rate"). These fianefits, of the luterue_ lur_e SlA_wu_d at_ ctim,moas u¢_ sector of the Ad_cltisiag ludv_X_ in fact_ Fo_estc_r Research p_ed&_ U.S. Onh'ue advertising _peuditures will gvoa_ app_aximat¢iy $2$% from $3,6 Billioa ia 1999 to $_2 hilliaa ta 200q, Moteowcr_ with the ¢omiug _oave_ge/uce of Tde_isioa and the late_net_ this' auml_¢g will g_o_ to iuelude the 44 I_illioa dolloar Tclevisioa Adv_tisiag sages,Industry o_ well,_
McCann Erickson, 1997 Television Advertising Expenditures, http://ea.Grolier.com 2
Both Industries (Traditional Broadcast and Intemet), as presently configured, have several drawbacks. The Neilson ratings system represents the only 'reliable' method of measuring the amount of Television viewers, while Internet advertising can be tracked to the actual purchase of a good or service. Simply put, with regards to Television, there is absolutely no method to ascertain exactly how many people watched or heard the message. For example, an advertiser's $1,000,000 Super Bowl Television commercial could have aired while the majority of the audience went to the refrigerator or otherwise left the room! With the introduction of both WebTV and Tivo, this possibility becomes more probable for Advertisers. The aforementioned units allow for the digital recording of Television programs. Digital recording, unlike traditional VCRs, allows for the virtually instant skipping of commercials. And with regards to the Internet, the primary concern with advertising is the decreasing percentage of Internet users that are accepting the solicitation link (via the banner ad or sponsorship) back to the advertisers web site (i.e. the 'click-through rate' is decreasing). With regard to both Traditional Broadcast and Internet advertising, there has not been a vehicle to require people to view, listen to, or otherwise experience an advertisement. Furthermore, no entity has the capability to measure the size, demographics, and individual profiles of Television audiences with any degree of certainty (much less, absolute certainty). When content is streamed, I-AD's technology will not only fulfill both of these goals, but will deliver commercials with unparalleled creative enhancements.
B. llllffllCtff¢|_V_O_ll lnl_l'al[oll The future integration of Television and the Intemet marks the beginning of a new era in the technological revolution. Microsoft CEO Bill Gates recently offered insight into the future by stating the average television of the not-so-distant future will be more powerful than the most expensive personal computers available today. One benefit of the future TV/Internet integration will be on-demand programming. This will allow viewers to decide when and what programming they want to see. By accessing the archives and live shows of entertainment streaming sites, viewers will be able to access an extensive library of a traditional or Internet company's new, syndicated, and off-the-air programming, as well as movies and music videos. The online world will continue to evolve towards a conglomerated community of commerce, information, and media streaming content. The digital world will be heavily sponsored by advertising, which will take the form of print-like banners, video banners, video commercials, audio commercials, interactive video commercials, interactive print commercials, and interactive audio commercials. Any of these Internet Advertising methods will undoubtedly be commonplace, whether on NBC.com, Amazon.com, or Yahoo.com. However, the intrusive nature of the interactive advertisements will certainly be the most effective, and therefore the most desired form of Internet advertising.
l_teru_
U_r Growth
According to a recent report released by the U.S. Department of Commerce, the number of computers connected to the Intemet globally will grow to 500 million by 20032. Additional Statistics show that 80% of all Americans will have some form of Interact access by 2003. Additionally, conservative Online Entertainment Industry estimates place the growth rate of the entertainment sector at levels 20% higher than every other Interact Industry. The growth of the entertainment sector (which is more or less equivalent with 'media-streaming) will be based primarily on the growth of high-speed Internet access. Current modem speeds range from 28.8 kb to 56 kb. Niether of these speeds provides enough bandwidth to deliver television quality images. However, the penetration of high-speed access (i.e. DSL and Cable which are up to 100 times faster) is rapidly growing, and is capable of delivering Digital Television quality transmissions. Once it becomes economically viable for companies such as AOL/Time Warner to stream their programming (1-3 years), the early stages of the Internet/Television integration will be complete, and I-AD will undoubtedly thrive.
D, Fa_ter Internet A¢¢_ Jupiter Communications predicts that there will be 67 million households Online by 2002 and approximately 25% of these households will be accessing the Internet via broadband access. The introduction and subsequent market penetration of DSL, Cable, and other high-speed Internet options will, for the first time permit Traditional Broadcast Television quality images and video from the Internet via media streaming technology. This will also provide I-AD with the opportunity to develop high-end creative commercials for our clients. That opportunity will help forge a strong brand name for our company and will additionally bolster I-AD's revenues.
IlL Product Development
Upon capitalization, I-AD will aggressively commence development of our proprietary advertising software. As outlined earlier, the software will be an intrusive form of advertising technology that requires the audience to view, listen to, or otherwise interact with the commercial created with it. Our programmers will initially focus solely on Internet applications as that Industry is currently prepared for our technology. As the Television/Internet integration occurs, our programmers will modify our then-existing technology to serve this lucrative Industry as well.
2 The Industry Standard, "Tracking the Intemet Economy" (http://www.thestandard.com/metrics/display/0.1283.978.00.html 4
- Sept 1999)
IV. Business Development
This Division of I-AD, headed by the Vice President of Business Development, will begin to initiate negotiations with the primary 'hosts' of our advertising serving technology. This process will commence once the Software Development Division has created a functional model of our technology and are prepared to enter full production. These primary 'hosts' of our technology will include Traditional and Internet entertainment distribution entities such as NBC, CBS, ABC, etc., and independent media steaming web sites (e.g. PoP.corn, and Entertaindom.com). This Division will secure alliances with these 'hosts', and provide them with the appropriate technology to run the interactive advertisements that I-AD's Creative Department will produce for our clients.
V. Marketing and Sales
Simultaneously, I-AD will forge two key partnerships via the Marketing and Sales Division (headed by the Vice President of Marketing). These partnerships will be with agencies such as Double Click, the leading Internet advertising agency and Initiative Media Worldwide, the largest media buying service in the world. I-AD will utilize the Media buying function of these advertising agencies to purchase advertising time and space for our clients. In these exclusive relationships, we will have the opportunity to solicit their vast client rosters. These agencies will enjoy the increased advertising revenues that will naturally be derived from our proprietary technology. The vast majority of business that we engage Initiative Media in will be after the Internet/Television integration (it is possible that a larger conglomerate such as IPG will purchase/merge with DoubleClick in order to prepare for the convergence). The I-AD Sales Division will be working at the same time as our agency partners to sell our concept and services to other potential Advertisers (either direct or through other agencies). All of our sales will be out-sourced to and then placed through and executed by Initiative Media or DoubleClick, which will allow I-Ad to collect additional revenues by splitting the 15% agency commission, while simultaneously saving I-Ad from creating a media buying division. These entities will benefit from the increased advertising revenues garnered from our technology because it will significantly raise their total advertising sales placed, and hence their own revenues.
VL Delivery
Our software will be uniquely adaptable to our 'hosts' individual desires. Likely methods of delivery to the viewer for our technology include, but are not limited to: • • Logging on to the streaming entity's site and building up a Network 'credit' (i.e. for live events) in order to view special programming. Interacting with the advertising as it would normally appear during primary programming
XIL Management
The inventors of the I-AD technology recognize the importance of hiring an experienced, competent, and driven team to run the company in the most prudent manner possible. They additionally realize that any level of management exceeds their own capabilities and experience, and for them to insist on any senior level position in I-AD would only hinder its progress. While the inventors are fully committed to the inception and further development of I-AD and its technology, their roles will be limited solely to advisory. Instead, they will look to their investor(s), consultants, headhunters, and other outside sources to fill the following positions: Chief Executive Officer: This individual will forge alliances, partnerships and initiate and subsequently facilitate the successful negotiations between I-AD and Broadcast companies, Media Streaming Entities (Traditional and Internet), Advertising Agencies, and clients. Chief Technical Officer: The duties of the CTO will include the oversight of all technology-related development and implementation. The CTO will be responsible for the management of the software programmers and graphic designers, and his/her leadership role will be pivotal in the development of improved software and advertising technology. Chief Financial Officer: This individual will be qualified to handle any changes in financial structure that might accompany expansion. Chief Operating Officer: This individual will oversee all operational and technical divisions to ensure an efficiently run organization.
Vice President of Business Development: He will complement the CEO by negotiating partnerships with the major web portals (e.g. yahoo!), Internet Service Providers (e.g. AOL), and various traditional broadcast and Internet media streaming networks. He will also manage a staff of business development account executives who will maintain his accounts on the daily basis. Vice President of Marketing: account executives. He will manage the Marketing Department and its
VIII, Representation
I-AD has four representatives responsible for raising capital and assembling the management team for I-AD. JumpStart Business Solutions Seth Schwartz and Justin Sterling are co-founders and partners in JumpStart Business Solutions. JumpStart Business Solutions is a rapidly growing business development and consulting firm specializing in start-up business concepts. JumpStart has been contracted by a wide variety of companies to develop working business models, raise capital, and select management. JumpStart has forged several powerful alliances with incubators, venture capital firms, executives, and Information Technology Industry companies. Douglas Romanski Doug has 23 years of management experience in sales and marketing. He has been an entrepreneur since 1990, has founded two successful million dollar companies, one of which, Turbo Sales, Inc., he sold in 1997, the other RPD Engineering, he continues to own. Prior to venturing out on his own, Doug founded a turbo charger division for Mitsubishi Corporation in Detroit, Michigan and established annual sales of $15 million in four years. During the past three years, Doug has been involved in raising funds in the venture capital arena as a consultant. Valerie Mosley Valerie was admitted to the California BAR in 1991. Valerie is a transactional business attorney with expertise in Intellectual Property and financing transactions. She has been associated with the law firms of Gibson, Dunn, & Crutcher and Gipson, Hoffman, & Pancione. Her experience at these firms includes work on private placement and public offerings and multimillion dollar credit facilities. Subsequently, Valerie served in senior management positions with public and private companies, acting as General Counsel for Martin Lawrence Limited Editions, Inc. (NYSE: MLE, now private) and as Director of Legal Affairs for the Roger Richman Agency, Inc. where she developed expertise in licensing intellectual property rights and continues to represent private clients.
VIII. Capital Requirements
A, Funding Goal I-AD seeks a total capital investment of $1 million to commence the development of the proprietary software and for patent filing. Upon developing a working prototype and securing an Intellectual Property position, I-AD will need $7 million for marketing, management, operations, and to build a solid foundation for enduring growth. B, Us_ o_Pw_¢¢ds
Software Development International Patent Filing (28 Countries) Cash Reserves Financing Contingency (10%) Ro_ 2 Fiuauciu_ _$7,? tnilliou): Marketing General & Administrative Software Development Cash Reserves Financing Contingency (10%)
$500,000 $300,000 $200,000 $100,000 $2,000,000 $3,000,000 $700,000 $1,300,000 $700,000
We have allocated capital to cash reserves for any unforeseen problems and expenditures. The 10% Financing Contingency will be used to compensate any intermediary that helps I-AD raise capital.
IX, Financial Overview
A. Assumptions Due to its patent, I-AD will maintain a monopolistic position in the interactive advertising industry; it will be able to set prices according to demand and will not face a competitive pricing structure. The fee that I-AD demands for usage of its unique advertising will need to be an amount that reflects the added value over conventional advertising per consumer minus the incremental amount that Internet sites and Programming networks will charge per consumer. Media streaming sites and Programming networks operate in a competitive industry, so they will naturally drive prices to levels that carry similar profit margins to banner advertisements and conventional TV advertising. Therefore, there will be a significant amount of value added revenues. A major constituent to the amount that media streaming sites and Programming networks will set as the price standard for interactive advertising is the negative value that the industry will place on diverging the user/viewer's attention from the Internet site or core product for the corresponding average amount of time diverged.
Eventually, conventional TV commercials will be incorporated into Internet sites similarly to the way that I-AD will employ its technology. Due to competitive nature and price discriminatory regulation, Internet sites will charge similar rates per user/viewer for both types of advertising. However, interactive advertising will be significantly more effective than a conventional TV commercial because the audience may be required to interact with and focus on the commercial as opposed to having the ability to ignore or avoid the commercial. We will estimate that interactive advertising is 10 times as effective as a conventional TV commercial given comparable time slots. Once interactive advertising has become an accepted advertising medium, the negative perceived value will be driven down significantly, which will directly and proportionately decrease the rates that networks charge for interactive advertising placement. We will assume that this negative perceived value will initially translate into prices that are twice the standard rate per viewer currently charged for similar advertising slots by Television networks with a similar average amount of time consumption to the viewer/user. In the media-streaming sector of the Internet advertising industry, we predict viewers will readily accept this advertising medium, because they have been conditioned to accept intrusive advertising as a natural cost of viewing programming. Hence, the prices for advertising in this arena should be comparable to traditional TV advertising rates. The average traditional TV advertising rate is approximately $.01- .05 per exposed household. We will assume that I-AD users will places its advertisements on programming that costs an average of 2 cents per exposed household. An example with this rate would be a 30 second spot on NBC, which costs $5000 in Los Angeles (5 million households) with a 5% Nielsen Rating. We will assume that I-AD will initially charge a royalty fee of 500% (10 cents per viewer) on all advertising placed with the I-AD commercial on all advertising placed with the I-AD commercial on a programming site. During this market penetration stage, both networks and advertisers will profit enormously from use of lAD's patented technology. Once, lAD's technology has become an accepted medium and established brand loyalty, we will begin raising the royalties for use of our technology until all added value over conventional advertising is passed onto lAD. As interactive advertising becomes a standard form of advertising and is more accepted on the Internet, I-AD will raise its rates until the majority of incremental profit derived from this technology is realized by I-AD. We will assume that I-AD will charge the following royalties. based on I-AD commencing operations in January 2001): Year 1
Programming S/individual (%) 243% $.05
(The assumptions are
Year 2
243% $.05
Year 3
380% $.07
Year 4
400% $.08
Year 5
525% $. 11
B, Crea_'e_ S_e_ A high quality interactive advertisement typically costs approximately $20,000 in production costs (50 Programmer labor hours + 50 Graphics Design hours). We will assume that an average I-AD commercial will cost $30,000 to $40,000 in production and sell for $50,000. This fits within the standard industry profit margins, which could alone suffice to cover all G&A and marketing costs once I-AD has grown to have a large enough client base. We will assume that we will encounter a 25% profit margin over direct costs in Year 1, 30% in Year 2, 35% in Year 3, and 40% for Years 4-5.
With time, I-AD will naturally obtain a larger share of the overall U.S. online advertising market because more people will have high speed Internet access, which will be the target market of the majority of advertisers using our technology. Additionally, I-AD will develop a strong brand name, reputation, and perceived quality through its proven success and marketing efforts. The following are Forrester's projections from a recent report 3 for Total U.S. Online Advertising Market for 2001-2005 (Year 1-5). We will assume the following projections for advertising placed with I-AD interactive commercials and the corresponding revenues incurred. Year 1 Total Market*
# Of Ads Sold $1-Ads Placed $8.7 bil 17 $50 mil 243% $121.5 mil 1.4%
Year 2
$12.6 bii 50 $150 mil 250% $375 mil 3%
Year 3
$17.2 bil 83 $250 mil 380% $950 mil 5.5%
Year 4
$22.2 bil 133 $400 mil 400% $1.6 bil 7.2%
Year 5
$27 bil 200 $600 mil 525% $3.15 bil 11.7%
Royalty % I-AD Rev. % Mkt Share
*Year5 is estimatedbasedon growthrate
The following are 5-year projections based on the aforementioned assumptions, revenue projections, and reasonable G&A and Marketing costs. We will estimate that the average advertisement produced by I-AD will run in $3 million worth of advertising placements.
3 Forrester Research "Internet Advertising Skyrockets" August 1999 10
Year I Royalties Creative Sales Production G&A Marketing EBIT Taxes Income $121.5 mil $2 mil (1.5 mil) (1.5 mil) (.5 mil) $120 mil (42 mil) $78 mil
Year
2
Year 3 $950 rail $15.8 mil (10.3 mil) (4 mil) (1 mil) $950.5 mil (332.7 mil) $617.8 mil
Year 4 $1.6 bil $26.7 mil (16.0 mil) (4.5 mil) (2 mil) $1.60 bil (560 mil) $1.04 bil
Year 5 $3.15 bil $52.5 mil (31.5 mil) (6 mil) (2 mil) $3.17 bil (1.11 bil) $2.06 bil
$375 mii $6.3 mil (4.4 mil) (3 mil) (1 mil) $372.9 mil (130.5 mil) $242.4 mil
D, Low,m_dium_d High Pro,|teti_s As we must speculateon a futuremarket,ourforecasts withina largerange. We will fall assumethat LowProjections be50%of MediumProjections will andHighProjections
will be 150% of Medium Projections. These adjustments to Medium Projections proportionately to all revenues, costs, and market share projections. Year 1 $39 mil $78 mil $117 mil Year 2 $121.2 mil $242.4 rail $363.6 mil Year 3 $308.9 mil $617.8 mil $926.7 mil Year 4 $520 mil $1.04 bil $1.56 bil relate
Low Income: Medium Income: High Income:
Year 5 $1.03 bil $2.06 bil $3.09 bil
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X, Addendum
In lieu of a working model (due to financial constraints), I-Ad will provide the following examples to demonstrate the effectiveness of our technology: This example will pertain to standard dial-up (56kb modems) Internet Service, which will be antiquated by the end of this decade. The most powerful interactive commercials will be delivered to high-speed Internet users (i.e. DSL and Cable Broadband), and to the future viewers of the integrated Internet/Television. The following example provides a step-by-step narrative description of what the current Intemet user will experience will on the dial-up Internet after I-Ad has been introduced. Advertiser: Campaign: McDotlcld'_ Mouopo_ P_otttot_ot_
Over the last ten to fifteen years, McDonald's has used its Monopoly (based on the Parker Brother's board game) promotion to entice customers to its stores. After purchasing food, the customer receives several game pieces. These pieces each represent one square on the board (i.e. park place, Baltic avenue, Chance, etc.), or are redeemable for free food. If the customer collects the necessary two or three same colored spaces, they win larger prizes (i.e. boardwalk and park place together are worth $1,000,000). In the following example, I-Ad will show how we can meld a popular Television campaign (e.g. McDonald's), with our proprietary technology (patent pending) to forge a powerful message. The example will based from the Internet user's (customer's) point of view, in the third person. Joe Smith, a business major at UCLA, needed to use the Internet to find some research for a project he was assigned by his professor. Joe logged on, and went to yahoo.com (a leading Internet search engine) to find the information he needed for his project. After spending several minutes on the yahoo.corn site, a window popped up (covering his screen) on his computer screen, and he immediately recognized the 'golden arches of McDonald's, and then the monopoly promotion. On the bottom of the window Joe read "click here to play." While Joe was interested in the promotion (which was specifically targeted by I-Ad and McDonald's at male Internet users between the ages of 15 and 23), he did not want to take the time to interact with it (this attitude is reflected by the decreasing number of Internet users clicking on banner ads). Joe attempted to close the window in order to proceed with his work, but was unable. He then left his desk to get a soda, hoping that in the meantime the ad would disappear (which it did not). Joe then decided to use another search engine, which presented the same type of adverting after he conducted a search. Figuring he had the system beat, he left the second search engine and went back to yahoo.com to conduct another search, where to his disbelief, the McDonald's ad was still there, waiting for him. The I-Ad technology "remembered" where Joe had left off, and he no choice but to click on the ad and Interact with it.
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Once Joe clicked on the ad, an animated Monopoly board came to life, and gave him several character options. He chose the car, and then clicked on the "roll the dice" icon. Joe played for about 30 seconds, picked up Boardwalk, Mediterranean Avenue, and Shortline Railroad, along with a printable coupon for free French fries. After the interactive commercial ended, Joe was allowed to continue his search on yahoo.com. Eventually he became accustomed to the interactive commercials, and because of the incentives and rewards he earned, along with the fun format the interactive commercials were presented in, he came to enjoy many of them (and interacted with all of them, because he did not have an option).
High-Sped
lnt_ru_|, and _e lnt_ruet//TV |nictitated Unit
High-Speed Internet Access (DSL and Cable) will allow for higher quality graphics and more complicated commands, which will increase the scope of what I-Ad will be able to create for our clients. Additionally, within the next five years, all Televisions will be integrated with computer hardware and software so that the new units will connect to the Internet. Converter boxes, such as WebTV will expedite the integration process by allowing users to view programming broadcast (a.k.a. streamed) from the Internet to their television sets. Other new developments in the forthcoming integration have include devices that allow people to remotely transfer programming from their computers to their Television sets. This eminent integration will make interactive advertising appear less intrusive as it will simply seem like a futuristic Television commercial. The commercials I-Ad will be able to produce for current high-speed Internet users (about 3% of the total U.S. Internet population) future Internet/TV viewers will be significantly higher quality, more complex, and more applicable as all future programming (i.e. popular prime time sitcoms, drama's, soap operas, etc.) will be streamed through the Internet. At that point, I-Ad will have a mass audience that will greatly appeal to all advertisers, not just Internet-oriented advertisers. A brief example of the future of DSL and Cable Broadband advertising might include virtual automobile test drives, whereby a user has the opportunity to push a Porsche 911 as hard as it can go down the autobahn. This possibility is no longer a "What if' question, but more a "When." Every Internet site will, in the future, stream commercials in this manner. However, I-Ad will be the company that will be able to: .& Eugage tile _ veitll int_aeare a_¢_tisi_g ua_ MUST l_O_t&il_a_veith tire adv_tis_ment vell¢_eby the Intewn_t
_, t_re_¢nt _e _s¢_" from avoiding _e ad_¢wtirdt,g vi¢_l_atent l_eauiOa_ t_¢lmalo_ tllat _"rememlaexs_ wf_exetile _ left tl_e advert_t,g,
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