X-ceed Acquires Interactive Firm RESET Inc.

X-ceed Inc., formerly Water Jel Technologies Inc., said it took the next step in its strategic plan by acquiring interactive firm RESET Inc.> RESET specializes in consulting with major companies to create interactive communication solutions to meet customer goals. Clients include HBO, Con Edison, Time Warner, BMG, New Line Cinema, and MCA. Financial terms were not disclosed.

“We welcome the talented professionals of RESET to X-ceed,” said Werner Haase, CEO and co-chairman of X-ceed. “They share our vision of the future of interactive communication. The Internet has revolutionized the way business is done. Companies are competing in a radically new economy with new rules. X- ceed will help write those rules.”

X-ceed is comprised of four independent divisions: performance improvement, medical first aid products for burn injuries; instructional medical seminars; and corporate travel services. This array of businesses is the result of a one time merger completed in July 1996, according to the company’s Web site. Current revenues are more than $60 million, the company said, adding that it intends to focus on its key subsidiaries and divest or spin off the businesses that are best suited to restructuring.

Scott Mednick, the company’s other co-chairman, was the founder and former chairman and CEO of THINK New Ideas Inc. He left there last spring “to pursue long-standing philanthropic interests,” it was reported at the time.

“To succeed in the information age, corporations must change the way that they communicate, both internally and externally. X-ceed will be at the forefront of this change, helping clients ensure that messages are integrated, not just distributed,” Mednick said.

“We are going to focus on our core communication businesses, divest our non- strategic assets and aggressively add people and companies to deliver fully integrated interactive communication solutions to global customers,” Haase said. “Right now, most interactive agencies focus primarily on advertising and marketing applications. X-ceed will bring the complete spectrum of communication to interactivity.”

RESET produces cutting edge work in Web site design and implementation, Internet commerce, streaming video, CD-ROMs, enhanced CDs and software development.

James Altucher, RESET co-CEO and president will retain his title and responsibilities at RESET and also join the board of X-ceed.

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