TORONTO, Feb. 23 /CNW/ - iseemedia Inc. (TSX-V: IEE.V), a leading provider of rich content adaptation and delivery solutions for mobile applications today announced that it completed the purchased 80,000 common shares of UnoMobi Inc. ("UnoMobi") from iseemedia's Chief Technology Officer, Elie Makhoul, in exchange for 2.7 million common shares of iseemedia issued out of treasury (the "Consideration Shares"). This adds to iseemedia's existing holding of 55,000 UnoMobi shares for a total holding of 135,000 shares of UnoMobi.
UnoMobi Inc. is a private company incorporated in Delaware. On February 16, 2010, Multiplied Media Corporation ("MMC", TSX:V-MMC), announced that it completed its acquisition of all the shares of the UnoMobi in exchange for 95 million shares of MMC. The completion of iseemedia's purchase of the 80,000 common shares of UnoMobi from Mr. Makhoul was conditional upon the completion of MMC's acquisition of UnoMobi. In accordance with the terms of the acquisition of UnoMobi, iseemedia will receive approximately 7.4 million shares of MMC in exchange for its 135,000 common shares of UnoMobi. Based on the closing trading price on February 22, 2010 of $0.295 for MMC's shares, the market value of iseemedia's MMC shares is approximately $2 million.
iseemedia Inc. is a software development company focused on the commercialization of advanced, rich content adaptation and distribution solutions for Web and wireless applications. The Company maintains a portfolio of issued and pending wireless and imaging patents that support authoring, streaming and interactive viewing of content. iseemedia is publicly traded on the TSX Venture Exchange (Symbol: IEE).
About Multiplied Media Corporation
Multiplied Media (www.multiplied.com) has developed the award-winning application Poynt (www.mypoynt.com), the mobile local search service available over BlackBerry smartphones. Through agreements with directory and vertical content providers in Canada, the United States and Europe, Poynt simplifies finding and connecting with businesses, retailers and events wherever and whenever it is most convenient for the consumer. Headquartered in Calgary, AB, Canada, Multiplied Media trades on the TSXV under the symbol MMC.
About UnoMobi, Inc.
UnoMobi, a Delaware corporation, together with its wholly owned subsidiary Innovation Fund III LLC, are the owners of a patent concerning pushing of commercial offers to users of GPS-equipped portable wireless devices and an Email-to-SMS advertising patent-pending technology that provides push email service to basic mobile phones.
(C) 2009 iseemedia Inc. All rights reserved. iseemedia, iseemail and
iseedocs are either Registered Trademarks or Trademarks of iseemedia Inc.
in the United States and or Canada. All other trademarks and trade names
are the property of their respective owners.
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with iseemedia's business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect iseemedia's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks and Uncertainties" in the Filing Statement filed on March 31, 2009 with the regulatory authorities. iseemedia assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE ISEEMEDIA INC.
For further information: For further information: David Berman, CFO, iseemedia Inc., Tel: (905) 761-5293, email@example.com