CALGARY and TORONTO, Feb. 16 /CNW/ - Multiplied Media Corporation (the "Company" or "Multiplied") (TSX:V MMC), a leading, Calgary-based provider of mobile local search services, is pleased to announce that further to its news releases dated June 1, 2009, June 4, 2009 and February 5, 2010, the transaction to acquire UnoMobi Inc. ("UnoMobi") (the "Transaction"), a Delaware corporation, together with its wholly owned subsidiary Innovation Fund III LLC (collectively, the "UnoMobi Group") has closed.
Under the Transaction, Multiplied acquired all of the outstanding common shares of UnoMobi from the holders thereof for the purchase price of $6.175 million, being satisfied through the issuance of 95,000,000 shares of Multiplied ("Multiplied Shares") at a deemed price of $0.065 per Multiplied Share. The Transaction was carried out by way of statutory merger of UnoMobi with a newly formed wholly owned subsidiary of Multiplied. Concurrent with closing of the Transaction, Marvin Igelman, Chief Executive Officer of UnoMobi, was appointed as Chief Strategic Officer for Multiplied and to the board of directors of the Company.
In connection with closing of the Transaction, Multiplied Media will issue tomorrow warrants to purchase 5,000,000 Multiplied Shares at an exercise price of $0.20 per Multiplied Share to an arm's-length third party advisor and its associated entities as a finder's fee. The warrants will be exercisable for a period of five years and will be non-transferable.
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 patent-pending technology that provides push email service to basic mobile phones. Integration of the technology covered by UnoMobi's patent portfolio into the Company's technology will provide greater value to Poynt users who wish to receive location- and profile-centric offers.
Neither the 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 MULTIPLIED MEDIA CORPORATION
For further information: For further information: Anders Steele, FortyThree PR, Inc for Multiplied Media Corporation, (831) 401-3175, firstname.lastname@example.org