CALGARY, Dec. 8 /CNW/ - Multiplied Media Corporation (the "Company" or "Multiplied") (TSX:V MMC), a Calgary-based provider of mobile local search services, announced today that the TSX Venture Exchange ("TSXV") has granted conditional approval to the previously announced acquisition of the UnoMobi Group ("UnoMobi") without the requirement to obtain securityholder approval. The final approval of the TSXV is subject to a number of conditions customary for transactions of this nature.
The parties are proceeding to negotiate a definitive agreement for the acquisition, however, no assurance can be given that the process contemplated by the letter of intent announced on June 1, 2009 will lead to a definitive agreement relating to the acquisition of UnoMobi on the terms contemplated by the letter of intent or otherwise or any other transaction.
The parties expect to complete the acquisition in the first quarter of 2010. Further details concerning the acquisition will be announced in a subsequent news release.
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, people, retailers, restaurants and events wherever and whenever it is most convenient for the consumer. Headquartered in Calgary, AB, Canada, Multiplied Media trades on the TSX Venture Exchange under the symbol MMC.
About the UnoMobi Group
The UnoMobi Group consists of Reward Phone International Inc. (a privately held Ontario corporation), UnoMobi, Inc. (a privately held Delaware corporation) and Innovation LLC (a privately held Delaware corporation and wholly-owned subsidiary of UnoMobi, Inc.). Reward Phone and UnoMobi are owned by common shareholders. UnoMobi is a mobile software development company focused on delivering innovative mobile messaging services to mobile operators. UnoMobi has a unique approach for addressing the mobile services ad-supported business opportunity that is non-intrusive and based on core IP.
This news release and related disclosure contains forward-looking statements relating to the proposed acquisition of the UnoMobi Group and other statements that are not historical facts, including statements regarding the entering into of a definitive agreement and associated lock-up agreements and projected timing of closing the acquisition. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The results or events predicated in these forward-looking statements may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on these forward-looking statements.
These forward-looking statements are based on certain key assumptions regarding, among other things: the ability of the Company to integrate the technology covered by UnoMobi's patent portfolio into the Company's technology, market interest in the combined technology; and the ability for the Parties to arrive at a mutual Definitive Agreement. Material risk factors that could cause actual results to differ materially from the forward-looking information include, but are not limited to: risks that the anticipated benefits of the acquisition will not be achieved; risks that the technology cannot be combined as anticipated or that the combined technology will function as expected, risks that the usage of the combined technology will not result in anticipated revenues; risks that the integration will take longer, cost more or result in more management distraction than anticipated; risks that future resale of the shares issued in the acquisition will have an adverse impact on the trading price of the Company's common shares; the risk that the acquisition will not be completed at all if conditions related to the closing is not satisfied; the deteriorating economic and market conditions that could lead to reduced spending on information technology products; competition in our target markets; potential capital needs; management of future growth and expansion; the development, implementation and execution of the Company's strategic vision; risk of third-party claims of infringement; protection of proprietary information; customer acceptance of the Company's existing and newly introduced products and fee structures; and the success of the Company's brand development efforts; risks associated with strategic alliances; reliance on distribution channels; product concentration; need to develop new and enhanced products; potential product defects; our ability to hire and retain qualified employees and key management personnel; and risks associated with changes in domestic and international market conditions and the entry into and development of new for the Company's products.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on expectations of, or statements made by, third parties in respect of the proposed acquisition of the UnoMobi Group.
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: Andrew Osis, CEO & Director, Multiplied Media Corporation, (403) 444-4102, firstname.lastname@example.org; MEDIA CONTACT: Margaret Glover-Campbell, Vice President, Marketing & Public Relations, Multiplied Media Corporation, (403) 444-4105, email@example.com