/NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR FOR
DISSEMINATION TO U.S. NEWSWIRE SERVICES/
CALGARY, May 15 /CNW/ - Multiplied Media Corporation (TSX-V: MMC) (the
"Company") is pleased to announce the closing of its previously announced
non-brokered private placement (the "Offering"). Pursuant to the Offering,
Multiplied issued 11,660,000 Units of the Company for gross proceeds of
$583,000. Each Unit is comprised of one common share ("Common Share") at a
subscription price of $0.05 per Common Share and one half warrant. Each whole
warrant will be exercisable for one Common Share at a price of $0.10 per
Common Share, with the warrants expiring two years from the date of issuance.
All of the Common Shares issued pursuant to the final closing of the Offering
are subject to a four-month hold period from the date of closing, expiring on
September 16, 2009.
The Company will use proceeds of the Offering to implement the business
plan of the Company and for general working capital purposes.
About Multiplied Media Corporation
Multiplied Media (www.multiplied.com) has developed the award-winning
application Poynt (www.mypoynt.com), the local search service available over
BlackBerry smartphones. Through agreements with Yellow Pages Group in Canada,
Idearc Media (Superpages.com) in the United States and t-info and Infobel in
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 TSX
Venture Exchange under the symbol MMC.
Certain statements in this press release, other than statements of
historical fact, may include forward-looking information that involves various
risks and uncertainties. Forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate", "plan",
"continue", "estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe",
"would" and similar expressions. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual results or events
to differ materially from those anticipated in such forward looking
statements. The Company believes the expectations reflected in those forward
looking statements are reasonable but no assurance can be given that these
expectations will prove to be correct and such forward looking statements
included in this press release should not be unduly relied upon. In particular
this press release contains forward-looking statement pertaining to the use of
proceeds from the Offering.
While the Company intends to use the net proceeds as stated above, there
may be circumstances that are not known at this time where a reallocation of
the net proceeds may be advisable for business reasons that management
believes are in the Company's best interests, such as: due to departure of key
personnel or consultants; inability to introduce new technology and new
products in a timely manner; changes in systems outside of our control;
fluctuation in foreign exchange or interest rates; uncertainties in the global
economy; negative conditions in general economic and financial markets;
reliance on key suppliers; availability of key supplies and components; stock
market volatility and market valuations; and changes in government
With respect to forward-looking statements contained in this press
release, we have made assumptions regarding, among other things: future
technological developments; availability of key supplies, components,
services, networks and developments; future exchange rates; the cost of
expanding product lines; the impact of increasing competition; the continuity
of existing business relationships; conditions in general economic and
financial markets; and our ability to obtain financing on acceptable terms.
The Company assumes no obligation to update forward-looking statements should
circumstances or management's estimates or opinions change, other than as
required pursuant to applicable securities laws.
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.
For further information:
For further information: Andrew Osis, CEO & Director, Multiplied Media
Corporation, (403) 444-4102, email@example.com