Ubiquity Announces Plans to Acquire Monkeybars, Inc.
(Marketwire Via Acquire Media NewsEdge) IRVINE, CA -- (Marketwired) -- 04/17/14 --
Irvine-based Ubiquity Corp. (OTCQB: UBIQ) today announced that it has entered into a non-binding letter-of-intent to acquire Monkeybars, Inc., an online marketplace for musical artists to utilize social networking tools to increase their audience, sales and create new revenue streams.
Under the terms of the LOI, Ubiquity will purchase all of the assets of Monkeybars. Consideration for the purchase will be restricted shares of Ubiquity common stock, having an aggregate value of $2,250,00, with the number of shares determined by the average share price over an mutually agreed upon time period.
Chris Carmichael, CEO of Ubiquity, said that, "In an environment where digital content is being shared more freely and effortlessly across social networks, and where content producers are looking for ways to both increase their social share while still monetizing their content, Monkeybars is a powerful solution. It creates a direct social channel between the artist and the fan, literally turning the fans into the artists' street team, and rewarding them for it. We think that Monkeybars is an exciting strategic fit to our portfolio of social network and Web 3.0 services, enhanced substantially with the integration of our Sprocket technology."
How Monkeybars Works
Fans share the digital media across their social networks in the same way that they do today except that through Monkeybars, they can now earn a reward for their influence. The artist uses the money that they are accustomed to sharing with iTunes and Amazon to pay the people who matter the most, the fans. Monkeybars challenges the industry norm by allowing the community to earn a revenue share while allowing artists to make a living.
Carmichael added that, "As Ubiquity moves to a Nasdaq listing, we believe that with increased access to capital and liquidity, our Company will be uniquely positioned to more efficiently assimilate and capitalize Ubiquity's business plan for Monkeybars as well as our other commercial opportunities and product offerings."
The terms of the agreement and consummation of the contemplated transaction are subject to legal and confirmatory due diligence, board approval and the execution of definitive agreements satisfactory to both parties.
About Ubiquity Broadcasting Corp.
Based in Irvine, California, Ubiquity is a vertically integrated, technology-focused media company. Ubiquity is focused in five specific areas with a robust portfolio of patents and intellectual property. First, the Company has developed an intuitive user interface making access to all content from any device in a simple, consistent format. Second, Ubiquity enables the search and identification of any object and image in all video and digital media. Third, it has developed a platform for mobile transaction including the integration of payments, money transfers, coupons and gifts. Ubiquity has also developed an industry-leading, intuitive, immersive consumer experience for all web-based activity. Finally, the company allows for the personalization of all content, whether public or private, in a unique accessible way.
Through Ubiquity Labs we are leveraging an extensive portfolio of intellectual property spanning Web 3.0, immersive advertising, video compression, content distribution, eCommerce, and mobile applications to support the commercialization of new technologies. In addition, we intend to pursue strategic licensing opportunities. Through Ubiquity Studios, we provide we engage in the commercial production, distribution and exploitation of entertainment products including but not limited to television, commercials and film. For more information, visit www.ubiquitycorp.com.
This news release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology, are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the failure Ubiquity to close on the contemplated acquisition of Monkey Bars, the failure of the business strategy, the integrity of the Company's patents and proprietary intellectual property and competition. The Company cautions that the foregoing list of risk factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events, including the risk factors set out in the Company's 10K for the year ended December 31, 2013. See the sections entitled "Risk Factors" in Ubiquity's quarterly and annual reports as filed by Ubiquity from time to time with the Securities and Exchange Commission. The Company has assumed that the material factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
Add to Digg Bookmark with del.icio.us Add to Newsvine
For more information contact:
Marty Appel Public Relations
100 W 57 St
New York NY 10019
PH: 212 245-1772
FAX: 877 298-1932
Source: Ubiquity Broadcasting Corp
[ InfoTech Spotlight's Homepage ]