London, SEPTEMBER 23, 2008 – PlayBOX (US) Inc. (“PlayBOX”) (OTC BB: PYBX.OB), a global media entertainment distribution company, today announced that it has signed a Letter of Intent to merge with New Visions Mobile (“NVM”), a mobile music and social networking company.
The terms in the Letter of Intent state that PlayBOX will acquire 100% of the issued capital of NVM for a combination of cash and stock.
PlayBOX’s intended acquisition of NVM is part of its growth plan to become a leader in the global distribution of media entertainment.
Said Robert Burden, CEO of PlayBOX, “Acquiring NVM would fulfil our goal to establish a global mobile music platform and deliver leading-edge content to mobile phones throughout the world. It would represent an aggressive expansion to our distribution channels, and an early move toward capturing a sizeable share of the market for this latest means of distributing music.”
NVM’s social networking business would also be a boon for PlayBOX, says Burden. “NVM’s social networking component represents a creative way to build a dedicated customer base and create new revenue streams through advertising and merchandising within each network. Fully leveraging NVM’s expertise in this area is another motivation behind this proposed acquisition.”
Having signed the Letter of Intent, PlayBOX and NVM are currently conducting their due diligence in working toward the signing of a Share Purchase Agreement. Both companies are optimistic about reaching a final agreement.
About New Visions Mobile
New Visions Mobile is the company behind “Kylie Konnect”, the hugely successful social network for music star Kylie Minogue. The network has amassed over 11,000 fan sites, with over 20,000 visitors a month, and has over 10,000 regular registered users –more than users of Ms. Minogue’s own MySpace page. The successful network is just one example of how NVM uses social networking and user-generated content technologies to create active online communities of like-minded people who share and connect with people online and via the mobile internet. The company has actively created mobile campaigns for record labels and media owners, and artists such as Queen, Lilly Allen, and Robbie Williams. Revenues, created from merchandising and online and mobile advertising around each network, have been growing steadily since the company’s inception in 2001. The company, based in the UK, has amassed over 2 million mobile consumers for record labels such as Virgin Records, Atlantic Records and EMI Records. One of the very few UK technology companies that is cleared to operate mobile services in the US, NVM has also worked on brand campaigns for Volkswagen Calvin Klein, and Sony Ericsson. For more information, visit http://www.newvisionsmobile.com/.
About PlayBOX
PlayBOX is a growing global media entertainment distribution company that offers a wide variety of distribution channels for new music artists and small-to-medium sized record labels. PlayBOX
is aggressively growing its traditional (retail) and non-traditional (digital, online and mobile) distribution channels so independent artists can reach their waiting public even more quickly and easily, while staying at the forefront of emerging trends in distribution. Through a series of strategic mergers and acquisitions, PlayBOX will become a world leader in the distribution and marketing of global entertainment media, with a strategic focus on delivering digital media through PC’s, television and mobile phones.
FORWARD-LOOKING STATEMENTS:
Statements about PlayBOX's future expectations and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. PlayBOX's actual results could differ materially from expected results. PlayBOX does not undertake any obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this objective, PlayBOX will appropriately inform the public.
For more information contact investor@play-box.com. |
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