May 27, 2015 - VANCOUVER, BRITISH COLUMBIA – Mobio Technologies Inc. (TSXV: MBO; OTCQX: MBIOF), (“Mobio” or the “Company”) is pleased to announce that it has signed a Letter of Intent to acquire Twenty Year Media Inc. (“Twenty Year Media” or “TYM”), a Canadian company, based in Vancouver, which provides media content distribution, sales and promotion to theatres and consumers throughout North America.
Under the terms of the Letter of Intent, on closing, Mobio will issue 20,000,000 common shares to the security holders of Twenty Year Media, in order to complete the acquisition. Up to an additional 20,000,000 common shares are issuable by Mobio as certain milestones are met in terms of agreed monthly revenue targets.
“Twenty Year Media is an innovative media and technology company that uses predictive data and social intelligence to attack the excess capacity issues of the $40 Billion North American cinema market” said Michael Edwards, CEO of Mobio. “Through its Emerging Pictures network, TYM uses data and analytics to align content with audience and screen. Strutta, Mobio’s current flagship product, is an excellent complement with TYM’s business and strategy. Customer engagement is a key driver to this business and the Mobio suite of engagement tools will add great value to the entire process.”
Mobio also announces that it has arranged a non-brokered private placement in which it will raise up to $750,000. In connection with the offering, Mobio will issue up to 12,500,000 units at a price of $0.06 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at a price of $0.10 for a period of 12 months from closing of the offering.
All securities issued in connection with the acquisition, and the private placement, will be subject to a four-month-and-a-day hold period. The acquisition remains subject to completion of final documentation and due diligence, along with satisfaction of all closing conditions. Both the acquisition and the private placement remain subject to the approval of the TSX Venture Exchange. The acquisition of Twenty Year Media constitutes a “related party transaction” pursuant to the provisions of Multilateral Instrument 61-101 (“MI 61-101”). Pursuant to MI 61-101, the Company intends to rely upon exemptions from the requirement to obtain a formal valuation and minority shareholder approval.
Twenty Year Media is a media and technology company developing advanced technologies for the entertainment and motion picture sector. TYM owns and operates Emerging Pictures, a US- based all-digital film and alternative content network of movie theaters. Using data and social media analysis together with seamless digital delivery to theaters, the Emerging Pictures platform enables content owners and exhibitors to be more effective and innovative in their distribution strategies and programming decisions. Emerging Pictures works with content and data partners such as Sony Pictures Classics, The Weinstein Company, Magnolia Pictures, IFC, and Vimeo to maximize the value of their content. Recent releases include, Sony’s Oscar winner Whiplash, IFC’s acclaimed Boyhood, Weinstein Company’s horror hit It Follows, and Vimeo’s upcoming documentary about the death of Kurt Cobain, Soaked In Bleach.
Mobio is the parent company of Strutta, a social promotions platform that helps marketers bring potential customers from stranger to fan to customer. Strutta’s Promotions API provides a technology platform that facilitates social media competitions & campaigns for global brands. Mobio is a publicly traded company on the TSX-V and the OTCQX, headquartered in Vancouver, BC. To learn more, visit www.mobio.net.
For additional information contact: Etienne Moshevich Transcend Resource Group, Investor Relations Tel: 604-681-0084 email@example.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS. Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of Mobio are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by Mobio are those risks described herein and from time to time, in the filings made by Mobio with Canadian securities regulators. Those filings can be found on the Internet at: http://www.sedar.com.
Neither the TSX Venture Exchange nor its Regulatory 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.