LOS ANGELES, July 23, 2008 (PRIME NEWSWIRE) -- King Thomason Group, Inc. (Pink Sheets:KGTH) today announced it has entered into a letter of intent to acquire The Woodlands, TX-based Hardwired Interactive, Inc. The company to be acquired (Hardwired Interactive) provides a suite of technologies and destinations that empower people to drive and define an online social network experience perfectly suited for their unique needs, interests, and online interests.
The transaction is subject to the satisfactory completion of certain items including, but not limited to, the completion of audited financials and the completion of SEC required filings. The transaction will be accomplished through a reverse merger that will result in the current shareholders of Hardwired Interactive, Inc. owning approximately ninety four percent of the total outstanding shares of the combined companies on a fully diluted basis, subject to adjustments.
"We are pleased with what Hardwired Interactive has been able to accomplish thus far, and in our opinion the Hardwired Interactive acquisition provides the viable option we have been looking for in creating long term shareholder value," said Tim King, Chief Executive Officer of King Thomason Group, Inc.
Hardwired Interactive, Inc. Chief Executive Officer Mark T. Wood said, "We are excited about our future with King Thomason Group, Inc. and believe our customers and shareholders will benefit from our plan to expand our service offerings and deliver strong value in the market."
About Hardwired Interactive
Hardwired Interactive, Inc. improves the online social network experience by providing a simple, easy to use Web 2.0 suite of technologies and destinations that empower people to drive and define a online social network experience perfectly suited for their unique needs, interests, and online interests. Easily reached from your PC and cellular phone, Hardwired provides an integrated community that incorporates personalized social networking, text messaging, mobile multimedia content programming, and customizable news and focused content for members. For more information regarding the company, please visit http://www.hdwrd.com.
Safe Harbor Statement:
The above news release contains forward-looking statements. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of business risks, external factors and uncertainties. Actual results may differ materially from those indicated by such forward-looking statements. The Company assumes no obligation to update the information contained in this press release, whether as a result of new information, future events, or otherwise.