IRVINE, Calif., Nov. 10, 2003 (PRIMEZONE) -- eSynch Corporation (Pink Sheets:ESYN) announced today that their subsidiary, Oxford Media Corporation, is interested in buying companies in the emerging movie-on-demand and media industry. Oxford Media, through its new acquirer, is offering a cash and stock purchase option and is in negotiations with two companies that are in the related hotel and residential video-on-demand services industry.
"We are looking for profitable companies in the $1-$10 million revenue range. However, if there are companies that are synergistic with our business plan, we will also entertain companies that can be profitable through economies of scale," said Tom Hemingway, Chairman and CEO.
Oxford Media and eSynch previously announced that eSynch intends to spin Oxford Media Corporation out as a trading company whereas current eSynch shareholders, as of the record date of the transaction, shall receive, by way of a dividend, common shares in Oxford Media Corporation.
Past Press Release correction:
In a press release dated 9/29/03, eSynch stated that River Capital would merge into the Oxford Corporation and Redwood would merge into Kiss Software. In light of new business opportunities, the parties have switched companies and Redwood will now merge into Oxford Media Corporation. Both Companies shall apply to be publicly traded on the OTC BB as soon as possible.
Safe Harbor
Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, the ability to negotiate outstanding prior debts of acquired companies; properly identify acquisition partners; adequately perform due diligence; manage and integrate acquired businesses; react to quarterly fluctuations in results; raise working capital and secure other financing; respond to competition and rapidly changing technology; deal with market and stock price fluctuations; and other risks. These are and will be detailed, from time to time, in eSynch's Securities and Exchange Commission filings, including Forms 10-KSB, 10-QSB and 8-K. Actual results may differ materially from management's expectations.
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