PATCHOGUE, N.Y., Dec. 2, 2005 (PRIMEZONE) -- 110 Media Group, Inc. (OTCBB:ONTN) announced on Friday it would acquire pioneer software development company, Global Portals Online in a stock swap deal designed to bolster 110's value.
Terms of the deal call for 110 Media Group (www.110mediagroup.com) to acquire all outstanding stock and assume all stock options of Global Portals Online, Inc. (www.globalportalsonline.com) in exchange for shares of 110 Media Group common stock. 110 Media said it plans to fully integrate the Global Portals Online products and brands into its operations immediately.
Global Portals Online is the next generation "killer app," through its vertical product lines will enable high-speed cable operators, DSL/Telcos, Hosting/ISP's, major Internet portals, media conglomerates, municipalities, online destination and community sites a complete turnkey private-label solution where their consumers or members can obtain all the "do-it-yourself" tools for building their own online business/personal sales portal and/or website. These newly captured consumers and newfound recurring monthly revenues reflect immediately on the financial bottom line of companies who already have a large community of online users which all aspire to build an online brand, increase registration rates and recurring monthly residuals, retention, frequency and duration of users visiting their site, while enhancing overall revenue and profitability opportunities.
Global Portals Online offers the consumer a chance to build their own online portal, like having your own personalized AOL network of sorts, from a partners site with features such as a easy-to-use multimedia website builder, business/personal life management tools (email, calendar, instant messaging, file sharing, etc.), customized news updates, community tools, automated commerce products, and other options previously unavailable to the novice Webmaster. Global Portals Online is primed to become the easiest and most innovative Internet utility since Yahoo!, coupled with the viral marketing growth of such first-to-market leaders as MSN Hotmail, ICQ, Blue Mountain Arts and Napster.
Global Portals Online integrated platform offers users a broad range of secure and public features that will turn the consumers own business-in-box portal into a complete customized website, community center, shop module, communication resource and business manager. Unlike simplistic homepage builders such as Geocities, America Online's Hometown, Homestead.com, etc., Global Portals Online gives users groundbreaking, fully integrated high-tech features without compromising ease of use, or its free, giveaway or promotional price tag. That's free, yet the user must select from required hosting plans ranging from $9.95-$29.95 monthly. This is what makes Global Portals Online an attractive offering to big brands, first as a co-branded or private label giveaway to its customers, secondly as a revenue generator, retention tool, advertising model and online database builder.
"We are obviously very excited to have reached an agreement with Global Portals Online. This is a great company, with a proven product line and a seasoned executive team, which pioneered this marketplace with Image Cafe, (www.imagecafe.com) in 1999, which was sold to Network Solutions for $25M. So again, this is a very exciting day for our company and shareholders," said Darren Cioffi, CEO of 110 Media Group.
"Our marketing plan is quite simple: we are going directly to those who already have a large community or database of users online which want to earn additional recurring monthly revenues on that same database of users, give them a private labeled version of our product and either do a revenue share or licensing deal. No development fees, management or maintenance issues, just additional revenues, loyalty and advertising opportunities for our partners. More importantly the product is the next small business and consumer buzz on the Internet, 'virtual real estate,'" said William Mobley, CEO of Global Portals Online.
"Everyone will want a personally customized website that they themselves can create, change, and manage daily without any html or programming skills. Couple that with a complete back-end of business or personal desktop tools. Why would the consumer want to go to any other website but their own for family, business, friends, or special interest communications when connected together by web pages, chat, file & audio/media/photo sharing? Users can send and receive information from anywhere they can access a computer (web based) or mobile phone as no special software is needed. Multiply this by millions of people, that's pretty powerful stuff," said Andre Forde, President of Global Portals Online.
Forward Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Corporation, are forward-looking statements that involve 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. Gross turnover could be substantially less in the future due to changes in the law, general economic conditions, or unexpected failure of equipment servicing the accounts. In addition, technical complications, which may arise, could prevent the prompt implementation of the plans outlined above. Additional Safe Harbor Act Disclaimer Notice is available on the web site at http://www.110mediagroup.com.