MIAMI, Jan. 12, 2009 (GLOBE NEWSWIRE) -- Dolphin Digital Media, Inc. (OTCBB:DPDM), a developer of unique social networking web sites using state-of-the-art fingerprint identification technology, announced today that it has completed a $700,000 private placement of a budgeted $3,000,000 estimated financing requirement, with the first tranche led by management, insiders and existing investors.
"The proceeds of this initial transaction provide sufficient funds to carry the Company through the first phases of its planned product launch and related public relations campaign for its subscription-based secure online social networking sites for children and tweens," stated Bill O'Dowd, Chairman and Chief Executive Officer of Dolphin Digital Media. "We are very excited about this large potential opportunity at a time when social networks are rapidly growing and children surfing the Internet are vulnerable to online predators and cyber-bullying. The management team and Board of Directors of Dolphin Digital Media are firmly committed to creating a safe online experience for children while providing top tier children's brands and entertainment for our users and, at the same time, giving parents peace of mind that their children are in a secure social networking environment," he added.
Dolphin Digital Media is the exclusive holder of a worldwide ten-year license to all of Dolphin Entertainment's online rights for current and future properties. The Dolphin family of brands include top programming for Nickelodeon, with hit television titles such as Emmy-nominated and top-rated "Zoey 101," as well as "Ned's Declassified School Survival Guide," and the "Roxy Hunter" mystery-movie franchise, all of which have sold into more than 100 countries. Dolphin's most recent completed project, the upcoming television musical, "Spectacular!," starring Victoria Justice (Zoey 101), is scheduled to premiere on Nickelodeon in February.
ABOUT DOLPHIN DIGITAL MEDIA, INC.
Dolphin Digital Media, Inc. (http://www.dolphindigitalmedia.com), formerly Logica Holdings, creates and manages social networking websites for children utilizing state-of the-art fingerprint identification technology. As a leading developer of Internet safety technology operating in the entertainment, digital media, and e-commerce sectors, there is a focus on the growing global market for social networking, downloadable entertainment content and branded merchandise sales.
The Dolphin Digital Media, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4331
SAFE HARBOR STATEMENT
This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for markets and the demand for products. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. Such statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry and competition. The Company refers interested persons to its most recent Annual Report on Form 10-KSB and its other SEC filings for a description of additional uncertainties and factors, which may affect forward-looking statements. The Company assumes no duty to update its forward-looking statements.