MEMPHIS, Tenn., May 19, 2005 (PRIMEZONE) -- Limelight Media Group, Inc. (OTCBB:LMMG) of Memphis, Tenn. and Norske Informasjonsterminaler AS ("NIT") announced today the signing of a letter of nonbinding intent providing for Limelight to acquire NIT, an information technology company based in Oslo, Norway. The companies are currently negotiating a definitive agreement whereby Limelight would acquire NIT, which would operate as a wholly owned subsidiary of Limelight. The execution of the definitive agreement and the consummation of the acquisition is subject to, among other things, the completion of due diligence, the arrangement of necessary financing and the approval of the board and shareholders of each company. The acquisition, if consummated, would expand the digital media network of Limelight internationally and provide expanded access to the United States markets for NIT's products and services.
NIT develops, manufactures and distributes information technology involving digital media and interactive systems in multiple locations worldwide. The technology provides Internet and VoIP (voice over Internet protocol) services in more than 450 locations throughout Europe. NIT primarily owns the equipment it distributes and generates recurring revenue from the Internet and VoIP access, advertising and sponsorships. The digital screens additionally serve to provide community service and emergency announcements. Currently, locations with installations include four airports in Northern Europe and initial installations in other mass transit, retail and fast food locations. NIT, with offices in Norway, Sweden, Denmark and Germany, recently opened a North American office in Phoenix. NIT has agency representation in seven other countries. NIT recently received the award for "Best Hardware/Enclosure Design for a Kiosk Deployment" at the Las Vegas Kioskcom2005 Show. This award has contributed to NIT gaining rapid international recognition. Additional information on NIT's systems and technology can be found at www.n-it.no.
"NIT and Limelight believe that a combination of the companies would allow the companies to capitalize on each other's strengths. Obviously, NIT provides Limelight immediate international presence but also allows NIT to expand its technology services to Limelight's clients in North America," stated David V. Lott, President of Limelight Media Group, Inc.
Limelight Media Group, Inc., headquartered in Memphis, Tenn., creates, manages, and supports out-of-home digital advertising and promotional networks. The company's digital media management system enables simultaneous delivery of video content to a variety of remote audiences in real time, allowing for immediate customization of messages through a centralized network operations center. The company recently began expanding its efforts to include grocery, retail, restaurant, and the hospitality industry. More information can be found at http://www.limelightmedia.com.
This release includes projections of future results and "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"). All statements that are included in this release, other than statements of historical fact, are forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable; it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the expectations are disclosed in this release, including, without limitation, in conjunction with those forward-looking statements contained in this release.