FORT MYERS, Fla., Nov. 9, 2009 (GLOBE NEWSWIRE) -- Cinnabar Ventures, Inc. (OTCBB:CNBR) ("Cinnabar" or the "Company") is in the final stages of acquiring Yippy, Inc., a private Delaware corporation ("Yippy"). Yippy (www.yippy.com) is to be acquired by Cinnabar prior to January 14, 2010, per the agreement set forth in the shell acquisition between Richard Granville and Belmont Partners, LLP. Joseph Meuse, the Managing Director for Belmont Partners, LLP, remained on the board of Cinnabar following the acquisition. Details of this transaction are available through Edgar via 8K with other supporting documents, including the Stock Purchase Agreement and Promissory Note.
Cinnabar will be changing the sector of business to "Technology" in the industry of "Information and Delivery Services" at the next quarterly reporting period on the SEC's website (www.sec.gov). Cinnabar has retained Anslow & Jaclin, LLP as its outside corporate and securities counsel.
Cinnabar has applied to the Financial Institutions Regulatory Authority for a 3:1 forward split, which, when approved, will effectively increase the issued and outstanding shares of Cinnabar's common stock to approximately 19 million (19,000,000) shares, with a float of 4 million (4,000,000) shares.
About Cinnabar Ventures, Inc.:
Cinnabar is a new economy technology company that develops technologies and relationships for Web-OS systems in the Cloud computing space. Interactive Media and online advertising are also a focus of Cinnabar. Cinnabar also invests in other technologies such as device and systems management platforms, as well as companies with high growth potentials in search, social networking, e-com and wireless/data communications. Cinnabar currently is in an acquisition mode to build the business model around like and kind businesses with seamless vertical integrations into its long term business plan. Cinnabar also licenses brands, domains and content for distribution across our network platforms for wireless devices and traditional content distribution channels.
The Cinnabar Ventures Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6816
Forward-Looking Statements
Pursuant to The Private Securities Litigation Reform Act of 1995: The statements in this press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of this release since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. We assume no obligation to publicly update or revise any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release, even if new information becomes available in the future. Additional information on risks and other factors that may affect the business and financial results of Cinnabar Ventures, Inc. can be found in the filings of Cinnabar Ventures, Inc. with the U.S. Securities and Exchange Commission.
For more information on the company visit: www.cinnabarcompany.com.