Getupdated finalizes agreement to acquire Wooshii

Getupdated finalizes agreement to acquire Wooshii

Getupdated, parent company of Just Search, has signed an agreement to
acquire Wooshii, a video content company based in the UK with a global
user base of 3,500 registered providers of video content. The agreement
marks the completion of a letter of intent signed in October.

”Online video content will add significant benefits to our customers and
Wooshii provides a perfect accompaniment to our existing core range of
services,” comments Paul Yates, CEO of Getupdated and Just Search.

The parent company Getupdated Internet Marketing AB has acquired an
initial equity share of 25 per cent of the shares in Wooshii. In
exchange, Getupdated and Just Search will market an integrated, new
service offering based on the video know-how of Wooshii.

An agreement has been signed, whereby Getupdated/Just Search has
acquired an equity share of 25 per cent in Wooshii, and has an option to
acquire up to 51 per cent and subsequently the total and remaining
shareholding of the company. Sellers are the founders of Wooshii who
retain their current positions in the company's management.

The acquisition of Wooshii is an important strategic step into video
search for the Getupdated Group. A new service offering has been
developed and integrated in the service offering on all of current
customers and existing markets. The ability to be at the forefront of
online video content technology will also be of benefit to Getupdated
and Just Search when pitching for new potential customers.

”As part of the Getupdated group, Wooshii will get the marketing
leverage needed for a broad commercialization of a unique set of video
expertise and services,” comments Fergus Dyer-Smith of Wooshii.

The long term plan is for a total acquisition by Getupdated, and a
subsequent integration of Wooshii in the Getupdated Group. The initial
acquisition involves the provision of marketing services provided by
Getupdated and Just Search. The next stage of acquisition is based upon
Wooshii hitting certain financial targets and at a pre-agreed valuation
as at today.

For further information please contact:
Paul Yates, CEO of Getupdated Internet Marketing AB and Just Search
Phone: +44 7966 077 583
paul.yates@getupdated.com (paul.yates@getupdated.com)