Internet Media Services, Inc. Announces Acquisition of U-Vend USA, LLC and U-Vend Canada, Inc.
14 Januar 2014 - 2:30PM
Marketwired
Internet Media Services, Inc. Announces Acquisition of U-Vend USA,
LLC and U-Vend Canada, Inc.
Company Anticipates Significant Global Opportunities in Next
Generation of Self-Serve Kiosks and Digital Storefront
Technologies
SANTA MONICA, CA--(Marketwired - Jan 14, 2014) - Internet Media
Services, Inc. ("the Company") (OTCQB: ITMV) announced today the
acquisition of U-Vend USA, LLC and U-Vend Canada, Inc. ("U-Vend")
in an all equity transaction. Pursuant to the terms of the
Exchange of Securities Agreement, within 90 days of the transaction
closing date, ITMV intends to conduct a reverse split of its common
shares and issue up to 3.5 million post reverse-split shares,
representing approximately 49% of the outstanding shares of the
Company at the time of closing of the transaction, for all current
outstanding shares of U-Vend. In addition, U-Vend will have
the ability to earn up to an additional 4.5 million post
reverse-split shares subject to an earn-out provision detailed in
the transaction documents.
U-Vend, established in May 2009, designs, develops, distributes
and markets various next-generation self-serve automated retailing
kiosks perfectly suited for a variety of locations ranging from
hospitals, schools, airports, grocery stores, drug stores, mass
merchants, malls, and other retail locations. U-Vend also
markets an optional digital advertising service that can be
seamlessly integrated with the automated retailing
kiosks. They currently have ongoing operations in the greater
Chicago area as well in Ontario, Canada.
The Company will continue with the execution of U-Vend's
business plan as its sole line of operations. As a result of
its acquisition of U-Vend, the Company intends to change its name
to U-Vend, Inc. and apply for a change to its ticker
symbol.
Raymond Meyers will remain as Chief Executive Officer of the
Company with primary focus on corporate development, finance,
public administration, and overall Company operations. Paul
Neelin will remain the Founder and Chief Operations Officer of
U-Vend and be responsible for development of branding partnerships,
expansion of the business model, and global sales and marketing
activities. Mr. Neelin will also join the Company's Board of
Directors. As the operations expand in both the US and Canada
the Company expects to hire additional key management and staff
personnel.
"We are pleased that Mr. Neelin has decided to join us and are
excited about the opportunities surrounding the U-Vend product
line. We believe this acquisition supports our mission of
increasing shareholder value," stated Raymond Meyers, CEO of
Internet Media Services, Inc.
Mr. Neelin, Founder of U-Vend, commented, "We are very pleased
to be joining the team and looking forward to the continued
development of our product line through the tremendous resources
afforded to us by being part of a publicly listed company."
National Securities Corporation served as financial advisor for
U-Vend and the Law office of Gary A. Agron served as outside legal
counsel for the Company in connection with this transaction.
For more information on this transaction, please visit the SEC
Filings ("Filings") section of our Investor Info page at
www.u-vend.com or the company filings section of the Securities
& Exchange Commission at www.sec.gov.
This release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state.
ABOUT U-VEND Currently headquartered in Stoney Creek, Ontario
Canada, with additional locations in Chicago, IL., U-Vend develops,
distributes and markets various "next-generation" self-serve
electronic kiosks in a variety of locations ranging from grocery
stores, drug stores, mass merchants, malls, and other retail
locations, in North America. U-Vend owns and operates kiosks
with a particular focus on "Healthy Vending." U-Vend has
partnered with numerous national consumer product companies to
deliver new and unique customer retail experiences in an automated
setting.
For more information on U-Vend, visit www.u-vend.com
Follow U-Vend on Twitter: https://twitter.com/u_vend
Like U-Vend on Facebook:
https://www.facebook.com/pages/U-Vend
For more information: Corporate Office Tel: (855) 55-UVEND
Email: info@u-vend.com Investor Relations Tel: (855) 55-UVEND, ext.
3 Email: ir@u-vend.com
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