Jan 11th 2008, 16:29 MNM MetaNetwork Media
by Cadence Juran
MetaNetwork Media Acquires SL Tronics Media
FOR IMMEDIATE RELEASEMetaNetwork Media Acquires SL Tronics Media
Synergy Island, Second Life, Jan. 11, 2007 – The chairman of MetaNetwork Media (symbol MNM), Jaison Spad, announced today that MNM has acquired SL Tronics Media as a wholly owned subsidiary of MNM. Basic terms of the deal include a common stock exchange of two shares of SLTM common stock for one share of MNM common stock for 750,000 MNM shares from the company’s reserve treasury at the price of L$5 per share.
MNM will acquire all in-world assets and approximately 1.5 million shares of SLTM. The in-world assets amount to the real estate owned or rented by SLTM, all the televisions owned by SLTM and its current customers. The deal also includes all the related intellectual property.
“This purchase is one of the major steps in the execution of our strategic plan,” Spad said. “Not only are we gaining a great television product, we are instantly expanding our distribution network by 5,000 in-place scripted units.”
Producing and distributing one of Second Life’s most popular scripted televisions, SL Tronics Media conducted it initial public offering last August with immediate success, selling all of its initial offering within 40 seconds, according to officials at the SL Capital Exchange.
According to MNM CEO, Cadence Juran, there are no current plans to re-brand SL Tronics Media.
“We plan to operate SLTM as a wholly-owned subsidiary,” Juran said. “SLTM has solid brand equity and customers continue to give excellent feedback for the products. We haven’t finalized all plans for integrating operations, but I’m confident we will consolidate the sales and marketing efforts into our existing MNM teams.”
“This is the best thing that can happen to SL Tronics customers,” said Tue Torok, who was the CEO of SLTM who will remain as a technology consultant with MNM. “This is an exciting step to deliver more quality programming and broader advertiser opportunities through what I feel is the best TV in Second Life.”
“As we get closer to our Jan. 19 premier broadcast of MetaNetwork News, extending our network through this acquisition will open new doors for advertisers looking to reach the tens of thousands of residents in Second Life with televisions,” Juran said.
According to Juran, until a comprehensive transition plan is implemented, customers of SLTM can still contact Tue Torok for service and support.
Prospective investors can review and download a copy of the MNM prospectus from the SL Capital Exchange at www.slcapex.com, as well as other information or to purchase shares, currently offered at L$5 during the IPO.
Visit the MNM Web site at www.metanetworkmedia.com
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For more information or to arrange an interview, contact:
WordWright Singh
Communications Director
MetaNetwork Media, Inc.
Television for Generation M
www.metanetworkmedia.com
wsingh@metanetworkmedia.com
About MetaNetwork Media, Inc.:
MetaNetwork Media, Inc., is a broadcasting and interactive media company with the purpose to provide quality news and entertainment to residents and visitors of the metaverse community through the development, production and marketing of entertainment, news and information within Second Life and the rest of the metaverse. MNM will deliver programming via an innovative distribution network in Second Life, on the company’s Web site and via other Web 2.0 platforms. MNM, also the ticker symbol, is traded on the SL Capital Exchange. Visit MNM's Web site at www.metanetworkmedia.com.