DALLAS May 23, 2012 Morgan Creek Frankfurt May 14, 2012 Washington June 15, 2012
Pursuant to the Agreement, the Vendors have agreed to sell, and the Company has agreed to acquire, all of the issued and outstanding shares of Glob Media (collectively, the "Purchased Shares"). The total purchase price for the Purchased Shares is 9,075,734 restricted shares of common stock of the Company, to be delivered to the Vendors on a pro rata basis in accordance with each Vendor’s percentage ownership in Glob Media.
The closing of the Agreement is subject to the satisfaction of conditions precedent to closing as set forth in the Agreement, including, but not limited to: (i) the Company, Glob Media and the Vendors having obtained all authorizations, approvals or waivers that may be necessary or desirable in connection with the transactions contemplated by the Agreement; (ii) the Company, Glob Media and the Vendors shall have complied with all warranties, representations, covenants and agreements therein agreed to be performed or caused to be performed on or before the closing date; (iii) no action or proceeding in law or in equity shall be pending or threatened by any person, company, firm, governmental authority, regulatory body or agency to enjoin or prohibit any of the transactions contemplated by the Agreement; (iv) completion by each of the Company and Glob Media of an initial due diligence and operations review of the other’s respective businesses and operations; (v) no material loss or destruction of or damage to the Company or Glob Media shall have occurred; and (vi) the board of directors of the Company and Glob Media ratifying the terms and conditions of the Agreement.
the United States the United States
About Glob Media
Glob Media’s primary business is a social search destination called Taglike.me or Taglikeme.com ("Taglikeme"), which is an Internet services platform that combines the most commonly used functions of search and social media interaction in one destination. Taglikeme allows individuals to search the Internet by using the top two search engines of Bing™ and Google™ in addition to viewing related activities from popular social media based sites such as Facebook™, YouTube™, Twitter™ and Wikipedia ™ with regard to their search inquiry. In addition, Taglikeme gives the opportunity of searchers to connect and chat with others worldwide that might be searching similar topics as them. This adds a much-needed human element to search and online social interaction. Taglikeme is ideal for any online pedestrian or seasoned researcher that conducts significant search activities for personal or organization based interests.
The site has also incorporated sophisticated search refinement and semantic recommendation functions further allowing searchers to perform search inquiries more accurately and efficiently. In addition, the unique design of the site gives anyone the ability to preview a live snap shot of any web site, including images or videos, within their search results and users can simply drag and drop those results to their tagboards for later use, project organization or sharing. Taglikeme has given users the ability to sort, organize and collaborate their search results in a very simplified manner. For example, to email search results to other people or post them to your favorite social network, you simply drag and drop those results to your email or share box and designate their destination with a simple function. Users can also create projects assembling their collection of web information or media; collaborate with others in public or private groups; and respond to active collaborations or discussions using rich media content, not just text comments.
THE UNITED STATES SECURITIES ACT OF 1933 THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934
THE UNITED STATES
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. EACH OF THE NASD, THE SEC AND THE OTCBB NEITHER APPROVES NOR DISAPPROVES OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS 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 JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
SOURCE Morgan Creek Energy Corp.