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albundy

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albundy

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Tuesday, 05/08/2007 9:10:45 AM

Tuesday, May 08, 2007 9:10:45 AM

Post# of 1557
PrimEdge Common Stock to Be Distributed to Shareholders of Media Magic, Inc., Concluding PrimEdge Acquisitions of Media Magic's Subsidiaries
http://www.marketwatch.com/news/story/story.aspx?guid=%7b9ADD1F1C-F669-435C-8783-C1DD54426B99%7d&...


PrimEdge Common Stock to Be Distributed to Shareholders of Media Magic, Inc., Concluding PrimEdge Acquisitions of Media Magic's Subsidiaries

Last Update: 9:01 AM ET May 8, 2007

BOCA RATON, FL, May 08, 2007 (MARKET WIRE via COMTEX) -- PrimEdge announced today that its Board of Directors has authorized the issuance of the Company's restricted common stock to Media Magic, Inc. shareholders on a pro rata basis, pursuant to the terms of the acquisition agreement in which PrimEdge (PINKSHEETS: PEDG) acquired Orangebox Entertainment, Inc. from Media Magic, Inc. in March 2007.
This is the second acquisition by PrimEdge of a subsidiary of Media Magic, Inc. In July 2006, PrimEdge acquired the former DigiKidz, Inc., recently renamed Prime Media, Inc. to better reflect the core business, also for restricted common stock.
After Media Magic, Inc. receives the PrimEdge common shares pursuant to the two acquisition agreements with PrimEdge, Media Magic, Inc. will distribute these shares to its shareholders. Media Magic anticipates this distribution to be completed by mid-July 2007.
About Media Magic, Inc.
Media Magic, Inc., formerly known as GLUV Corporation, was formed in mid-2005 as the result of a reverse merger of the privately held holding company, DigiKidz Holdings, Inc. and GLUV Corporation, which became the surviving entity. DigiKidz Holding, Inc. owned 100% of DigiKidz, Inc. and Orangebox Entertainment, Inc., both of which in mid-2005 were early stage companies. Subsequently, as the result of majority shareholders actions, all corporate management and the Board of Directors of Media Magic resigned in January 2006, even though the results of Media Magic's subsidiary companies demonstrated growth and progress throughout 2005. A completely new Media Magic Board of Directors was elected by the majority shareholders in January 2006 and charged with delivering value to the Media Magic shareholders, which they determined would be achieved by the sale of both of Media Magic's two subsidiaries. The first such sale was completed (DigiKidz) in mid-2006 and the second sale (Orangebox Entertainment, Inc.) in March 2007.
About PrimEdge, Inc.
PrimEdge, Inc. is a diversified holding company, owning and overseeing the operations of two majority owned subsidiaries, Orangebox Entertainment, Inc., a production and post production services provider to the entertainment industry, and Prime Media, Inc. (formerly DigiKidz, Inc.), a producer and distributor of family entertainment DVDs. PrimEdge, Inc. seeks rapid growth through additional acquisitions and the sales and marketing by its subsidiaries of proprietary products and services.
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