OT: Technology Leader PoGo! Products Commences Trading under Symbol 'NWGD'
BREA, Calif.--(BUSINESS WIRE)--July 8, 2003--PoGo! Products, Inc. (OTC BB: NWGD), a leader in portable digital audio (MP3) technology and the developer and manufacturer of cutting edge personal electronic products for consumers and businesses, announced that following the completion of a reverse merger transaction, the Company's shares will commence trading today on the Over-the-Counter Bulletin Board market under the symbol NWGD. The Company plans to apply for a new symbol in the near future.
PoGo! Products, Inc. facilitated its entry to the public marketplace through a reverse merger with Northwest Gold, Inc. (OTC BB: NWGD), a majority-owned subsidiary of U.S. Energy Corp. (NASDAQ: USEG). As a result, the total number of issued and outstanding shares of PoGo! Products, Inc., is 19,809,794, with U.S. Energy holding a 35.2% stake in PoGo! As part of the transaction, on or before July 17, 2003, U.S. Energy Corp. will cancel 3,809,794 of its shares in Pogo! Products, Inc., thereby reducing the total number of issued and outstanding shares to 16 million with U.S. Energy Corp. then retaining 20% ownership in the shares of the Company.
"PoGo! is an established trendsetter in consumer electronics and prides itself as an innovator of advanced technology that can result in the next great product for the digital audio and digital video markets," stated Company President Jim LaVoie.
PoGo! is already a recognized leader in the fast-paced MP3 player arena with its line of Rip-Flash Recordable Digital Audio Players and the Flipster Personal Multimedia Player. PoGo! also recently introduced Radio YourWay(TM), its latest innovative product, the first portable, solid-state AM/FM radio recorder. Radio YourWay enables users to record any radio broadcast such as news, sports, or music and play those recordings back at a more convenient time. "PoGo! has built an established technology platform, which enables the Company to continue its quest for new must-have next-generation devices for key consumer markets," Mr. LaVoie said.
PoGo! was founded in August 2001 and in its first abbreviated year of operations ended Dec. 31, 2001, had sales of $27,000, which increased to $1.6 million in 2002, its first full year of operation. "We expect to maintain a strong growth trend as we proceed with the development of next-generation digital audio and video technology products specially tailored to fit the demands of the consumer market," Mr. LaVoie said. "Being a public company will give investors an opportunity to participate in the anticipated growth of the Company."
About PoGo! Products, Inc.
PoGo! Products, Inc. (www.pogoproducts.com) is the developer and marketer of innovative, industry-first personal technology products, led by industry veterans who are proven leaders in the consumer electronic space. Corporate headquarters for PoGo! Products and home base for sales and customer service is located in Brea, Calif., with all manufacturing of product done in Asia with engineering teams in both locations.
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