PKPT - Wyndstorm Announces Upcoming Trading on the OTC Bulletin Board
Tuesday November 6, 10:46 am ET
Premier Social Network Enabler has Executed a Definitive Agreement to "Reverse Merge" with PacketPort.com
WASHINGTON--(BUSINESS WIRE)--Wyndstorm Corporation, a leading social network enabler, announced the execution of a definitive agreement of a reverse merger into PacketPort.com, Inc. (OTCBB: PKPT.OB - News) that will ultimately allow Wyndstorm’s common stock to trade on the Over-The-Counter (OTC) Bulletin Board. The agreement, which includes debt forgiveness, conversion of substantial PacketPort.com, Inc. debt into common stock, and a reverse split, is set to close in early January 2008 after proxy endorsement by the shareholders. Following the merger, Wyndstorm Corporation will own 86% of the combined companies’ equity capitalization. Working with Source Capital Group (SCG) in Westport, CT, a leading middle market investment bank, Wyndstorm intends to pursue a private placement to sustain fulfillment of its growing contract backlog.
Wyndstorm, which will become the only pure-play publicly-traded enabler of social networking applications, will use the funds to expand its delivery and sales support services to meet a substantial backlog and ongoing pipeline for its feature-rich social media application, including its Avababble™ technology to enable talking avatars, marketing support, and other interactive entertainment features. Wyndstorm has generated a backlog valued at $8 million over two years, based on development and hosting of custom online promotions campaigns and sustained online campaign management based on partnership contracting.
"We deliver advanced social media solutions to support online advertising and viral marketing programs. Access to public financial markets, provides a tremendous opportunity to grow our social media solutions. This financing is critical to continue to meet our customer demands, execute our strategy, and maintain our technology leadership in this space," said Marian Sabety, President and CEO of Wyndstorm. "Capital will be used to expand our support resources, including the marketing support and technology development needs of our contracted customer requirements and meet the strong interest in our social media capabilities. We will also expand our end-to-end customized social media application to meet our customers’ requirements for targeted online promotions, advertisement management, and interactive entertainment programming. We provide a one-stop social media delivery program for set-up, customization, and ongoing program management — including marketing support and online promotions which we deliver in partnership with our customers."
Wyndstorm is the creator of RipLounge, an online entertainment destination, leveraging Avababble™, the Wyndstorm talking avatar technology. In January 2008, Wyndstorm will launch this unique subscriber community for Seed Corn, LLC., a web-based Marketing company that will integrate talking avatars, chat rooms, and multi-user gaming technologies for an interactive entertainment and social networking site. Wyndstorm beat the competition in winning the contract this build and host this community, based on tailoring requirements that included safe communications, targeted advertising and the Company’s Avababble technology. Wyndstorm also was unique in providing ongoing marketing support to help manage online targeting and traffic growth on a revenue share basis. Wyndstorm tailors platforms so that clients can offer customized, private and safe communities with controlled advertising, dramatically expanding the market for these applications to address privacy and security concerns while offering highly dynamic and interactive communities.
Wyndstorm is previewing RipLounge at the AdTech trade show at the New York Hilton in New York City, November 5th and 6th, 2008. The preview showcases the combination of security, personalization, and talking avatar gaming that will be integral to this online destination.
About Wyndstorm Corporation
Wyndstorm Corporation, a Washington D.C.-based company provides turnkey social media solutions that include social networks, interactive gaming, and talking avatar applications, so that affinity marketing companies can meet time-to-market pressure in delivering online entertainment that leverages viral marketing. Using the wyndstorm™ hosted application, clients can rapidly tailor and privately brand custom social media programs by selecting from over 50 pre-built modules. Wyndstorm provides search, security, click-to-call, location-based advertising management, consumer-posted content, payment processing, and other value-add features that provide high value collaboration and interactive programming for private branded, viral marketing. For more information about Wyndstorm Corporation, visit www.wyndstorm.com.
Contact:
Wyndstorm Corporation
Nancy Rose Senich, 703-442-0080
pr@wyndstorm.com
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Source: Wyndstorm Corporation
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