QuotesNewsPress ReleasesThwapr, Inc. Goes Public with Completion of Reverse Merger NEW YORK, Mar 30, 2010 (BUSINESS WIRE) — Thwapr, Inc., a mobile video sharing platform, today announced that it has successfully completed a voluntary share exchange with Seaospa, Inc. /quotes/comstock/11k!sopad (SOPA.D 0.00, 0.00, 0.00%) , a development stage company incorporated in Las Vegas, NV. In connection with this share exchange, Seaospa, Inc. plans to change its name to Thwapr, Inc. as soon as practical after all applicable requirements can be satisfied and the Company intends to apply for a change of its stock symbol on the Over- the- Counter Bulletin Board to reflect this amendment. The transaction was completed by a reverse acquisition of Seaospa by Thwapr, with Thwapr stockholders owning a majority of the outstanding shares of Seaospa, and Thwapr becoming a wholly-owned subsidiary of Seaospa. As a result of the share exchange, Thwapr's business now constitutes Seaospa's sole business. The officers of Thwapr have replaced all of the officers of Seaospa, the company will retain all Thwapr employees, and the company will maintain its principal operations in New York, NY. Messrs. Bruce Goldstein, Maurizio Vecchione, and Barry Hall, current directors of Thwapr, now serve on the combined Company's board of directors. At the closing of the share exchange, Seaospa issued 142,676,508 shares of its common stock to the stockholders of Thwapr for approximately 90% ownership of the combined entity. Immediately prior to the share exchange, Seaospa had 14,609,754 shares of common stock issued and outstanding. Immediately after the share exchange, Seaospa has 157,286,262 shares of common stock issued and outstanding. "We are delighted to complete this transaction and become a public company," said Bruce Goldstein, CEO. "The going public transaction provides a strong financial foundation with potential enhanced access to capital that will enable us to further Thwapr's strategy of expanding and growing the products and services of its mobile video platform for our users." Further details regarding Seaospa and Thwapr and details of the share exchange agreement and further information about the business, financial condition and management of Thwapr are all filed as part of Seaospa's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's EDGAR database. About Thwapr, Inc.
Thwapr is a mobile-to-mobile video sharing communications platform. Thwapr's mission is to provide a social mobile video sharing experience regardless of carrier or device worldwide. Developed by founding members of Apple's QuickTime team and technologists from AVID/Digidesign and MTV, Thwapr's patent-pending technology allows mobile users to send video "Thwaps" captured with their device to any other mobile users, easily and instantly. For more information, please visit www.thwapr.com. Follow Thwapr at www.twitter.com/thwapr or become a fan at www.facebook.com/thwapr.
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