Charles Townsend IS
SOURCE: Signature Devices, Inc.
Signature Devices, Inc.
April 12, 2012 06:00 ET
Signature Devices, Inc. Announces Merger With Graffiti Entertainment, Inc.
Unified Team Focuses on Product Development and Sales Expansion
REDWOOD CITY, CA--(Marketwire - Apr 12, 2012) - Signature Devices, Inc. (PINKSHEETS: SDVI) announced today an agreement with Graffiti Entertainment, Inc. to merge the two companies. It is part of a strategic realignment spearheaded by CEO Mart van der Velde which will also provide current disclosure information on Pink Sheets and lead to a unified global business expansion.
"We are now deploying our team in the best possible way to earn increased revenues, open new markets, and develop and market new software products. We have proven our ability to create award-winning titles and now we have the structure to achieve the sales results which can build the value of our business," said CEO Mart van der Velde.
"Our new Board member Charles Townsend brings experience from BMX Racing. Kenneth Hurley will devote his full time to the technology which forms the core strength of our business," Mr. van der Velde added.
Signature Devices, Inc. will be merged into Graffiti Entertainment, Inc. The original plan to take Graffiti Entertainment, Inc. onto the Frankfurt exchange has been dropped as part of the new strategic plan. The merger is a multi-step process whereby Signature Devices, Inc. will first make itself current on www.pinksheets.com which includes financial updates and an attorney opinion letter.
On April 4th, Kenneth Hurley formally resigned as the CEO of Graffiti Entertainment, Inc. and resigned as a Board member of both Signature Devices, Inc. and Graffiti Entertainment, Inc. and will now focus his full efforts on the technology side of the gaming business.
Mart van der Velde was named the CEO of Graffiti Entertainment and Charles Townsend was named to the Board of Directors of Signature Devices, Inc. Mr. van der Velde also became CEO of Signature Devices, Inc. in November 2011 and will continue to hold the position of CEO upon the merger of the two companies.
About Graffiti Entertainment, Inc. and Signature Devices, Inc.:
Based in Redwood City, Calif., Graffiti Entertainment, Inc. was spun out from Signature Devices, Inc. (www.signaturedevices.com) (PINKSHEETS: SDVI) and publishes diverse media products including console video games, iPhone/iPad and Android games. Signature Devices, Inc. creates and develops social networking systems including social networking server software, social networking games and console games, which it publishes through Graffiti Entertainment, Inc.
The information in this press release includes certain "forward-looking" statements within the
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