Official Press Release
LOS ANGELES--(BUSINESS WIRE)--Platinum Studios, Inc. (OTCBB:PDOS), an entertainment company that controls an international library of more than 5,600 comic book characters which it adapts, produces and licenses for all forms of media, today announced that it is in negotiations to acquire WOWIO, LLC, a leading online source for downloading digital books and comics. This acquisition would continue the expansion of Platinum Studios' global digital media distribution strategy.
Commenting on the attractiveness of WOWIO to Platinum Studios, Brian Altounian, Platinum's President and COO, said, "WOWIO's commitment to its motto, 'free books + free minds,' has driven the WOWIO team to create a national digital publishing distribution network, both in the comics and traditional publishing world, that brings together creators, publishers and sponsors in a way that allows authors and publishers to be paid, while providing readers access to free books. We feel that WOWIO's unique business model has positioned them to be at the forefront of change in the publishing world during this challenging time for the entire industry. Platinum believes that acquiring WOWIO would be a major cornerstone of a global digital publishing distribution initiative, and that Platinum is poised to enhance and expand WOWIO's business while bringing a true global distribution outlet to all of WOWIO's publishing partners, including Platinum Studios Comics."
"Platinum Studios represents an incredible opportunity for WOWIO at a time when the traditional publishing world is transitioning to electronic distribution channels and fresh revenue models," said Dr. David Palumbo, CEO of WOWIO. "We started WOWIO with a single purpose: to strengthen the relationship between content owners, content sponsors and content consumers. Joining with Platinum Studios would allow WOWIO to fulfill its founding mission of increasing access to free books to all and would significantly enhance reaching our goal of becoming the world's leading digital content distribution source for the publishing world."
Final deal terms between the parties have not been reached but the companies hope a transaction can be concluded early in the third quarter this year.
About Platinum Studios, Inc.
Platinum Studios (OTCBB: PDOS) is an entertainment company that controls an international library of comic book characters from all over the world, which it adapts, produces and licenses for all forms of media including print, film, online, mobile/wireless, gaming, and merchandising. Platinum Studios' library contains more than 5,600 characters spanning a full range of genres and styles, and also includes properties such as www.DrunkDuck.com, the industry's preeminent webcomics community. Working with leading companies in the entertainment and new media sectors, Platinum believes it is well positioned to emerge as one of the front-runners in the creation of new content across all media platforms. Platinum Studios - Comics Fueling Media EVERYWHERE!
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WOWIO opened on the World Wide Web in August 2006 endeavoring to dramatically expand access to important written works by eliminating the economic, geographic, and logistical barriers of readers while also ensuring that content owners are fairly compensated. WOWIO is the only source where readers can legally download high-quality copyrighted ebooks from leading publishers for free. Readers have access to a wide range of offerings, including works of classic literature, college textbooks, comic books, and popular fiction and non-fiction titles.
Platinum Studios Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Although expected, actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of Platinum Studios and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting Platinum Studios and its operations; its markets, products, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently, and other factors detailed in reports filed by Platinum Studios with the SEC.