SANTA MONICA, CA - January 14, 2014 - Internet Media Services, Inc. ("the Company") (OTCQB: ITMV) announced today the acquisition of U-Vend USA, LLC and U-Vend Canada, Inc. ("U-Vend") in an all equity transaction. Pursuant to the terms of the Exchange of Securities Agreement, within 90 days of the transaction closing date, ITMV intends to conduct a reverse split of its common shares and issue up to 3.5 million post reverse-split shares, representing approximately 49% of the outstanding shares of the Company at the time of closing of the transaction, for all current outstanding shares of U-Vend. In addition, U-Vend will have the ability to earn up to an additional 4.5 million post reverse-split shares subject to an earn-out provision detailed in the transaction documents.
U-Vend, established in May 2009, designs, develops, distributes and markets various next-generation self-serve automated retailing kiosks perfectly suited for a variety of locations ranging from hospitals, schools, airports, grocery stores, drug stores, mass merchants, malls, and other retail locations. U-Vend also markets an optional digital advertising service that can be seamlessly integrated with the automated retailing kiosks. They currently have ongoing operations in the greater Chicago area as well in Ontario, Canada.
The Company will continue with the execution of U-Vend's business plan as its sole line of operations. As a result of its acquisition of U-Vend, the Company intends to change its name to U-Vend, Inc. and apply for a change to its ticker symbol.
Raymond Meyers will remain as Chief Executive Officer of the Company with primary focus on corporate development, finance, public administration, and overall Company operations. Paul Neelin will remain the Founder and Chief Operations Officer of U-Vend and be responsible for development of branding partnerships, expansion of the business model, and global sales and marketing activities. Mr. Neelin will also join the Company's Board of Directors. As the operations expand in both the US and Canada the Company expects to hire additional key management and staff personnel.
"We are pleased that Mr. Neelin has decided to join us and are excited about the opportunities surrounding the U-Vend product line. We believe this acquisition supports our mission of increasing shareholder value," stated Raymond Meyers, CEO of Internet Media Services, Inc.
Mr. Neelin, Founder of U-Vend, commented, "We are very pleased to be joining the team and looking forward to the continued development of our product line through the tremendous resources afforded to us by being part of a publicly listed company."
National Securities Corporation served as financial advisor for U-Vend and the Law office of Gary A. Agron served as outside legal counsel for the Company in connection with this transaction.
For more information on this transaction, please visit the SEC Filings ("Filings") section of our Investor Info page at www.u-vend.com or the company filings section of the Securities & Exchange Commission at www.sec.gov.
This release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
Currently headquartered in Stoney Creek, Ontario Canada, with additional locations in Chicago, IL., U-Vend develops, distributes and markets various "next-generation" self-serve electronic kiosks in a variety of locations ranging from grocery stores, drug stores, mass merchants, malls, and other retail locations, in North America. U-Vend owns and operates kiosks with a particular focus on "Healthy Vending." U-Vend has partnered with numerous national consumer product companies to deliver new and unique customer retail experiences in an automated setting.
For more information on U-Vend, visit www.u-vend.com
Follow U-Vend on Twitter: https://twitter.com/u_vend
Like U-Vend on Facebook: https://www.facebook.com/pages/U-Vend/106531849369376
For more information:
Tel: (855) 55-UVEND
Tel: (855) 55-UVEND, ext. 3
SOURCE: Internet Media Services, Inc.