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WirelessDevNet.com Press Release
Mandalay Media, Inc. Enters Into Agreement and Plan of Merger For Merger with Twistbox Entertainment
LOS ANGELES, CA -- Mandalay Media, Inc. (OTCBB:MNDL) announced that it has executed an Agreement and Plan of Merger with Twistbox Entertainment, Inc. Pursuant to the proposed merger, Twistbox will become a wholly-owned subsidiary of MNDL, and the shareholders and other security holders of Twistbox will receive shares of common stock in MNDL as provided in the Agreement and Plan of Merger which will be filed as an exhibit to MNDL's Current Report on Form 8-K.
If the transaction is consummated, Twistbox will become MNDL's sole current operations and continue to operate as usual across its subsidiaries and territories. Ian Aaron, who is currently Chief Executive Officer of Twistbox, would be appointed to the Board of Directors of MNDL and continue to serve as Chief Executive Officer of Twistbox. Prior to joining Twistbox, Mr. Aaron served as the President of the TV Guide Television Group.
The closing of the transaction is subject to certain conditions and expected to occur in the first quarter of 2008. There can be no assurance that the merger will be consummated or, if consummated, that the businesses will be successfully integrated.
About Twistbox Entertainment, Inc.
Twistbox Entertainment, Inc. (www.twistbox.com), based in Sherman Oaks, CA, is a global producer and publisher of mobile content. Through exclusive licenses with industry leading brands and direct distribution with over 100 operators in over 40 countries, Twistbox provides an extensive portfolio of award-winning games, WAP sites, and mobile TV channels worldwide.
About Mandalay Media, Inc.
Mandalay Media, Inc. is a development stage company. It intends to complete an asset acquisition, merger, exchange of capital stock, or other business combination with a domestic or foreign business.
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