Source: Financial Media Group
Financial Media Group, Inc. (OTC Bulletin Board: FNGP), a development stage company (FNG), announced today that it has entered into an agreement to acquire Wall Street Direct, Inc. (WSD), a private company engaged as a multimedia provider of financial news and information for the retail and institutional investment community.
WSD owns and licenses WallSt.net, a leading information, and news portal for the global investment community.
"The acquisition will immediately be accretive to Financial Media Group," said Javan Khazali, FNG's Chief Executive Officer. "We see great potential for the WallSt.net brand. We believe that, through WSD's ties to the micro- cap market and investment communities, this acquisition will help take our company to the next phase of its growth."
Nick Iyer, President of WSD commented, "I am optimistic that this acquisition will help WSD attract the necessary capital as a public company to allow us to fully exploit our goal of becoming a premier source of financial information for today's growing investment community."
The closing of the acquisition is subject to various conditions, including due diligence and the completion of WSD'S audited financial statements. The acquisition, which is intended to be structured as a tax-free merger, is currently scheduled to close in November 2005, subject to the satisfaction of all pre-closing conditions; however, there is no assurance that the acquisition will close at that time or at all.