Swordfish Financial and iPoint Television Announce Entry Into Letter of Intent
February 13 2013 - 7:53PM
Marketwired
Swordfish Financial, Inc. (OTCQB: SWRF), a Minnesota corporation
focused on developing strategic investment opportunities, today
announced that it has entered into a Letter of Intent to acquire
iPoint Television, LLC ("iPoint"). The Letter of Intent sets forth
the framework pursuant to which the Company, iPoint and its members
will enter into a Share Exchange Agreement pursuant to which the
Company will exchange preferred stock providing the members of
iPoint majority voting control over the Company for 100% of the
outstanding ownership interests of iPoint. The result of the
transaction will be that the members of iPoint will become the
Company's majority shareholders and iPoint will become a
wholly-owned subsidiary of the Company. The parties plan to enter
into a definitive Share Exchange Agreement within the next month,
provided that the closing of the acquisition is subject to certain
closing conditions, including conditions typical of acquisitions of
this type and size.
iPoint Television, also known as iPoint TV, is a Smart media and
entertainment company, which holds development licenses from Apple,
Android, Google, Roku, Kindle and most every smart device. iPoint
is a full service IPTV, media entertainment company which develops
applications for mobile and TV smart devices. The Company believes
that applications are the best delivery system for media streams to
Smart products and iPoint's applications allow users to view LIVE
media streams and content.
Mr. Clark Ortiz, President and Chief Executive Officer of the
Company stated, "We are extremely excited to have entered into the
Letter of Intent with iPoint and look forward to moving towards a
closing of the Share Exchange Agreement. We believe iPoint and its
operations will bring significant value to the Company and its
shareholders."
About Swordfish Financial, Inc.
Swordfish Financial, Inc. (SFI) is a publicly held diversified
financial company designed to acquire undercapitalized assets with
a high level of profitability. SFI's main goals are to acquire and
provide funding for organizations in the digital, entertainment and
Smart technology industries. SFI strives to provide economical and
efficient use of capital while providing a valuable opportunity of
loans to, and or investment in, small and medium sized
organizations with the goal of increasing investor value.
Forward-Looking Statements:
This press release may contain forward-looking statements,
including information about management's view of SFI's future
expectations, plans and prospects. In particular, when used in the
preceding discussion, the words "believes," "expects," "intends,"
"plans," "anticipates," or "may," and similar conditional
expressions are intended to identify forward-looking statements.
Any statements made in this news release other than those of
historical fact, about an action, event or development, are
forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors, which may cause the
results of SFI to be materially different than those expressed or
implied in such statements. These risk factors and others are
included from time to time in documents SFI files with the
Securities and Exchange Commission, including but not limited to,
its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or
unpredictable factors also could have material adverse effects on
SFI's future results. The forward-looking statements included in
this press release are made only as of the date hereof. SFI cannot
guarantee future results, levels of activity, performance or
achievements. Accordingly, you should not place undue reliance on
these forward-looking statements. Finally, SFI undertakes no
obligation to update these statements after the date of this
release, except as required by law, and also takes no obligation to
update or correct information prepared by third parties that are
not paid for by SFI.
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Contact: Contact Information: Clark Ortiz Phone number:
817-845-6244 Email: Email Contact