CrowdGather, Inc. Announces Closing of Merger with Plaor and Appointment of Hazim Ansari to Board of Directors
May 20 2014 - 08:30AM
Business Wire
Vertical interest social media network, CrowdGather, Inc.
(OTCQB:CRWG), today announced that it has closed its Merger
Agreement with Plaor, Inc. Pursuant to the Merger, the shareholders
of Plaor received 55,075,800 shares of common stock of CrowdGather.
After the completion of the merger, CrowdGather will have a total
of 116,733,508 shares of common stock issued and outstanding.
Additionally the company has appointed Hazim Ansari to the
Company’s Board of Directors.
In his 16 years as an intellectual property attorney, Hazim has
assisted dozens of emerging companies in raising financing,
establishing critical joint ventures, and closing foundational
revenue deals. Hazim has co-founded several companies, including
Novel IP which is a pioneer in offshore IP industry and Plaor which
recently merged with CrowdGather, and successfully built them
through to profitability and/or acquisitions. Hazim received his
B.S. in Chemical Engineering from Stanford University and his J.D.
from Loyola Law School (magna cum laude).
“We believe this merger positions our company to capitalize on
much higher growth opportunities in gaming and mobile
applications,” said CrowdGather’s Chairman and CEO, Sanjay Sabnani.
“Additionally, we are excited to have someone of Hazim’s experience
join our team. His expertise as an entrepreneur along with his
extensive transactional experience makes him a perfect addition and
complement to our team as we seek to grow our catalog of games and
apps.”
“I am excited by CrowdGather’s vision for the social gaming
industry. The company is building a business that takes advantage
of the growth opportunities in social gaming while accounting for,
and leveraging, the financial realities of the market”, said Hazim
Ansari. “I look forward to helping scale its gaming asset
acquisition efforts.”
About CrowdGather, Inc.
With its growing portfolio of special interest forums and
enthusiast message board communities, CrowdGather
(www.crowdgather.com) has created a centralized network to benefit
forum members, forum owners, and forum advertisers. CrowdGather
provides a highly interactive and informational social network for
members, a management and revenue-sharing resource for third-party
forum owners, and a largely untapped advertising network for
marketers worldwide.
About Plaor
Plaor, a company that specializes in developing highly scalable
multi-platform games, is located in the heart of Boston's fast
growing Innovation District. Plaor produces Mega Fame Casino, an
innovative and highly rated social casino available on iOS, Android
& desktop. With over 20 employees, the Plaor team is a mix of
rising-star newcomers and widely-recognized game development
veterans from companies including Rockstar Games, Turbine,
Harmonix, Irrational Games, Nanigans, Sony Online Entertainment,
ThoughtWorks, THQ, and Caesars Interactive Entertainment.
This press release contains forward-looking statements (as
defined in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended)
concerning future events and the Company’s growth and business
strategy. Words such as “expects,”“will,” “intends,” “plans,”
“believes,” “anticipates,” “hopes,” “estimates,” and variations on
such words and similar expressions are intended to identify
forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates that are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of the
Company. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not
limited to, changes in the Company’s business; general economic,
industry and market sector conditions; the ability to generate
increased revenues from the Company’s forums; the ability to obtain
financing to implement the Company's long-term growth strategy; the
ability to manage the Company's growth; the ability to develop and
market new technologies to respond to rapid technological changes;
competitive factors in the market(s) in which the Company operates;
and other events, factors and risks disclosed from time to time in
the Company’s filings with the Securities and Exchange Commission.
The Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company’s
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Investors:CrowdGather, Inc.Sanjay Sabnani, 818-435-2472 x
101sanjay@crowdgather.com
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