Solaris Continues Plan to Roll-Up Undervalued Accretive Media Assets
April 20 2017 - 12:45PM
Marketwired
Solaris Signs Definitive Agreements to Acquire migme, Building
on Previous PixelMags Acquisition NEW YORK, NY-(Marketwired - Apr
20, 2017) - Solaris Power Cells, Inc. ("Solaris" or the "Company")
(OTCQB: SPCL), a growth focused digital media holding company
engaged in the acquisition and management of overlooked and
undervalued media properties, announces that it has signed
definitive agreements to acquire migme (ASX: MIG) - one of Asia's
fastest growing social media platforms, with approximately 35
million monthly active users (MAU's).
Solaris is adding to its media technology holdings, notably
distribution-as-a-service company PixelMags, which takes
publishers' content and automatically formats and natively
distributes across platforms.
"This agreement shows our acquisition strategy is starting to
yield positive results. After nearly ten months since acquiring
PixelMags, we're announcing our second acquisition and remain
excited about the combined potential," stated Neil Kleinman, CEO of
Solaris. "This acquisition will add one of Asia's fastest growing
social platforms. Approximately 110 employees will be added to the
Solaris team who will play a pivotal role in the future success of
the company."
migme is a global digital media company with a large footprint
in Southeast Asia, the fastest growing global mobile market. The
platform allows stars and fans to interact together in thousands of
digital chat rooms, driving longer user sessions than most other
social networks. With a quarterly growth rate of 30%, migme is soon
expected to join the ranks of Asia's largest social media peers
like Meitu in China and Hike in India.
Under the definitive agreements, Solaris will acquire all issued
capital in Project Goth, Inc., a subsidiary of migme, which owns
the operating companies, including the company's portfolio of
intellectual property. Solaris aims to integrate migme's branded
app and other properties - dating app LoveByte, artist management
community alivenotdead, social news site Hipwee and ecommerce
services through Sold and Shopdeca.
The agreement is subject to Solaris becoming current in its
financial and SEC reporting obligations, and other conditions.
Management believes the transaction will close by June 15th.
Steven Goh, CEO of migme, said, "The proposed transaction
provides an opportunity for migme to be more fairly valued on an
exchange that better understands technology companies, with a clear
peer group to be valued against. We look forward to working with
Neil and the Solaris team in creating value for all
shareholders."
About Solaris Power Cells
Solaris Power Cells, Inc. (SPCL) is a
diversified holding company focused on the acquisition and
management of undervalued digital media assets. Formerly focused on
developing lithium battery technology for commercial applications,
the Company currently holds a library of Intellectual Property
surrounding digital distribution. The portfolio company PixelMags
is a leading distribution-as-a-service company which takes
publishers' content, formats and natively distributes to the varied
Digital Newstands such as Apple, Google, Readr platforms.
About migme Limited
migme Limited (ASX: MIG) (WKN: A117AB) is a
mobile digital media company capturing growth in global emerging
markets. Social entertainment services are delivered through mobile
apps migme, artist management community alivenotdead, social news
site. The Company is listed and registered in Australia.
Headquarters are in Singapore with offices in Malaysia, Indonesia,
Taiwan and Hong Kong. Strategic investors include Hon Hai Precision
Industry Co., Ltd., trading as Foxconn Technology Group, the
Taiwanese multinational electronics contract manufacturing company.
For more information, please visit company.mig.me
Forward-Looking Statements
Forward-looking Statements: Certain
matters discussed in this announcement contain statements,
estimates and projections that involve risks to and uncertainties
in Solaris Power Cells, Inc. business that may cause actual results
to differ materially from those anticipated by the statements made
herein. Such statements, estimates and projections constitute
forward-looking statements within the meaning of the federal
securities laws. Solaris Power Cells, Inc. undertakes no obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
The recipient of this information is cautioned not to place undue
reliance on forward-looking statements. No representations or
warranties are made as to the accuracy of such forward-looking
statements or whether any of the projections included herein will
be realized.
Contact Information
For Further Information:
Solaris Power Cells, Inc.
http://www.solarispowercells.com
http://www.pixelmags.com
Neil Kleinman
CEO-Investor Relations
Tel: 1-619-629-0922
Email: nkleinman@pixelmags.com