PowerCerv Corporation Announces Letter of Intent to Acquire Search Play, LLC
TAMPA, Fla., Apr 25, 2005 (BUSINESS WIRE) — PowerCerv Corporation (Pink Sheets:PCRV) announces the signing of a non binding letter of intent to acquire Search Play, LLC. The acquisition will include soundpass and all intellectual property associated with these businesses.
Search Play, LLC currently operates radioio.com, a 15 channel genre-bending, cutting edge internet radio group that last month was rated #5 among all internet radio providers. Its channels are listed in several directories including Windows Media Guide, Apple iTunes, Real Media Guide, etc., and has been chosen by several digital media devices such as Phillips Streamline, Roku Soundbridge, and Escient Fireball for inclusion as a preset because of its premium quality content and the reliability of delivery via its robust streaming network.
Search Play, LLC also incorporates a diverse pending intellectual property estate that allows for the operation of a search engine inside a media player. Search Play is currently capitalizing on its IP estate by offering a search engine in its radioio offering. With 18 million searches in March, this is an extremely fast growing segment of the business and Search Play looks to capitalize on this as an immediate revenue stream.
“The internet radio audience has grown 500% in five years and it’s continuing to expand,” noted John Stanton, Chairman and CEO of PowerCerv, “20 million people listen to internet radio weekly, making internet radio ten times larger than satellite radio. The upside revenue potential from both traditional radio advertising, subscriptions, and internet advertising in combination with the proprietary `searchPlayer’ search revenue business method and technology represents a tremendous opportunity for PowerCerv Corp.”
“Since beginning this project in a spare bedroom five years ago, I have always believed that internet radio is the future of radio – and radioio is uniquely positioned to very quickly become a dominating force in this space and this future,” said Michael Roe, Founder of Radioio. “We believe that the proposed transaction is the logical next step for our business. We’re very excited. There’s lots of interest in internet radio in general, and this project specifically.”
For more information about radioio please visit http://www.radioio.com.
PowerCerv previously operated as a vertical enterprise software solution. It has had no operations since September 1, 2002. December 30, 2003 it entered an agreement with White Knight SST (WKGT) to develop and implement a business plan for the Company. This transaction is a result of this agreement. While this transaction is subject to due diligence, it is anticipated that closing will take place in the near term.
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of PowerCerv officials are “Forward-Looking Statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act). Forward-Looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as “believes,” “anticipates,” “intends,” “plans,” “expects,” and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future PowerCerv actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-Looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and PowerCerv has no specific intention to update these statements.
SOURCE: PowerCerv Corporation