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Bitzio, Inc. Announces Close of Mobile Gaming Acquisition ACT Smartware(June 05, 2012)
SAN FRANCISCO, CALIFORNIA -- (Marketwire) -- 06/05/12 -- Bitzio, Inc. ("Bitzio" or "the Company") (OTCBB:BTZO), a leader in apps, mobile media and behavioral analytics, today announced the closing of its acquisition of German mobile gaming and software company, ACT Smartware ("ACT").
As required, details of the acquisition terms and the material agreements will be disclosed under Form 8-K and will be filed with the Securities & Exchange Commission. ACT reported 2011 revenues of approximately $1 million. Bitzio anticipates revenue to continue to be generated through existing ACT clients and apps, as well as new apps that will come to market shortly under the Bitzio brand.
"The addition of ACT into the Bitzio global team is another awesome acquisition of technology and talent bench strength, including the two principals of ACT. We have already been working with ACT internally for quite some time and have seen the tangible results they add to the team. In addition to the talent acquisition, ACT's existing clients provide Bitzio with ongoing revenue which we will use as both operating capital and re-investment into technology development for the Bitzio Engine," said William Schonbrun, President and CEO of Bitzio.
Tobias Berlin and Gerd Mettendorf, founders of ACT Smartware, are now officially part of the Bitzio global team and have created innovative software solutions for large multi-national companies such as Daimler and Bosch, both of which remain as clients.
Schonbrun continued, "The mobile gaming apps created by ACT are already earmarked for use in some of our upcoming media partnerships with major sports entities. Once skinned with the amazing digital animation from Bitzio Studios, fans will have access to a quality of app like they have never seen. ACT gives us the ability to ramp up for these media partnerships quickly and with solid app platforms. We welcome ACT into the Bitzio team."
About Bitzio, Inc.
Founded in 2011, Bitzio is a leader in mobile media and behavioral analytics. Through its own proprietary technology and strategic acquisitions of technology and talent, the Company monetizes and analyzes user behavior in order to provide greater access and value to advertisers and increase user conversions within the app experience. Developing apps for four key verticals of existing fan bases: sports teams, entertainment, Bollywood and gaming, Bitzio's approach provides direct access to millions of potential app users. The company aims to be responsible for the download of 1 Billion apps by 2014. For more information, visit www.bitzio.com. To learn more about Bitzio, connect with them on Twitter and Facebook.
About ACT Smartware
ACT Smartware is a German software and mobile app technology developer. Founded in 1999, the company services industrial clients with software and solutions for desktop as well as mobile smartphone systems for quality checking. ACT Smartware also offers technology consulting and creates mobile gaming apps for the general consumer industry.
"Bitzio", is a trademark of Bitzio, Inc., "ACT Smartware" is a trademark of ACT Smartware. All other companies and products listed herein are trademarks or registered trademarks of their respective holders.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws, including statements relating to expectations the 2012 fiscal year; The terms and phrases "goal", "commitment", "guidance", "expects", "would", "will", "continuing", "drive", "believes", "indicate", "look forward", "grow", "outlook", "forecasts", and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by Bitzio in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that Bitzio believes are appropriate in the circumstances, including but not limited to general economic conditions, Bitzio's expectations regarding its business, strategy and prospects, and Bitzio's confidence in the cash flow generation of its business. Many factors could cause Bitzio's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: risks related to competition; Bitzio's reliance on key personnel; Bitzio's ability to maintain and enhance its brand; and difficulties in forecasting Bitzio's financial results, particularly over longer periods given the rapid technological changes, competition and short product life cycles that characterize the mobile application industry. These risk factors and others relating to Bitzio that may cause actual results to differ are set forth Bitzio's periodic filings with the U.S. Securities and Exchange Commission (copies of which filings may be obtained at www.sedar.com or www.sec.gov). These factors should be considered carefully, and readers should not place undue reliance on Bitzio's forward-looking statements. Bitzio has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Capital Group Communications, Inc.
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