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FormulaWon, Inc. Completes Reverse Merger With Reach Messaging, Inc.(February 08, 2010)
SANTA MONICA, Calif., Feb. 8, 2010 (GLOBE NEWSWIRE) -- FormulaWon, Inc. ("FormulaWon") (OTCBB:FWON) today announced that, effective February 3, 2010, it has completed the acquisition of all the outstanding common stock of Reach Messaging, Inc. ("Reach Messaging"), pursuant to a share exchange agreement. FormulaWon acquired all of the outstanding shares of Reach Messaging common stock in exchange for 48,000,000 shares of FormulaWon common stock.
FormulaWon's common stocks were issued to the seven Reach Messaging shareholders in a private transaction.
In connection with the acquisition, effective February 3, 2010, the Board of Directors appointed Shane Gau, Jason Campbell and David R. Wells as directors. In addition, effective February 3, 2010, FormulaWon's new board of directors appointed Shane Gau to serve as FormulaWon's Chief Executive Officer.
Effective as of February 3, 2010, Fitra Iriani resigned from FormulaWon's board of directors and as sole officer of FormulaWon.
About Reach Messaging
Reach Messaging is a technology development and media distribution company. Founded in 2007 the Company began in the Bot development business when it contracted with America Online ("AOL") to build numerous Bots to run on their "AIM" network. Four of these Bots, GossipinGabby, SportsFanStan, My TV Bud and ProfGilzot are currently the most popular Bots on the AIM Network as measured by the AOL host infrastructure. Leveraging the knowledge gained from Bot feature development and content distribution, RM is currently expanding it's core business to the iPhone, Blackberry, Android, Digital Signage and Facebook platforms. The Company's partners have included Waste Management, Britney Spears, Alloy Media, AOL, Hearst Publishing, Purdue University and Stylecaster. Through the use of 'IM Bots' (or "Bots") and web properties, Reach Messaging currently touches over 1,500,000 unique users on a monthly basis. The Company's unique technology positions it to become the mobile solution for media partners, high school and university networking, retail outlets and service industry communications.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.
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