5to1 Inc. Announces Reverse Merger And $6.5 Million Private Offering
LOS ANGELES, Nov. 10, 2010 (GLOBE NEWSWIRE) -- 5to1, Inc., (OTCBB:TIMR) - a publisher-controlled, online advertising alliance, announced today the successful completion of a financing and reverse merger.
The funding was organized by the CEO and founding investors of interclick (Nasdaq:ICLK) along with The Frost Group. 5to1 will continue its business as a wholly owned subsidiary of 5to1 Holding Corp under the leadership of 5to1's current management team which is headed by Chief Executive Officer, James Heckman. Effective November 11, 2010, the Company will be quoted on the OTC markets under the symbol "FTOH".
5to1 has formed an alliance of major media publishers, managing and selling unsold inventory on a publisher-only controlled advertising platform. The company was founded by former Fox Interactive Media executives, James Heckman (CEO) and Ross Levinsohn (Chairman) who were able to gather many of the top digital pioneers in the industry to join as co-founding advisors and investors, including Levinsohn's former partner at Fuse Capital, Jonathan Miller (News Corp. CEO Digital Media), who helped incubate the model with former Fox and AOL Sales head, Michael Barrett; Michael Kassan and Wenda Harris Millard of Media Link; former CBS digital head Quincy Smith; digital music pioneer Fred Davis; former MTV CDO Jason Hirschhorn; former Tribune President of Broadcasting Ed Wilson; founding CEO of ESPN.com, Mike Slade; and Casey Wasserman, CEO of WMG.5to1 also includes a management team with over 200 years of senior officer Internet leadership experience, the core of which came from Fox Interactive Media's executive staff. Heckman, Levinsohn and outgoing interclick CEO Mike Mathews will comprise the Board of Directors. Commenting on the financing, director Michael Mathews stated, "Having successfully undertaken a similar funding strategy, Mr. Heckman's decision to leverage public funding via this transaction is clearly aimed at preserving shareholder value while positioning the company for exceptional growth. Operating in this same space for the last three years, I'm a strong believer in the advantage and opportunity their unique approach presents because online advertisers have simply neglected the supply side of this business. 5to1's model aims to correct that imbalance, while still technically integrating with the DSP world. By aligning and then empowering premium publishers, 5to1 has created new opportunities for top Fortune 1000 brands that clearly differentiate itself from others in our industry. 5to1 is showing up at the right time, with the right platform, to solve the biggest problem for major ad brands – true premium content access at efficient scale."
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