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June 29, 2012 /PRNewswire/ -- TagLikeMe Corp. (the "Company," "TagLikeMe") (OTC-BB: TAGG, Frankfurt: M6C1) announces that effective
June 29, 2012, the Company completed the share exchange agreement, dated
May 14, 2012 (the "Agreement"), with Glob Media Works Inc. ("Glob Media"), a
Washington company, and each of the shareholders of Glob Media (each a "Vendor" and collectively, the "Vendors"), whereby TagLikeMe has acquired all of the issued and outstanding shares of Glob Media in exchange for the issuance of 9,075,734 restricted shares of common stock of the Company to the Vendors on a pro rata basis in accordance with each Vendor's percentage ownership in Glob Media.
Glob Media owns intellectual property rights to its Internet cloud based software application related to online search and social media developed by Glob Media. As a result of the closing of the Agreement, Glob Media has become TagLikeMe Corp.'s direct wholly owned subsidiary.
The securities of TagLikeMe issued to the Vendors upon the closing of the Agreement have not been registered under the Securities Act of 1933, as amended, or under the securities laws of any state in
the United States, and were issued in reliance upon an exemption from registration under the Securities Act of 1933. The securities may not be offered or sold in
the United States absent registration under the Securities Act of 1933 or an applicable exemption from such registration requirements.
TagLikeMe Corp. President,
Richard Elliot-Square states, "The completion of the acquisition of Glob Media paves the way for TagLikeMe Corp. to begin growing our search and social site TagLike.Me on an unprecedented scale. We intend to use our wider access to capital and public market support to build TagLike.Me into a leading Internet destination in a comparatively short period."
"We are focused on driving significant eyeballs that will result in tremendous short and long term value to TagLikeMe," Elliot-Square adds.