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Nov. 14, 2012 /PRNewswire/ -
Intelimax Media Inc. ("Intelimax" or the "Company") (CNSX:IMD) (OTCPink:IXMD) is pleased to announce the Company has entered into a securities exchange agreement (the "
Agreement") with Ride Media Group LLC ("
Ride Media"), a
California limited liability company, and the members of Ride Media (the "
Members"), being Hardave Gill through his holding company,
Charles Champion and
Gary Sproule. Pursuant to the terms of the Agreement, the Company will acquire all of the issued and outstanding membership units (the "
MembershipUnits") of Ride Media in consideration for the issuance of 12,000,000 common shares of the Company to the Members, pro rata their interest in Ride Media. On closing, Ride Media will become a wholly-owned subsidiary of the Company.
It is a condition of closing that the Company raise a minimum of
$1,000,000 in new funding for the Company and that a nominee of the Members', acceptable to the Company and applicable regulators, be appointed to the Board of Directors of the Company. It is a further condition of closing that the employers of the Members enter into a consulting agreement with the Company pursuant to which the Members will provide consulting services for a period of 12 months in order to assist the Company in developing and advancing the Ride Media technology and assets. Closing is expected to occur on or before
December 21, 2012. At closing, a finder's fee will be paid in connection with this transaction.
The RIDE Media Platform:
The RIDE Media platform referred to as "Racing's Integrated Digital Experience" (RIDE) is a multi-media interactive content-aggregator platform that aggregates a large number of sports and horse-racing applications, including websites and media content, into a user friendly, pre-populated but highly customizable user interface. The RIDE platform is a unique solution to grow and expand the Horse Racing Industry by attracting and engaging a more diversified fan base with respect to age, ethnicity and income levels.