Intelimax Signs a Securities Exchange Agreement with Ride Media
Nov 19, 2012 (Close-Up Media via COMTEX) --
Intelimax Media Inc. announced the Company has entered into a securities exchange agreement with Ride Media Group, a California limited liability company, and the members of Ride Media, being Hardave Gill through his holding company, Christine Buckley, Charles Champion and Gary Sproule.
According to a release, pursuant to the terms of the Agreement, the Company will acquire all of the issued and outstanding membership units 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 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. At closing, a finder's fee will be paid in connection with this transaction.
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 pre-populated but highly customizable user interface. The RIDE platform is a 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.
RIDE content will be displayed more dynamically by simultaneously showcasing live and on-demand rich video content, social media, real time news, event updates, data, games, websites, photos, charts and graphs all on a single display screen on various types of devices. RIDE will be customizable by the user, and will feature a dynamic user interface that will appeal to savvy, youthful users.
RIDE will initially focus on Horse Racing Industry Associations' proprietary databases to acquire new customers, using a "Customer Referral Fee" program to create economic incentives for the Associations to participate in the program. RIDE offers three potential revenue streams including Sponsorship and Advertising, Transactional Revenue and Customer Referral Fees from the Advance Deposit Wagering (ADW). The RIDE platform is also transportable to other sports, media and business verticals with minimal additional infrastructure or software development costs.
The RIDE project scope is to develop a cross platform (Desktop/TouchScreen/Tablet) application to launch as Racing's fully Integrated Digital Experience. RIDE will initially install a pre-populated "Novice Fan" level dashboard and will evolve into an instantly scalable "racing centric" platform with the ability to grow with the user as their desire grows for more content, more knowledge and more tools. At the same time RIDE will satisfy the "Sophisticated Racing Fan" by providing direct access to all elements of racing's network of information, content and handicapping tools delivered to user devices in a highly customizable platform.
Over the next several months, RIDE will roll out its platform in three phases. Phase I will initially target the North American Thoroughbred Racing Industry. Phase II will roll-out to the International Racing community and Phase III will roll out to other pari-mutuel racing breeds (Standard-bred/Harness, Greyhound and Quarter-horse).
"We are extremely excited about the proposed acquisition of RIDE Media", said Michael Young, President of Intelimax. "The addition of RIDE will complement the Company's existing Fantasy Sports platform, while offering its members new and exciting entertainment options. Conversely, the inclusion of fantasy sports and gaming content will appeal to the horse racing fan's demographic profile and will provide cross-over entertainment, referral fee and supplemental marketing opportunities for Intelimax."
Intelimax Media Inc. is an Internet media services company focusing on fantasy sports, entertainment, social media, advertising and web content.
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