IO World Media Announces Consensus on Terms of a Share Exchange Agreement to Acquire, “Up Your Ratings”. Randy Michaels and Marc Chase to Work Jointly with Management and Become Strategic Advisors to the Company.
IO World Media (“IOWorld” or “the Company”) (OTCQB: IWDM) announces that it has agreed to terms of a Share Exchange Agreement to acquire “Up Your Ratings” (UYR) in a stock-for-stock transaction. Execution of the finalized Share Exchange Agreement and closing of the transaction is scheduled to be on or before September 30, 2011.
UYR, which is owned by Randy Michaels and Marc Chase, is a private company with unique intellectual property that has been developed by Mr. Michaels and his team. UYR’s pure play recommendation system (ScenarIO) is designed to deliver a one-to-one, vs. a one-to-many, consumer preference based custom audio product that is specific to the users tastes, locations, moods or activities thus creating a unique audio experience to fit their “ScenarIO”. Also included in the UYR IP are design plans for a proprietary state of the art audio storage, retrieval, and distribution system that eliminates the need for a Content Distribution Network.
In addition, both Mr. Michaels and Mr. Chase will be Strategic Advisors to the Company. Their participation as advisors to the leadership team with their unique, distinctive, market leading perspective and their vast industry knowledge, experience and contacts is potentially the most significant asset of the transaction. RadioIO is the home of Bubba the Love Sponge – view RBR-TVBR exclusive interview with BUBBA on this key topic.
“Since the Company’s inception, everyone who has worked on this project has had the single goal of making the Company a leader in the Internet Media World,” commented Tom Bean, CEO of IO World. “The acquisition of Up Your Ratings and its intellectual property, combined with the leadership and expertise of Randy and Marc as special advisors to the company, is a move that will without a doubt create differentiation and provide a competitive advantage for IWDM. This is a big step in the right direction in the Company’s efforts to be a leader in the digital revolution.”
“IOWorld and RadioIO have long been innovators and pioneers in the Internet Radio Space including most recently with the launch of RadioIO Live(r) and The Bubba the Love Sponge(r) show.” stated Randy Michaels. “Marc and I look forward to continuing that tradition of innovation and with UYR’s IP and IOWorld’s platform we will implement a plan for internet radio that combines the best practices of traditional media with the most successful interactive characteristics of leading internet businesses. Traditional media is one to many. The distribution system itself creates a barrier to entry and creates market power. Mobil/Interactive digital is two way and can be one to many, one to some, or one to one.”
Randy Michaels has been involved in large market radio and TV broadcasting since the mid-1970’s, first as an engineer and air talent personality at WGR in Buffalo. He later moved into management, and was CEO of Jacor Communications in the 1990’s selling to Clear Channel in 1999 and remaining there as CEO until 2002. Early in 2005, Michaels began working with Oak Hill Capital partners on acquisition opportunities, culminating in the creation of Local TV LLC, a company that acquired nine local network-affiliated television stations formerly owned by The New York Times Company. In early 2007, Michaels became CEO of the company. On December 22, 2007, Local TV announced it was acquiring eight large market stations from Rupert Murdoch’s News Corporation. On December 20, 2007 Michaels joined the Chicago based Tribune company as CEO of Interactive and broadcasting. He became CEO of the parent company in 2009. In July of 2011 he formed Merlin Media LLC with GTCR, a Chicago based private equity group that has invested over 8.5 billion in more than 200 companies. Merlin Media is a multiplatform media company. Merlin has recently closed on its acquisition of WEMP New York, WLUP Chicago, and WWWN Chicago.
Marc Chase is an award winning media executive with over 30 years of professional experience including President of Tribune Interactive, Senior Vice President of Programming for Clear Channel Communications, and Regional Vice President of Programming for Jacor Communications. He has hosted morning shows in Tampa (WFLZ) and Nashville (WYHY) as well as a nationally syndicated TV show for WGN America. Marc served on the boards of Classified Ventures (Cars.com, Home Finder, Apartments.com, Career Builder, Legacy.com, Topix.com and Metromix). Recently, Marc co-founded NUVOODOO a media services company focusing on marketing, research, digital services and consulting.
IO World Media, Inc. is an internet media platform that delivers streamed audio product to distinctively differently audiences for the purposes of generating revenue and profits. Its three operating businesses are: 1) Radioio where IWDM streams a broad variety of different music genres to paying subscribers. The advantages here are that subscribers can receive extraordinarily high-quality fidelity music via 70+ different channels with, or without, advertising interruptions. 2) IO Business Music is the 21st century adaptation of the nearly century-old business background music found in restaurants, elevators, office building lobbies, etc. The advantage here is lower cost, far better fidelity and far greater flexibility regarding programming. 3) Radioio Live is a wholly new operation that focuses on providing the Company’s listeners with access to live and archived proprietary talent content. Bubba the Love Sponge is the first of the Radioio Live producers of live content.
Certain statements in this release could constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise stated in this news announcement, IO World Media, Inc. does not undertake any obligation to publicly update or revise any forward-looking statements because of new information or future events.