Thrive World Wide, Inc. (TWWI) Updates Acquisition of INTECH CREATIVE LLC and Drug Right PVT. LTD.
LAKE GENEVA, Wis., Aug. 24, 2012 /PRNewswire/ -- Thrive World Wide, Inc. (OTCQB: TWWI) (Pinksheets: TWWI) announced today that it has extended the Letter of Intent [signed on May 30, 2012] to acquire INTECH CREATIVE LLC., a U.S. limited liability company operating out of Bangalore, India. This is to allow INTECH the time required to complete its pending merger with India-based Drug Right PVT LTD, a software development job shop that provides wholesale software programming services to pharmaceutical clients in the U.S.A. Thrive has completed its due diligence of Intech, and does not foresee any obstacles within INTECH or DRUG RIGHT to impede their timely closing.
The combined INTECH-DRUG RIGHT company is intended to operate under the brand of INTECH as a wholly-owned subsidiary of Thrive World Wide, Inc. It will boast a team of twenty, comprised of graphic designers, software programmers, and project managers, operating in two divisions: the SERVICES division will have immediate monthly revenues of US$10,000 monthly based on its current clients and workload, with an anticipation to see that number increase in the near term resulting from a newly-planned INTECH sales and marketing initiative. The NEW PRODUCTS division will develop proprietary software to drive their Intech (and other) branded subscription-based web and mobile-based applications and services.
In July 2012, INTECH secured capital from a single investor, and is already underway with the development of ePipeline, a social media conduit -- for the large and vibrant live-events space -- that is intended to connect (all those involved in the information flow of live events) through its own website and mobile platforms, and integrated connections through other social platforms like Facebook (900 million users), Ning (80,000 social networks), MeetUp (20,000 groups with 8 million members), and MySpace, as well as open-source CMS systems like WordPress (25 million+), Joomla (10 million+), and Drupal (8 million+) using a method known as API (application protocol interface).
Company CEO Bruce Dugan has been in Bangalore, India for several weeks facilitating the successful due diligence process of the INTECH acquisition, as well as the INTECH-DRUG RIGHT merger, with an expectation to complete and execute Definitive Agreements among the parties in the near term.
After researching tech communities in New York; Monterrey, Mexico; China; and parts of Europe, the Company chose to seek out operations in India as a back-office base because -- according to Google India (August 2012) -- it jumped from 8th to 2nd in the world for searches online regarding higher education, with forty-percent of students focused on tech and engineering; it has become known as the Silicon Valley of Asia, has a highly educated and available technology workforce, cost-effective overhead to output ratios, and is English-speaking, eliminating any language barriers between the American Intech team and the Drug Right Indian team.
As stated in the May 30th press release, it is intended that -- in addition to INTECH developing its own in-house software products -- that it will develop, manage and support the overall IT requirements of Thrive World Wide. The resources gained from the Drug Right resource not only enhances INTECH's capability to fulfill those Company-wide IT requirements, but also adds cash flow to self-support the team that will manage those efforts.
The Company also announced that Mr. Dugan intends to remain on the ground in India until January 2013 to oversee INTECH operations and the release of the ePipeline product. While there, he will also pursue other ongoing project and company acquisition discussions in Bangalore and Kolkata to further increase shareholder value, and position the Company for renewed negotiations with a U.S. based technology company about ongoing discussions about a potential acquisition and/or merger in 2013.
Mr. Dugan noted that "While I appreciate that our shareholders are anxious, the foundation-building of the Company is a slow and careful process. And I am using the utmost care to restructure the Company to thrive in the coming quarter; intended to lay a strong foundation for the future by ensuring that any acquisitions made (a) add immediate value to the Company, (b) are practical and financially feasible, (c) fit into the Company's synergy agenda, and (d) adhere to the Company's short-term and long-term vision of building a low-burn-rate, high-output organization that can generate immediate revenues for stability, with a creative and proprietary component for high-end revenue and shareholder value opportunities. My personal mission is to prove that small cap companies can be built on value and merit rather than inflated hype."
About Thrive World Wide, Inc.
Thrive World Wide, Inc. ("Thrive") is a web-centric multimedia holding company. For more information, visit http://thriveworldwide.com
This news release may contain certain "forward-looking statements" within the meaning of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Thrive World Wide, Inc. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" and elsewhere in documents filed from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
Thrive World Wide, Inc.
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