HERMOSA BEACH, California, August 29, 2016 /PRNewswire/ --
SharkReach, Inc. ("SharkReach®" or the "Company") (OTC: SHRK) a millennial influence marketing company today announced that on July 13, 2016 it entered into an offer letter to purchase 100% of an internationally renowned, award winning, digital marketing agency based in Boston. The transaction is structured in cash and stock. Under the Agreement, the parties are required to keep the identity of the target and some details confidential until closing.
The total purchase price for 100% of the target is approximately $13 million dollars, including earnouts, $7 million at the closing and another $5 million in stock with delivery spread out over a three year period at the then current trading price of the stock at the time of issuance. The transaction is subject to entering into a definitive merger agreement which will include customary conditions to closing, including the completion of due diligence and securing of financing commitments and the completion of an audit of the target. The parties have agreed that the Closing date can be extended an additional 30 days at the Company's option.
Steve Smith, the Company's CEO said:
"This is a true inflection point for SharkReach, as we will ultimately have regional hubs in Los Angeles, Boston and Atlanta. This is an established, elite Tier 1, digital agency with multiple. long-standing relationships in key industry verticals.
With this Boston agency, along with our acquisition of Mastermind Involvement Marketing, SharkReach will be in excess of a $16 Million annual revenue enterprise looking back at 2015 numbers (based upon internal unaudited financial information provided by Mastermind and this target company in connection with the Mastermind Merger Agreement and the target offer letter respectively) with more than 120 employees. Post-closing on both acquisitions, we will have 9 of the Fortune 100 under long term client agreements.
We will be able to offer influencer marketing solutions to our existing and new clients all within the SharkReach enterprise. We are rapidly becoming the largest influencer marketing company on the planet and as our name implies, we will continue to expand our "Reach" into other digital creative services such as digital video content production and distribution.
Kevin Harrington Said:
"I am a big fan of the work this agency has done for several iconic brands over the last decade. We're looking forward to allowing more brands to benefit from their genius. Together with their existing patented reporting platform and SharkReach's social tools, we have an unmatched offering for brands truly looking to innovate. Several of these brands have already approached me for an introduction to the executive team"
The Company also announced that its CEO, Steve Smith and Kevin Harrington are scheduled to be interviewed by Bloomberg Radio this week. More information, when available, will be posted on the Company's website.
About SharkReach, Inc.
SharkReach, Inc. (OTC: SHRK). SharkReach is a disruptive millennial media company that combines the strength of an influencer owned network with proprietary technology for creating, posting, managing and monitoring branded sharable content. It has shown that is has the unique ability to reach the Gen Y and Millennial demographic… AND it has an aggregate reach of 2.9 Billion!
SharkReach as one of the first companies in this space is the established leader in Influencer Marketing. It presently has the largest footprint, and plans to further enlarge its market share through an aggressive acquisition campaign to grow the Company at a faster rate than merely through organic growth..
What sets SharkReach apart from other companies in the marketplace is that its influencers (both grass roots individuals and celebrities) are also its shareholders… and that its network has a larger market reach than the top 5 television networks combined!
Millennials demand exacting standards in the products and services that are essential to satisfying their social conscience and personal needs. They are the first of several generations to come that will veer away from traditional media. They do NOT watch television, and they do not trust brands and commercials. Their purchasing decisions are impacted by the individuals, friends, and celebrities that they follow on Social Media and YouTube.
Historically, and in this order, television, radio, magazine and newspaper advertising were the ways to reach clients. To reach more clients and to increase sales, Celebrity Endorsements were added to Brands to increase the effectiveness of these traditional media outlets.
Sponsored Social Media… Influencer Marketing, now sits atop the field!
In a recent report of the most effective marketing ratings, Influencer Marketing, in absolute ratings, beat Celebrity Endorsements, Television, Radio, Magazine and Newspaper advertising.
Our Tracking & Reporting platform and quantifying systems enable clients to select suitable Influencers and to track campaigns in ways they have not been available before.
For more information on SharkReach, please visit the Company's website at http://www.SharkReach.com.
To be added to the SharkReach® investor email list, please email [email protected] with SHRK in the subject line.
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov
RedChip Companies, Inc.
Tel: +1-800-733-2447, ext. 131
Steve Smith, CEO
SOURCE SharkReach Inc