Business
Pioneering Technology announces completion of sale of on-line dating and social networking business to Silverback Media
Pioneering Technology announces completion of sale of on-line dating and social networking business to Silverback Media.
About this update from Pioneering Technology Corp.
[{"type":"text","content":"\n\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/\n\nTORONTO, April 18 /CNW/ - Pioneering Technology Inc. (\"Pioneering\") (TSX\nVenture: PIO) announced that it has today completed the asset purchase\nagreement with Silverback Media Limited (\"Silverback Media\") whereby\nPioneering sold the on-line dating and social networking business formerly\ncarried on by its predecessor, Lemontonic Inc. in exchange for 2,750,000\nordinary shares in the capital of Silverback Media, as announced in\nPioneering's press release of March 8, 2006.\n\nAbout Pioneering\n\nPioneering was formed by the amalgamation of Lemontonic Inc. and\nPioneering Technology Inc. Pioneering is an \"Energy-Smart\" product innovation\ncompany based in Mississauga, Ontario that creates platform and derivative\ntechnologies that manage, control and transform heat into useful forms of\nenergy.\n\nAbout Silverback Media\n\nSilverback Media is a global, e-Marketing company. It acquires and\naccelerates the growth of businesses that provide or take advantage of\ninteractive, on-line and mobile advertising networks. E-Marketing has become a\ncore element of mainstream advertising. According to Canaccord Adam's report\ndated February 24, 2006, the e-Marketing economy has already grown to become a\nUS$18 billion global market and it is expected to grow by approximately 40% by\n2008.\nSilverback currently owns and operates three e-Marketing units: (1)\nAdSoda Interactive, based in Toronto, Ontario, which operates dynamic, on-line\nand mobile advertising networks in North America; (2) UMPH Media, based in\nToronto, Ontario, a development company that specializes in building and\nmaintaining social networks, and which currently operates the Lemontonic\nBusiness; and (3) Silverback Wireless, based in Los Angeles, California, a\nMobile Virtual Network Operator that develops branded cell phones and\nassociated marketing programs for large organizations.\nSilverback is actively seeking further synergistic acquisitions in the\ne-marketing space, including companies active in the SMS, e-content and mobile\nmarketing spheres.\n\nInvestors are cautioned that the TSX Venture Exchange Inc. does not\naccept responsibility for the adequacy or accuracy of this release.\n\n\n\n","length":2291,"tagName":"div"}]