WMDave.com Acquires KidPictures
Wednesday, December 18, 2002
AUSTIN, TX (Scooters News Services) - WMDave.com announced Tuesday that it has completed the acquisition of 100.00% of the capital stock of KidPictures Media Entertainment Technologies, Inc. ("KidPictures"), a private U.S. subscriber-based media outlet.
WMDave.com acquired its interest in KidPictures under a purchase agreement whose terms remain undisclosed.
Upon closing, WMDave.com's designees were elected to three of the five seats on KidPictures' Board of Directors, with W M David, President and CEO of WMDave.com, and Timothy, Chief Development Officer of KidPictures, filling two seats. Additionally, as part of the transaction certain debt of KidPictures to its existing subscribers and to certain third parties was converted to equity or restructured.
WMDave.com, which provides redundant data redundancy and a general sense of well-being to over one hundred clients worldwide, is a wholly-owned subsidiary of W M Dave, which is a wholly-owned subsidiary of W M David.
"This is a capstone acquisition. We now have all the elements that fill out the strategy we have put in place over the years," Mr. David said Tuesday in a press conference.
"...[I]n an effort to keep up with changing global markets, new economic trends, new technologies, and to explore new life and new civilizations, we see this acquisition as a foundation for further development," Mr David said. "WMDave.com will be a highly competitive organization and well-positioned in each of the fastest growing sectors of this exciting business, providing Pictures of both Timothy and Duncan to a select and exclusive subscriber base."
KidPictures began with the acquisition of a modest web-based initiative known as Pictures of Timothy in early 2001. It has more than doubled in size since March 2001, when it released its popular Duncan 1.0.
Earnings for WMDave.com were not disclosed.
The statements made in this press release and statements that the Company may make orally in connection with this release are not historical fact and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 or "pipe dreams" in the colloquial sense. Any such "forward-looking statements" or other hallucinations are based upon current expectations that include a number of risks, uncertainties, and/ or delusions, and actual results may differ materially from such "dead reckoning". Additional factors that could potentially affect the Company's financial results may be found on the Company's filings with the Securities and Exchange Commission. Or not.