Dwango North America Corp., Formerly Woodland Hatchery Inc., Closes Exchange with Dwango North America Inc.
HOUSTON--(BUSINESS WIRE)--Sept. 29, 2003
Woodland Hatchery Inc. Changes Name to Dwango(R) North America Corp.
Changes Trading Symbol to "DWGN"
Reverse Stock Split Effective
Dwango North America Corp., a Nevada corporation formerly known as Woodland Hatchery Inc. (OTCBB: WLDH; DWGN effective Sept. 30, 2003), announced today that it has closed its exchange offer with the security holders of Dwango North America Inc., a private Texas corporation. In connection with the closing of the exchange, Woodland Hatchery Inc. changed its name to Dwango North America Corp., changed its trading symbol to "DWGN", and effected a one for 4.5 reverse stock split of its issued and outstanding shares of common stock to be effective with the commencement of trading on Sept. 30, 2003. At the closing, substantially all of the shares of common stock, convertible notes, options and warrants of Dwango North America Inc. were exchanged for comparable securities of Dwango North America Corp. The current directors, officers and certain employees of Dwango North America Inc. have become the sole directors, officers and employees of Dwango North America Corp. Dwango North America Inc., as a result of the exchange, has become a substantial majority owned subsidiary of Dwango North America Corp. Dwango North America Corp.'s sole business is the ownership of Dwango North America Inc.
Immediately prior to the exchange, Cody T. Winterton surrendered for cancellation 8,500,000 shares of Woodland Hatchery Inc. common stock on a pre-reverse stock split basis in exchange for all of the pre-closing assets of Woodland and $50,000. Accordingly, immediately prior to the exchange, there were 660,000 shares of Woodland common stock outstanding after giving effect to the reverse stock split. After the closing, the former holders of Dwango North America Inc. common stock, convertible debt, options and warrants hold approximately 94% of the common stock of Dwango North America Corp. on a fully diluted basis.
Dwango North America Corp., through its Dwango North America Inc. subsidiary, develops and distributes wireless applications for users of next generation wireless devices. These applications include games, polyphonic musical ringtones and other entertainment content. dwango is an early entrant into this market in the United States, a market that dwango anticipates will grow rapidly. dwango currently distributes its content through agreements with wireless carriers and a handset manufacturer. In addition to publishing its own content, dwango publishes licensed content from third parties for distribution through its channels. dwango has launched games on both Verizon Wireless and AT&T Wireless and anticipates entering into agreements for its content with other wireless providers. STAR EXCEED(TM), dwango Racing(TM) and Star Diversion(TM) are the three dwango titles released to date. Additional titles are anticipated to be launched in the near future. Wireless content is downloaded directly to the handsets of the wireless subscribers, who are billed directly by the wireless carriers.
Robert E. Huntley, 45, the founder and chief executive officer of Dwango North America Inc., is a founder, the former chairman of the board and a shareholder of Dwango Co., Ltd. in Japan ("Dwango Japan"). Dwango North America Inc. has the exclusive license for North America for the wireless intellectual property (including software, technology, content and trademarks) of Dwango Japan. Dwango Japan, a publicly traded company on the Tokyo Stock Exchange, is one of the leading providers of entertainment content for NTT DoCoMo's i-mode service, the largest wireless data service provider in the world. Dwango North America Inc.'s licensed content library currently includes over 50 games and 1200 ringtones, providing Dwango North America Inc. with a strong foundation for establishing a leadership position in the wireless entertainment market.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "estimate," "possible" and "seeking" and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the business of dwango, including the market for its products and services, the effect of government regulation, competition and other material risks.
dwango is a registered trademark of Dwango Co., Ltd. STAR EXCEED, Star Diversion and dwango Racing are trademarks of Dwango North America Inc.
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|Date:||Sep 29, 2003|
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