GoFish Terminates Plan to Acquire Bolt Media.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- GoFish Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GOFH), the leading Internet Video Video material obtained from the Internet. It may refer to streaming video from real time broadcasts, streaming archival material or downloading video files for watching later, all of which are viewed on the computer. Network showcasing original, Made-for-Internet ('MFI') programming, today announced it has terminated the company's agreement to acquire Bolt, Inc. (aka Bolt Media). On February 12, 2007, GoFish announced its intention to acquire Bolt Media, subject to certain closing conditions. One of these conditions was that Bolt Media finalize a definitive settlement to the outstanding copyright infringement Noun 1. copyright infringement - a violation of the rights secured by a copyright infringement of copyright plagiarisation, plagiarization, piracy, plagiarism - the act of plagiarizing; taking someone's words or ideas as if they were your own lawsuit filed against it by UMG UMG Universal Music Group UMG Universidad Mariano Gálvez de Guatemala (Mariano Galvez University of Guatemala) UMG Upgraded Metallurgical Grade (silicon) UMG Unlicensed Medical Graduate Recordings Inc. and settle comparable potential claims from other record labels and music publishers, subject to financial parameters acceptable to GoFish. Bolt Media was ultimately unable to reach a definitive settlement within these agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy parameters. As the overhanging lawsuits against Bolt represent too much of a liability for GoFish at this stage of the company's growth, GoFish's board of directors and its management have decided not to proceed with the merger. No termination or other fee will be payable in connection with the deal's cancellation. "After concerted efforts to reach a viable economic settlement with the music industry, we concluded that Bolt's potential liabilities would be too difficult for GoFish to absorb at this time. While we have determined that this merger no longer makes strategic sense for GoFish, we will continue to weigh business opportunities based on their ability to deliver meaningful returns for our shareholders," commented Tabreez Verjee, president of GoFish. "GoFish remains firmly focused on delivering the most compelling, original video content on the Internet," says Michael Downing Michael Downing is a Republican member of the New Hampshire Senate, representing the 22nd District since 2006. Previously he was a member of the New Hampshire House of Representatives from 1996 until 2002. , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of GoFish. "As part of our strategy to expand the GoFish Network, we continue to explore revenue generating opportunities through partnerships, mergers and acquisitions." About GoFish Corporation GoFish Corporation, (OTCBB:GOFH) headquartered in San Francisco, is a leading Internet Video Network that, in two years, has grown to deliver millions of videos per month to a rapidly growing audience of enthusiasts. The first publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. in the space and a pioneer in the development of original, Made-for-Internet programming, GoFish is a destination on the web where millions of people come to watch, create, upload and share the best in online video entertainment. For more information about the company, go to www.gofish.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release include, without limitation, statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the GoFish's consideration of strategic opportunities. Although the forward-looking statements in this press release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by GoFish in its reports filed with the Securities and Exchange Commission, which attempt to advise interested parties of the risks and factors that may affect GoFish's business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, GoFish's actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release. |
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