g8wave Holdings, Inc. Completes Acquisition of g8wave, Inc. and $2,675,000 Private Placement
BOSTON, Aug. 16 -– g8wave Holdings, Inc., formerly International Food and Wine Consultants, Inc. (the "Company"), today announced that on August 13, 2007, it acquired all of the issued and outstanding capital stock of g8wave, Inc. in a reverse-merger transaction. In conjunction with the acquisition, the Company completed a private placement of 1,783,262 shares of its common stock and warrants to purchase 891,631 shares of its common stock, for total gross proceeds of $2,675,000. The combined company will operate under the name g8wave Holdings, Inc. and with the proceeds of the offering will continue the business of g8wave, Inc. as its only line of business. Additional details of these transactions can be found in the Company's Current Report on Form 8-K, filed with the Securities Exchange Commission on August 14, 2007.
g8wave, Inc. is a leading integrated mobile media company that operates at the intersection of mobile communities and brands. The Company builds and supports mobile communities, creates and distributes interactive content and provides mobile marketing applications and services to mobile subscribers worldwide. g8wave, Inc. has a global distribution reach through its relationships with mobile operators and aggregators that include Orange, O2, Vodafone and T Mobile among others. g8wave, Inc. was formed in the UK in 1996 as part of the Phoenix Media/Communication Group, a 40-year old, converged media organization based in Boston and will operate out of offices in Boston, Massachusetts, and London, England.
"The completion of this merger and private placement will enable us to broaden our investor base and accelerate our growth in the mobile media marketplace," said Habib Khoury, President and Chief Executive Officer of g8wave Holdings, Inc. "With the rapid growth of mobile marketing services worldwide, we believe there is a tremendous demand for innovative high-quality mobile services that engage consumers with brands. Our scaleable technology platform and robust applications, combined with our relationships with several of the world's largest wireless carriers, advertising agencies, brands and musical artists, position us to be a leader in the delivery of mobile services."
Going forward, the Company intends to leverage its position to generate branded content, mobile advertising and promotions revenues and introduce additional value-added services for large social and branded communities and advertisers targeting mobile users. The Company intends to also continue to build its proprietary database of user preferences and profiles to offer customized mobile experiences.
About g8wave Holdings, Inc.:
g8wave Holdings, Inc. is a leading integrated mobile media company and a global provider of interactive entertainment, social networking/community services and mobile marketing services. The Company provides services in the following areas: mobile content distribution services, mobile marketing applications and consulting, and mobile community development services. For more information about g8wave Holdings, Inc., visit www.g8wave.com.