|By Business Wire||
|May 20, 2014 08:31 AM EDT||
Vertical interest social media network, CrowdGather, Inc. (OTCQB:CRWG), today announced that it has closed its Merger Agreement with Plaor, Inc. Pursuant to the Merger, the shareholders of Plaor received 55,075,800 shares of common stock of CrowdGather. After the completion of the merger, CrowdGather will have a total of 116,733,508 shares of common stock issued and outstanding. Additionally the company has appointed Hazim Ansari to the Company’s Board of Directors.
In his 16 years as an intellectual property attorney, Hazim has assisted dozens of emerging companies in raising financing, establishing critical joint ventures, and closing foundational revenue deals. Hazim has co-founded several companies, including Novel IP which is a pioneer in offshore IP industry and Plaor which recently merged with CrowdGather, and successfully built them through to profitability and/or acquisitions. Hazim received his B.S. in Chemical Engineering from Stanford University and his J.D. from Loyola Law School (magna cum laude).
“We believe this merger positions our company to capitalize on much higher growth opportunities in gaming and mobile applications,” said CrowdGather’s Chairman and CEO, Sanjay Sabnani. “Additionally, we are excited to have someone of Hazim’s experience join our team. His expertise as an entrepreneur along with his extensive transactional experience makes him a perfect addition and complement to our team as we seek to grow our catalog of games and apps.”
“I am excited by CrowdGather’s vision for the social gaming industry. The company is building a business that takes advantage of the growth opportunities in social gaming while accounting for, and leveraging, the financial realities of the market”, said Hazim Ansari. “I look forward to helping scale its gaming asset acquisition efforts.”
About CrowdGather, Inc.
With its growing portfolio of special interest forums and enthusiast message board communities, CrowdGather (www.crowdgather.com) has created a centralized network to benefit forum members, forum owners, and forum advertisers. CrowdGather provides a highly interactive and informational social network for members, a management and revenue-sharing resource for third-party forum owners, and a largely untapped advertising network for marketers worldwide.
Plaor, a company that specializes in developing highly scalable multi-platform games, is located in the heart of Boston's fast growing Innovation District. Plaor produces Mega Fame Casino, an innovative and highly rated social casino available on iOS, Android & desktop. With over 20 employees, the Plaor team is a mix of rising-star newcomers and widely-recognized game development veterans from companies including Rockstar Games, Turbine, Harmonix, Irrational Games, Nanigans, Sony Online Entertainment, ThoughtWorks, THQ, and Caesars Interactive Entertainment.
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth and business strategy. Words such as “expects,”“will,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the Company’s business; general economic, industry and market sector conditions; the ability to generate increased revenues from the Company’s forums; the ability to obtain financing to implement the Company's long-term growth strategy; the ability to manage the Company's growth; the ability to develop and market new technologies to respond to rapid technological changes; competitive factors in the market(s) in which the Company operates; and other events, factors and risks disclosed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
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