Multiperspective Online Video News Site to Be Developed by Media Convergence Group, Inc.

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Through its initial funding of more than $1,000,000 and a partnership with the Missouri School of Journalism, the Media Convergence Group is developing a multiperspective online video news service. The website will show how the world's news organizations report a story.

In an increasingly connected world, access to multiperspective news is in demand by global citizens. News sources are abundant yet redundant and trust in news services is low - our site will meet our users' needs of delivering context with convenience to keep them better informed

Media Convergence Group, Inc. announced today that the company has closed its Series A financing, bringing its total initial funding to more than $1,000,000. The Missouri School of Journalism, The Reynolds Journalism Institute and the University of Missouri have partnered with the Media Convergence Group to build a multiperspective online video news service.

Dean Mills, dean of the Missouri School of Journalism, says the project "is a perfect example of the university-private enterprise partnerships that we hope the Reynolds Journalism Institute can help bring to Missouri. Private enterprise brings the entrepreneurship and capital to begin new ventures, and the Institute and the School of Journalism provide the intellectual capital research strengths and bright young minds that can help fuel the enterprise."

In May 2008, the Media Convergence Group moved its team from Silicon Valley to Columbia, MO, to build a converged newsroom directly across the street from the new Reynolds Journalism Institute, which dedicates its new facilities Sept. 12. The newsroom is open to the public from 1pm-10pm during the Missouri School of Journalism's Centennial celebration September 10-12.

Media Convergence Group President Jim Spencer is a graduate of the Missouri School of Journalism and was VP of content at Ask Jeeves (IACID), GM of news and information channels at AOL (TW) and director of strategic partnerships at NBC (GE) for the MSNBC.com partnership with Microsoft (MSFT). The executive team includes George Schellenger, VP of content and production, Max Carratura, VP of finance and operations and Alexandra Wharton, VP of marketing and community.

The funding was raised primarily in Missouri with participation from Centennial Investors of Columbia, MO, Arch Angels of St. Louis, MO, Missouri Technology Corporation of Jefferson City, MO, and private investors. Media Convergence Group also was assisted by the Regional Economic Development Group (REDI) of Columbia, MO and the Missouri State Department of Economic Development of Jefferson City, MO.

The purpose of the funding was to build the newsroom and develop a multiperspective online video news website, which will roll out leading up to the November 2008 Presidential Election in the United States.

"In an increasingly connected world, access to multiperspective news is in demand by global citizens. News sources are abundant yet redundant and trust in news services is low - our site will meet our users' needs of delivering context with convenience to keep them better informed," explains Jim Spencer.

About Media Convergence Group:

Media Convergence Group delivers on the intersection of our audience's informational needs and our advertisers' and distributors' wants.

Its first product is a multiperspective online video news site that monitors, synthesizes and presents world news. Through short video clips available on the web and mobile devices, the site will show how a variety of global news organizations report a story.

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Alexandra Wharton
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