Sway, Inc. and Cornerworld Corp. Terminate Proposed Acquisition
Sway, Inc. and Cornerworld Corp. have terminated their previously announced acquisition.
Middleton, Wis. (PRWEB) May 1, 2008 -- Sway, Inc., a social media marketing company that sells sophisticated digital media tools to leading advertisers, and Cornerworld Corp., a free business management and social networking platform service, have terminated their previously announced acquisition. The expected transaction has been cancelled due to Cornerworld's inability to meet the financial terms of the arrangement. As stated in the Share Exchange Agreement, Cornerworld would have acquired 100 percent of Sway for $30 million in a combination of cash and Cornerworld stock.
"Cornerworld could not secure the necessary funding to complete the acquisition," said Sway, Inc. CEO Jason Weaver. "Although a portion of the deal structure included a capital infusion in our business, we are on a clear path to rapid growth with our Shoutlet product. We remain confident that we have a product that will help marketing and advertising professionals manage effective social media campaigns. Given how far along we are with our revenue, development and market adoption, I don't see the termination of this agreement as a challenge. We will look for another strategic partner to help accelerate our growth shortly."
Sway's flagship product, Shoutlet, is a comprehensive social media marketing tool. It combines popular technologies such as Web 2.0 e-mail, podcasts, Really Simple Syndication (RSS), mobile messaging (SMS), video syndication and in-depth tracking into one application. Sway and its clients, which include leading brands such as eBay, Fiskars and MasterCraft, have used the platform to create, distribute and track campaigns in social media.
About Sway Inc.
Sway, Inc. is a leading social media marketing company with offices in Middleton, Wis. Founded in 2004, Sway executes highly targeted online marketing campaigns using Web 2.0 formats, such as e-mail, podcasts, video, Really Simple Syndication (RSS) and mobile messaging (SMS). Sway's proprietary online tool, Shoutlet, helps companies reach their target audiences, distribute content and measure results online. More information is available at http://www.shoutlet.com.
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