GoFish Corporation, a Leading User-Generated Video Company, Goes Public and Completes $12 Million Financing
SAN FRANCISCO--(BUSINESS WIRE)--GoFish Corporation (OTCBB:GOFH), Formerly Unibio, Inc., today announced the closing of a stock-for-stock merger with GoFish Technologies, Inc. The combined company will operate under the name GoFish Corporation and will assume and execute GoFish Technologies’ user-generated video business plan as its sole business. GoFish will retain senior management led by its founder and CEO Michael Downing.
“The financial resources and corporate visibility provided by today’s announcement will enable us to accelerate the development of our online products, recruit additional key team members and build out our infrastructure as well as aggressively grow our community of video enthusiasts.”
In contemplation of the merger, GoFish completed a $12 million private placement of common stock and warrants to a group of institutional and private investors. The company plans to use the funds to strengthen its corporate infrastructure and product offerings, which will enable GoFish to deliver the next-generation consumer online video experience. “The successful completion of the merger and financing represent a major milestone for GoFish, positioning the company for accelerated growth,” said Downing. “The financial resources and corporate visibility provided by today’s announcement will enable us to accelerate the development of our online products, recruit additional key team members and build out our infrastructure as well as aggressively grow our community of video enthusiasts.”
GoFish Corporation is a leading online video destination for user-generated video, as well as commercial video content, accessible on-demand. Members of the GoFish community have watched hundreds of millions of videos over the last two years utilizing the GoFish platform to upload, share, search for and watch videos from around the world. GoFish was one of the earliest companies to deliver innovative technology in the user-generated video space, and recently launched a first-of-its-kind branded original programming product – a reality themed video series called “America’s Dream Date.”
GoFish was founded in 2003 by current CEO Michael Downing. GoFish.com is currently visited by more than 2.5 million unique users every month. GoFish’s devoted user base and innovative technologies position the company well in the emerging online video advertising market. According to research by eMarketer, the market for online video advertising is expected to grow from $385 million in 2006 to $2.35 billion by 2010. 63.6% of all US Internet users in August 2006 streamed video online, equating to 110 million people, according to ComScore.
About GoFish Corporation
GoFish Corporation, headquartered in San Francisco, is a leading consumer online video destination which in two years has grown to deliver millions of videos per month to a rapidly growing audience of enthusiasts. GoFish is a place on the web where millions of people come to upload, share and watch their favorite videos. For more information about the company, go to www.gofish.com.
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. Although the forward-looking statements in this 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 including, but not limited to, our inability to generate sufficient operating cash flow from advertising revenue, a reduction in the demand for user-generated video and related services, a fall-off in search engine directed traffic to our web site, and general economic conditions. Readers are urged to carefully review and consider the various disclosures made by us in the our reports filed with the Securities and Exchange Commission, including those risks set forth in the Company’s Current Report on Form 8-K filed on October 31, 2006, which attempt to advise interested parties of the risks and factors that may affect our 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, our 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 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 release.