Patchogue, New York – (The Hosting News) – September 8, 2005 – 110 Media Group, Inc.
has announced that it has entered into a letter
of intent with Global Portals Online, Inc. – a company that offers an easy-to-use multimedia website builder, business/personal
life management tools (email, calendar, instant messaging, file sharing,
etc.), customized news updates, community tools, automated commerce products,
and tools previously unavailable to the novice webmaster.
110 Media Group, Inc., based in Patchogue, New York, is publicly traded
with its securities listed on the NASDAQ OTC BB. It is engaged in the business
of developing and managing for operation an Internet web hosting and
advertising business which maintains and hosts websites and provides site
monitoring and maintenance services for third parties; directs and redirects
Internet traffic and e-commerce opportunities.
If all conditions to the closing of a transaction are satisfied, 110 Media
Group would acquire all of the issued and outstanding shares of common stock
of Global Portals Online in exchange for a certain number of shares of common
stock of 110 Media Group, and Global Portals Online would become a wholly-
owned subsidiary of 110 Media Group.
The number of shares of common stock of
110 Media Group to be issued to the shareholders of Global Portals Online
would be equal to 70% of the total number of issued and outstanding shares of
common stock of 110 Media Group prior to the completion of certain additional
transactions, including an issuance of a certain number of 110 Media Group
shares of common stock for cash and a reverse stock split.
The closing of a transaction is subject to several conditions, including
without limitation completion of due diligence, the negotiation, preparation,
execution and delivery of definitive documents, completion of a financing for
cash and completion of a reverse stock split.