LOS ANGELES, Aug. 25, 2008 (GLOBE NEWSWIRE) -- KingThomason Group, Inc. (Pink Sheets:KGTO) today announced that on August 22, 2008, it completed the acquisition of 100% of the outstanding shares of Hardwired Interactive, Inc. ("Hardwired"). Hardwired is a technology company headquartered in The Woodlands, Texas that will provide a cost effective social networking platform allowing users to engage in targeted audiences consisting of almost all mobile and web users in a rapid and ubiquitous manner.
Pursuant to the terms of the acquisition agreement, the Company acquired a 100% interest in Hardwired in consideration for the issuance of approximately 45 million shares Common Stock of the Company. The Company will remain trading on the Pink Sheets under the symbol KGTO until a name change and symbol change are finalized.
As a result of the reverse merger into KingThomason, Mark Wood, Founder and CEO of Hardwired, has been approved as CEO and Chairman of the Board of KingThomason. Tim King, CEO of KingThomason will remain on the Board of Directors of KingThomason.
"This is a significant step in the growth of our company, and we are pleased to enter the public financial markets to assist our growth. The reverse merger is critical to the pursuit and execution of our strategy of creating revenue, producing high traffic social networks," said Mark T. Wood, CEO of Hardwired.
About Hardwired Interactive
Hardwired Interactive, Inc. improves the online social network experience by providing a simple, easy to use Web 2.0 suite of technologies and destinations that empower people to drive and define an online social network experience perfectly suited for their unique needs, interests, and online interests. Easily reached from your PC and cellular phone, Hardwired provides an integrated community that incorporates personalized social networking, text messaging, mobile multimedia content programming, and customizable news and focused content for members. For more information regarding the company, please visit http://www.hdwrd.com.
Safe Harbor Statement:
The above news release contains forward-looking statements. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of business risks, external factors and uncertainties. Actual results may differ materially from those indicated by such forward-looking statements. The Company assumes no obligation to update the information contained in this press release, whether as a result of new information, future events, or otherwise.