IRVINE, Calif., March 4, 2004 (PRIMEZONE) -- Mergence Corporation (OTCBB:MRGN), a holding company that provides merger and acquisition services, is targeting companies to acquire in the emerging movie-on-demand and media industry.
Its wholly owned subsidiary, Oxford Media is offering a cash and stock purchase option, and is in the process of finalizing the acquisition of eMOD Systems, Inc. which was announced on March 1, 2004. Additionally, they are in negotiations with a separate, well-established company in the related hotel and residential video-on-demand services industry.
According to Tom Hemingway, Chairman and CEO of Mergence Corporation, "We are seeking companies whose operations are in line with our business plan and can reach profitability in a relative short period of time. For the past several years, large hospitality entertainment systems have been limited to larger properties of 300 rooms or more because of the prohibitive cost and maintenance of the system. Oxford's hotel development engineers believe that now is the time to effectively move into this market with a low-cost system that allows virtually any property to offer these services."
Mergence Corporation previously announced that it will be spinning off its Oxford Media Corporation to existing shareholders. The subsidiary plans to file with the SEC as a fully reporting company and have its shares trade on the Over-The-Counter Bulletin Board. Mergence shareholders of record on March 31, 2004, shall receive common shares in Oxford Media Corporation.
About Mergence Corporation
Mergence Corporation, founded in 1994, is headquartered in Irvine, California. Mergence is the parent company for wholly owned subsidiaries, which are in the emerging movie-on-demand, in the hotel/motel arenas and software technologies industries. Mergence Corporation also provides merger and acquisition services to companies with promising services and/or products.
Safe Harbor
Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, the ability to negotiate outstanding prior debts of acquired companies; properly identify acquisition partners; adequately perform due diligence; manage and integrate acquired businesses; react to quarterly fluctuations in results; raise working capital and secure other financing; respond to competition and rapidly changing technology; deal with market and stock price fluctuations; and other risks. These are and will be detailed, from time to time, in Mergence's Securities and Exchange Commission filings, including Forms 10-KSB, 10-QSB and 8-K. Actual results may differ materially from management's expectations.