TULSA, Okla., Dec. 31, 2007 (PRIME NEWSWIRE) -- Double Eagle Holdings, Inc. (OTCBB:DEGH) announces today that it has acquired a 60% interest in Ultimate Social Network, Inc. (USNI) and its wholly-owned contestant website, The Ultimate College Model (www.ultimatecollegemodel.com). The Company issued 6,400,000 shares of its common stock to Adam Adler and his associates for the 60% ownership interest in USNI and committed to invest an additional $125,000 to enhance the website and its contest.
"The acquisition of Ultimate College Model ('UCM') is our first step into the enormously popular social networking market. UCM's unique approach and target demographic is what attracted us to the project. Our goal is to invest in social networking platforms that will appeal to a broad spectrum of internet and mobile media users, from teens to college students to the 30's and 40's age market. This is an extremely valuable demographic to retailers and advertisers, and we plan to invest in new and exciting interactive networking experiences that maximize unique platforms. Ultimate College Model is just the beginning," stated Hank Durschlag, President, Double Eagle Holdings, Inc.
"Ultimate College Model offers a great chance for a college student to realize his or her dream of receiving a modeling contract from a renowned modeling agency. It's also great because the winners are selected by both their peers and modeling professionals. We have had an overwhelming response since we launched Ultimate College Model earlier this year. We look to do even bigger and better things through our relationship with Double Eagle Holdings," stated Adam Adler, President, Ultimate Social Network, Inc.
About Double Eagle Holdings, Inc.
Double Eagle Holdings, Inc. is a closed-end investment company that invests in value-based opportunities that are typically either privately held or considered small or micro cap publicly traded companies. Double Eagle's investment objective is to generate both current income and long term capital appreciation through debt and equity investments. Double Eagle Holdings, Inc. is a registered business development company under the Investment Company Act of 1940 ("1940 Act").
Forward-Looking Statements in this news release are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks, and uncertainties and actual results could differ from those discussed. This material is information only, and is not an offer or solicitation to buy or sell the securities.