SANTA MONICA, Calif., Jan. 9, 2012 (GLOBE NEWSWIRE) -- Internet Media Services, Inc. (OTCBB:ITMV) ("IMS"), a diversified digital media company, announced today the signing of a letter of intent ("Letter") with Enthusiast Media Holdings, Inc. ("EMH") to acquire the assets of the Water Channel television network ("Assets"). Assets to be acquired include creative and intellectual property, film and video assets, and production and office equipment. Previously, the assets were used in support of the television-based "Water Channel," which reached 17 million viewers from 2005 to 2007.
Upon the closing of the acquisition, the assets will be placed in a new IMS operating division specifically focused on providing quality water sports and recreation content to the general public through a variety of broadcast media (e.g., Internet, mobile, television). The transaction is scheduled to be closed as soon as practicable and is contingent on the completion of the due diligence process and final approval by the respective Board of Directors.
Raymond Meyers, IMS's Chief Executive Officer and President stated, "Once the acquisition is completed, the assets will be utilized by our new Internet-based digital syndication service aimed specifically at the water sports and recreation market. We believe this niche vertical market is currently underserved and we plan to provide quality water lifestyle content and programming to the over 150 million passionate participants who engage in water related activities."
About Internet Media Services, Inc.
Internet Media Services, Inc. (OTCBB:ITMV) ("IMS") is a diversified digital media company based in Santa Monica, California. IMS was created to develop, own, and operate a portfolio of integrated digital media Internet properties, offering complementary business models and components, a higher level of customer appeal, and significantly higher margins than other Internet-based service companies in similar sectors.
More information about Internet Media Services, Inc., and its products and services can be found at www.internetmediaservices.com, www.legalstore.com, www.simplyprospects.com .
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. While we believe these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in IMS's SEC filings. Thus, actual results could be materially different. IMS expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.