MIAMI, Jan. 29, 2009 (GLOBE NEWSWIRE) -- Dolphin Digital Media, Inc. (OTCBB:DPDM) Chairman and CEO Bill O'Dowd announced today that the Company has reached an agreement to acquire Anne's Diary, Inc. By this acquisition, Dolphin Digital Media will obtain 100% of the proprietary rights to the technology it now licenses from Anne's Diary; the technology is integral to Dolphin Digital Media's state-of-the-art biometric authentication technology utilized by its unique social networking websites. Dolphin Digital Media had earlier obtained the balance of a seven-year license of this technology, of which five years remain, in its business combination with Logica Holdings, Inc.
The seven-year license had been granted on March 1, 2007 to Logica by owner and licensor Anne's Diary, Inc. for exclusive use in children's social networking applications. Pursuant to the terms of the license, Anne's Diary, a private Canadian company, retained a 10% royalty in all revenues derived from use of the license by Dolphin Digital Media, as Logica's successor. The acquisition of 100% of Anne's Diary, Inc. will eliminate all future royalty payments as well as Dolphin Digital Media's need to license this technology from a third party. "Ownership of this proprietary technology will provide a great benefit to our shareholders," said Mr. O'Dowd. "It will allow us to control our own destiny as we can now launch and develop websites and products that incorporate this technology completely in-house."
ABOUT DOLPHIN DIGITAL MEDIA, INC.
Dolphin Digital Media, Inc., (http://www.dolphindigitalmedia.com), formerly Logica Holdings, creates and manages social networking websites for children utilizing state-of the-art fingerprint identification technology. As a leading developer of internet safety technology operating in the entertainment, digital media, and e-commerce sectors, there is a focus on the growing global market for social networking, downloadable entertainment content and branded merchandise sales.
Dolphin Digital Media is the exclusive holder of a worldwide ten-year license to all of Dolphin Entertainment's online rights for current and future properties. The Dolphin family of brands include top programming for Nickelodeon, with hit television titles such as Emmy-nominated and top-rated "Zoey 101," as well as "Ned's Declassified School Survival Guide," and the "Roxy Hunter" mystery-movie franchise, all of which have sold into more than 100 countries. Dolphin's most recent completed project, the upcoming television musical, "Spectacular!," starring Victoria Justice (Zoey 101), is scheduled to premiere on Nickelodeon in February.
The Dolphin Digital Media, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4331
SAFE HARBOR STATEMENT
This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for markets and the demand for products. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. Such statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry and competition. The Company refers interested persons to its most recent Annual Report on Form 10-KSB and its other SEC filings for a description of additional uncertainties and factors, which may affect forward-looking statements. The Company assumes no duty to update its forward-looking statements.