- Adds 20 million monthly pageviews to CrowdGather network traffic
- Company will now have 155 million monthly pageviews and 15 million
monthly uniques
WOODLAND HILLS, Calif., May 25, 2011 (BUSINESS WIRE) --
One of the leading networks of forum communities on the Internet,
CrowdGather (OTCBB:CRWG), announced today that it has acquired the
domain name, website, and assets related to PbNation.com
one of the world's largest online paintball communities according to
Forbes and the Chicago Tribune.
The total purchase consideration for the PbNation.com site and assets is
up to $3.2 million, consisting of $1.4 million in cash, 1,149,425 shares
of the Company's restricted common shares, and certain additional cash
and stock compensation totaling up to $800,000 if certain monthly
website visitor traffic milestones are achieved. The number of shares
issued was calculated by dividing $1 million by the Company's 10 day
volume weighted average share price of $0.87 per share through Friday,
May 20, 2011.
PbNation generates 20 million monthly pageviews and approximately 1.9
million monthly unique visitors. On a combined basis, the CrowdGather
forum network will generate 155 million monthly pageviews and 15 million
monthly unique visitors.
"Adding PbNation to our portfolio is a watershed event for CrowdGather
team," said Sanjay Sabnani, CrowdGather's Chairman and CEO. "We believe
that at 20 million monthly pageviews, PbNation is a cornerstone of the
paintball enthusiast ecosystem and one of the largest independent forum
communities in the world. From our initial review, we have found that
PbNation has built up tremendous engagement in a very valuable
demographic and we are very excited for what the future holds for us."
Commenting on the transaction, PbNation President Ed Rieker said, "We
have had discussions with all of the significant players in the forum
world and felt that CrowdGather was ultimately the best home for our
community. CrowdGather's team and exclusive focus on forums gives us
comfort that we have found a good home for our site and all the
volunteers who contribute towards its success."
About CrowdGather, Inc.
With its growing portfolio of special interest forums and enthusiast
message board communities, CrowdGather (www.crowdgather.com)
has created a centralized network to benefit forum members, forum owners
and forum advertisers. CrowdGather provides a highly interactive and
informational social network for members, a management and
revenue-sharing resource for third-party forum owners, and a largely
untapped advertising network for marketers worldwide.
About PBNation
Atlanta-based PbNation.com
is an industry leader in the monetization of online forum-based
communities generating a variety of revenue streams from the
customization of the vbulletin platform.
PbNation.com
is the largest interactive community on the Internet with a focus on the
extreme sport of paintball. While the majority of the content is
paintball related, approximately 30% of the content is non-paintball
related including videos, gaming, outdoors, and other topics of interest
to the mostly male user demographic. Since 2001 PbNation.com
has been serving the paintball marketplace and providing the definitive
online social gathering place for the discussion of all things related
to paintball.
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended) concerning future
events and the Company's growth and business strategy.Words such
as "expects," "will," "intends," "plans," "believes," "anticipates,"
"hopes," "estimates," and variations on such words and similar
expressions are intended to identify forward-looking statements.
Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given
that such expectations will prove to have been correct. These statements
involve known and unknown risks and are based upon a number of
assumptions and estimates that are inherently subject to significant
uncertainties and contingencies, many of which are beyond the control of
the Company. Actual results may differ materially from those expressed
or implied by such forward-looking statements.Factors that could
cause actual results to differ materially include, but are not limited
to, changes in the Company's business; competitive factors in the
market(s) in which the Company operates; risks associated with
operations outside the United States; and other factors listed from time
to time in the Company's filings with the Securities and Exchange
Commission. The Company expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in the
Company's expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
SOURCE: CrowdGather, Inc.
CrowdGather, Inc.
Investor Contact:
Sanjay Sabnani, 818-435-2472 x 101
sanjay@crowdgather.com
or
Media Contact:
Stacy Dimakakos, 917-981-5501
stacy@publicworldwide.com
