ZIM Announces Agreement to Acquire US Mobile Content Provider
ZIM enhances its mobile offering through strategic acquisition
Ottawa, Canada - March 28, 2006 - ZIM Corporation (OTCBB: ZIMCF), a
global mobile service provider, aggregator and application developer for
the mobile market, today announced it has agreed to acquired a
U.S.-based mobile content company, Advanced Internet Services Inc., in a
combined share and cash deal worth approximately $1.1 million. ZIM will
issue 10 million shares, representing approximately 14% of the issued
and outstanding shares of the company, post issuance. The acquisition
provides ZIM an immediate entry to the mobile content market and a
proven mobile content-delivery platform. ZIM expects the transaction to
be completed by April 1, 2006, subject to the completion of customary
transaction documents and closing conditions.
"We are further expanding our mobile offering with the acquisition of
Advanced Internet Services, as they have two of the top 15 mobile
content sites, Monstertones.com and ringingphone.com," said Dr. Michael
Cowpland, President and CEO of ZIM. "This acquisition is part of the
move into mobile content that we announced in February, 2006. With this
acquisition, we hope to leverage our relationships and technical
expertise to expand our role in the mobile market. In addition to the
Monstertones.com and ringingphone.com portals, ZIM will be providing
mobile content through other dedicated portals."
Founded in 2002, Advanced Internet Services was one of the first
independent websites in North America to offer cell phone ring tones and
wallpapers. The ring tone sites host a large catalog of polyphonic and
MP3 ring tones for music spanning from the 1950's to the most popular
current hits. In addition to offering popular music ring tones, the
websites offer a wide variety of unique content, including funny and
sexy ring tones and a large collection of urban ring tones.
"ZIM and Advanced Internet Services both believe in the potential of the
mobile content market," said Bret Dunlap, Founder and CEO of Advanced
Telecom Services, the parent of Advanced Internet Services. "We are very
excited about this transaction with ZIM, as we believe the mobile
content opportunities in North America are still in the early stages. As
an aggregator of mobile data services, ZIM is perfectly positioned to
capitalize on this burgeoning new market opportunity."
About ZIM
ZIM is a mobile service provider, aggregator and application developer
for the mobile market. ZIM's bridges the gap between data and mobility.
For more information on ZIM and its customers, partners and products,
visit: www.zim.biz.
For more information:
Jennifer North
Chief Financial Officer
ZIM Corporation
Phone: 1 613.727.1397 ext. 121
E-mail: jnorth@zim.biz
For more information, contact a Spark
representative today, or to speak directly to a Spark representative, call
(847) 227-4111.
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