GoFish Corporation (OTCBB:GOFH), Formerly Unibio, Inc., today
announced the closing of a stock-for-stock merger with GoFish
Technologies, Inc. The combined company will operate under the name
GoFish Corporation and will assume and execute GoFish Technologies'
user-generated video business plan as its sole business. GoFish will
retain senior management led by its founder and CEO Michael Downing.
In contemplation of the merger, GoFish completed a $12 million
private placement of common stock and warrants to a group of
institutional and private investors. The company plans to use the
funds to strengthen its corporate infrastructure and product
offerings, which will enable GoFish to deliver the next-generation
consumer online video experience. "The successful completion of the
merger and financing represent a major milestone for GoFish,
positioning the company for accelerated growth," said Downing. "The
financial resources and corporate visibility provided by today's
announcement will enable us to accelerate the development of our
online products, recruit additional key team members and build out our
infrastructure as well as aggressively grow our community of video
enthusiasts."
GoFish Corporation is a leading online video destination for
user-generated video, as well as commercial video content, accessible
on-demand. Members of the GoFish community have watched hundreds of
millions of videos over the last two years utilizing the GoFish
platform to upload, share, search for and watch videos from around the
world. GoFish was one of the earliest companies to deliver innovative
technology in the user-generated video space, and recently launched a
first-of-its-kind branded original programming product -- a reality
themed video series called "America's Dream Date."
GoFish was founded in 2003 by current CEO Michael Downing.
GoFish.com is currently visited by more than 2.5 million unique users
every month. GoFish's devoted user base and innovative technologies
position the company well in the emerging online video advertising
market. According to research by eMarketer, the market for online
video advertising is expected to grow from $385 million in 2006 to
$2.35 billion by 2010. 63.6% of all US Internet users in August 2006
streamed video online, equating to 110 million people, according to
ComScore.
About GoFish Corporation
GoFish Corporation, headquartered in San Francisco, is a leading
consumer online video destination which in two years has grown to
deliver millions of videos per month to a rapidly growing audience of
enthusiasts. GoFish is a place on the web where millions of people
come to upload, share and watch their favorite videos. For more
information about the company, go to www.gofish.com.
Forward-Looking Statements
This press release contains 'forward-looking statements' within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934. Although the
forward-looking statements in this release reflect the good faith
judgment of management, forward-looking statements are inherently
subject to known and unknown risks and uncertainties that may cause
actual results to be materially different from those discussed in
these forward-looking statements including, but not limited to, our
inability to generate sufficient operating cash flow from advertising
revenue, a reduction in the demand for user-generated video and
related services, a fall-off in search engine directed traffic to our
web site, and general economic conditions. Readers are urged to
carefully review and consider the various disclosures made by us in
the our reports filed with the Securities and Exchange Commission,
including those risks set forth in the Company's Current Report on
Form 8-K filed on October 31, 2006, which attempt to advise interested
parties of the risks and factors that may affect our business,
financial condition, results of operation and cash flows. If one or
more of these risks or uncertainties materialize, or if the underlying
assumptions prove incorrect, our actual results may vary materially
from those expected or projected. Readers are urged not to place undue
reliance on these forward-looking statements, which speak only as of
the date of this release. We assume no obligation to update any
forward-looking statements in order to reflect any event or
circumstance that may arise after the date of this release.