Xhibit Interactive announced that its parent company, NB Manufacturing Inc. has completed the acquisition of intellectual property which it is using to construct TwitYap, a development-stage social network that will utilize multi-media channels to help celebrities further connect to their fan bases.
This new social property is in the process of being developed by Xhibit Interactive LLC and has yet to be launched. The application is planned to be an integral part of the company's social media strategy moving forward.
NB Manufacturing's acquisition is subject to transfer of intellectual property from various parties in exchange for an issuance of approximately 727,050 shares of common stock and entry into noncompetes by several of the parties who are transferring their related intellectual property.
"We are excited about acquiring the TwitYap intellectual property as the project coincides with the social media goals of Xhibit," said Chris Richarde, CEO of Xhibit Interactive and NB Manufacturing.
Said Xhibit Chief Creative Officer Mirco Pasqualini, "We believe that TwitYap can become a leading mobile and web based video, voice and text social network where fans can receive content from some of their favorite celebrities."
TwitYap is currently planned to integrate with Xhibit's proprietary AdBind tool to display relevant, nonintrusive ads to the users while generating revenue from the social properties.
Management expects to launch TwitYap in the latter part of the fourth quarter of this year. However, there is no assurance that the software and related proprietary website design will be finalized by then.
All products developed by Xhibit are integrated across the company's total digital media platform and supported by Xhibit's comprehensive digital strategy, including full service digital ad agency and marketing resources.
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