Signature Devices, Inc. Announces Merger With Graffiti Entertainment, Inc.
April 12 2012 - 5:00AM
Marketwired
Signature Devices, Inc. (PINKSHEETS: SDVI) announced today an
agreement with Graffiti Entertainment, Inc. to merge the two
companies. It is part of a strategic realignment spearheaded by CEO
Mart van der Velde which will also provide current disclosure
information on Pink Sheets and lead to a unified global business
expansion.
"We are now deploying our team in the best possible way to earn
increased revenues, open new markets, and develop and market new
software products. We have proven our ability to create
award-winning titles and now we have the structure to achieve the
sales results which can build the value of our business," said CEO
Mart van der Velde.
"Our new Board member Charles Townsend brings experience from
BMX Racing. Kenneth Hurley will devote his full time to the
technology which forms the core strength of our business," Mr. van
der Velde added.
Signature Devices, Inc. will be merged into Graffiti
Entertainment, Inc. The original plan to take Graffiti
Entertainment, Inc. onto the Frankfurt exchange has been dropped as
part of the new strategic plan. The merger is a multi-step process
whereby Signature Devices, Inc. will first make itself current on
www.pinksheets.com which includes financial updates and an attorney
opinion letter.
On April 4th, Kenneth Hurley formally resigned as the CEO of
Graffiti Entertainment, Inc. and resigned as a Board member of both
Signature Devices, Inc. and Graffiti Entertainment, Inc. and will
now focus his full efforts on the technology side of the gaming
business.
Mart van der Velde was named the CEO of Graffiti Entertainment
and Charles Townsend was named to the Board of Directors of
Signature Devices, Inc. Mr. van der Velde also became CEO of
Signature Devices, Inc. in November 2011 and will continue to hold
the position of CEO upon the merger of the two companies.
About Graffiti Entertainment, Inc. and
Signature Devices, Inc.: Based in Redwood City, Calif.,
Graffiti Entertainment, Inc. was spun out from Signature Devices,
Inc. (www.signaturedevices.com) (PINKSHEETS: SDVI) and publishes
diverse media products including console video games, iPhone/iPad
and Android games. Signature Devices, Inc. creates and develops
social networking systems including social networking server
software, social networking games and console games, which it
publishes through Graffiti Entertainment, Inc.
The information in this press release includes certain
"forward-looking" statements within the meaning of the Safe Harbor
provisions of Federal Securities Laws. Investors are cautioned that
such statements are based upon assumptions that in the future may
prove not to have been accurate and are subject to significant
risks and uncertainties, including the future financial performance
of the Company. Although the Company believes that the expectations
reflected in its forward-looking statements are reasonable, it can
give no assurance that such expectations or any of its
forward-looking statements will prove to be correct. Readers are
cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date of this release, and the
Company undertakes no obligation to update publicly any
forward-looking statements to reflect new information, events, or
circumstances after the date of this release except as required by
law.
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