Ascend Acquisition Corp. Completes Merger with Kitara Media and New York
Online video advertising company Kitara Media completes merger.
JERSEY CITY, N.J., July 11, 2013 (GLOBE NEWSWIRE) -- via PRWEB - Ascend
Acquisition Corp. ("Ascend") (OTCBB:ASCQ) today announced that it has
completed the merger with Kitara Media, LLC ("Kitara Media") and New York
Publishing Group, Inc. ("NYPG"). Kitara Media is an online video solutions
provider that increases revenue to website publishers. NYPG is a publisher of
Adotas, a premier website and daily email newsletter reaching over 100,000
targeted advertising professionals. The combined company will offer enhanced
capabilities to reach publishers and customers with its video advertising
platform. Prior to the closing of the merger, Ascend obtained the written
consent from holders of a majority of its then outstanding common stock to
change its name to "Kitara Media Corp." to better reflect the combined
company's operations going forward. The name change will be effective twenty
calendar days after the mailing of an information statement to Ascend's
stockholders alerting them to the action.
The combined company projects revenues of approximately $20 million in 2013
and has approximately $4 million in working capital, including funds from a
simultaneous $2 million private placement of stock at $0.50 per share.
"We are pleased that the merger is now complete and look forward to Kitara
Media and NYPG being part of a public company. We believe the online video
advertising market will experience 75% growth over the next two years and we
believe the combined company is well positioned to take advantage of this
explosive growth," said Robert Regular, Kitara founder and Chief Executive
Officer. "Kitara Media is focused on growing both organically and through
The transaction included the issuance of 30 million shares of Ascend common
stock to the former owners of Kitara Media and NYPG and the cancellation of
approximately 26 million shares previously held by individuals associated with
the Andover Games subsidiary of Ascend. As a result, the combined company now
has approximately 59 million shares outstanding, including 4 million shares
issued in the private placement. As part of the transaction, the Andover Games
subsidiary will be closed and its operations discontinued.
Robert Regular has been named Chief Executive Officer of Ascend and the Kitara
Media team will remain in place. Craig dos Santos will remain a senior officer
of the combined company. Ben Lewis, a member of Ascend's board of directors,
and Lee Linden, a consultant to Ascend, will remain significant stockholders
of the combined company, and Mr. Lewis will remain on the Board of Directors
of the combined company.
Further information on the transaction will be included in a Current Report on
Form 8-K to be filed by Ascend with the Securities and Exchange Commission.
About Kitara Media
Kitara Media currently reaches up to 50 million people a month using its state
of the art proprietary video ad technology. Kitara Media delivers millions of
videos and banner ads per month. It currently employs 35 individuals and is
headquartered in Jersey City, New Jersey with a satellite office in San
Francisco, California. For more information on Kitara Media, please go to
About New York Publishing Group, Inc.
NYPG's Adotas division provides news and information on media buying,
planning, selling, technology and activities of the digital media business to
the interactive advertising community. Adotas aggregates over 100 contributing
writers and experts through its website and newsletter. For more information
on New York Publishing Group, please go to http://www.adotas.com.
The information on Kitara Media's and Adotas' websites are not, and shall not
be deemed to be, a part of this notice or incorporated in filings Ascend makes
with the SEC.
Forward Looking Statements
This press release includes forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. Forward-looking statements are
statements that are not historical facts. Such forward-looking statements,
based upon the current beliefs and expectations of Ascend's management, are
subject to risks and uncertainties, which could cause actual results to differ
from the forward-looking statements.
These forward-looking statements involve significant risks and uncertainties
that could cause the actual results to differ materially from the expected
results. Most of these factors are outside the control of Ascend and are
difficult to predict. The information set forth herein should be read in light
of such risks. Further, investors should keep in mind that the financial
results included herein are unaudited and may not conform to SEC Regulation
S-X and as a result such information may fluctuate materially depending on
many factors. Accordingly, the financial results in any particular period may
not be indicative of future results. Ascend does not assume any obligation to
update the information contained in this press release except as required by
This article was originally distributed on PRWeb. For the original version
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CONTACT: Kitara Media
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