Cinnabar Ventures, Inc. to Acquire Yippy, Inc.
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FORT MYERS, Fla., Nov. 9, 2009 (GLOBE NEWSWIRE) -- Cinnabar Ventures, Inc.
(OTCBB:CNBR) ("Cinnabar" or the "Company") is in the final stages of acquiring
Yippy, Inc., a private Delaware corporation ("Yippy"). Yippy (www.yippy.com) is
to be acquired by Cinnabar prior to January 14, 2010, per the agreement set
forth in the shell acquisition between Richard Granville and Belmont Partners,
LLP. Joseph Meuse, the Managing Director for Belmont Partners, LLP, remained on
the board of Cinnabar following the acquisition. Details of this transaction are
available through Edgar via 8K with other supporting documents, including the
Stock Purchase Agreement and Promissory Note.
Cinnabar will be changing the sector of business to "Technology" in the industry
of "Information and Delivery Services" at the next quarterly reporting period on
the SEC's website (www.sec.gov). Cinnabar has retained Anslow & Jaclin, LLP as
its outside corporate and securities counsel.
Cinnabar has applied to the Financial Institutions Regulatory Authority for a
3:1 forward split, which, when approved, will effectively increase the issued
and outstanding shares of Cinnabar's common stock to approximately 19 million
(19,000,000) shares, with a float of 4 million (4,000,000) shares.
About Cinnabar Ventures, Inc.:
Cinnabar is a new economy technology company that develops technologies and
relationships for Web-OS systems in the Cloud computing space. Interactive Media
and online advertising are also a focus of Cinnabar. Cinnabar also invests in
other technologies such as device and systems management platforms, as well as
companies with high growth potentials in search, social networking, e-com and
wireless/data communications. Cinnabar currently is in an acquisition mode to
build the business model around like and kind businesses with seamless vertical
integrations into its long term business plan. Cinnabar also licenses brands,
domains and content for distribution across our network platforms for wireless
devices and traditional content distribution channels.
The Cinnabar Ventures Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6816
Forward-Looking Statements
Pursuant to The Private Securities Litigation Reform Act of 1995: The statements
in this press release that relate to the Company's expectations with regard to
the future impact on the Company's results from new products in development are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are subject to risks and
uncertainties. Words such as "expects," "intends," "plans," "may," "could,"
"should," "anticipates," "likely," "believes" and words of similar import also
identify forward-looking statements. Forward-looking statements are based on
current facts and analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determined and assumptions of
management. Readers are urged not to place undue reliance on the forward-looking
statements, which speak only as of the date of this release since they involve
known and unknown risks, uncertainties and other factors which are, in some
cases, beyond our control and which could, and likely will, materially affect
actual results, levels of activity, performance or achievements. We assume no
obligation to publicly update or revise any forward-looking statements in order
to reflect any event or circumstance that may arise after the date of this
release, even if new information becomes available in the future. Additional
information on risks and other factors that may affect the business and
financial results of Cinnabar Ventures, Inc. can be found in the filings of
Cinnabar Ventures, Inc. with the U.S. Securities and Exchange Commission.
For more information on the company visit: www.cinnabarcompany.com.
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CONTACT: Cinnabar Ventures, Inc.
Rich Granville
239-561-3827
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