London, June 16th 2008 – PlayBOX (US) Inc. (“PlayBOX”) (OTC BB: PYBX.OB), a global media entertainment distribution company, today announced that it has signed a share subscription agreement with Karada Ltd. (“Karada”) worth $1M USD.
Karada has signed a share subscription agreement to purchase shares in PlayBOX’s common stock, for gross proceeds of $1,000,000 USD.
“We are extremely pleased with this infusion of capital,” said Robert Burdon, CEO of PlayBOX. “The additional funds will be used to fuel our aggressive acquisition strategy and accelerate our growth.”
Karada is an off-shore investment company that has been an ongoing investor of PlayBOX. It is , and is pleased with the Delta acquisition and performance.
PlayBOX is a growing global media entertainment distribution company that offers a wide variety of distribution channels for new music artists and small-to-medium sized record labels. PlayBOX
is aggressively growing its traditional (retail) and non-traditional (digital, online and mobile) distribution channels so independent artists can reach their waiting public even more quickly and easily, while staying at the forefront of emerging trends in distribution. Through a series of strategic mergers and acquisitions, PlayBOX will become a world leader in the distribution and marketing of global entertainment media, with a strategic focus on delivering digital media through PC’s, television and mobile phones. PlayBOX’s recent acquisition of Delta Leisure Group Plc, with its combination of IP ownership of copyrights in music and visual media, access to the traditional marketplace, and early position in the digital download music market, now puts PlayBOX in an excellent position to capture its share of the $8bn independent global music marketplace.
Statements about PlayBOX's future expectations and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. PlayBOX's actual results could differ materially from expected results. PlayBOX does not undertake any obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this objective, PlayBOX will appropriately inform the public.
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