The Company reported revenues for fiscal year 2008 of
Corporate Milestones in 2008 Include:
-- Raised $5.7 million in net proceeds; -- Acquired and integrated, through a wholly owned subsidiary, the assets of Kim and Lim, LLC; -- Initiated trading on the OTCBB (ADXM.OB); -- Acquired and integrated Digital Instructor, LLC; -- Acquired and integrated the assets of VibrantAds, LLC; -- Acquired and integrated the assets of Bay Harbor Marketing, LLC; -- Launched internal display network and Affiliate Network; -- Expanded media buying into international markets achieving global reach; -- Launched AdEx Think Platform, a real time, proprietary data processing and decision- making technology platform; and
About AdEx Media, Inc.
AdEx is an integrated Internet marketing and lead generation publisher and developer, manufacturer, and marketer of consumer products with a focus on both marketing and distributing its own products and offering advertising customers a multi-channel Internet advertising network and broader solutions for direct advertisers and agencies. AdEx's marketing platform provides a range of services including (i) search marketing; (ii) display marketing; (iii) lead generation; and (iv) affiliate marketing. AdEx currently sells its own suite of consumer products which include: (i) Overnight Genius -- a comprehensive computer learning course mastering MS Windows, MS Office, eBay, and others; (ii) Rising Star Learning -- a math and language arts educational product for children; (iii) Debt Snap -- an audio seminar designed to help consumers manage their debt and restore credit standing; (iv) Lucky At Love -- a relationship strategy product; (v) EasyWhite Labs -- a teeth whitening product; and (vi) Acai Alive -- a dietary supplement. The company offers advertisers a compelling value proposition by offering true pay-per-performance pricing, commonly known as cost-per-action (CPA) or pay-per-action (PPA).
For more information about AdEx Media, visit http://www.AdEx.com.
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with Securities and Exchange Commission.
Investor Contact: Aimee Boutcher, Boutcher & Boutcher (973) 239-2878 ADEX MEDIA, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, December 31, 2008 2007 ASSETS Current assets: Cash and cash equivalents $683,576 $5,379 Short-term investments 2,502,670 224,308 Accounts receivable, net of allowance for doubtful accounts of $19,737 and $410 521,004 188,200 Credit card holdbacks, net of allowances of $167,363 and $0 300,493 - Inventory 57,087 - Prepaid expenses and other current assets 97,878 - Total current assets 4,162,708 417,887 Property and equipment, net 43,606 3,740 Intangible assets, net 1,367,330 - Goodwill 8,448,789 - Total assets $14,022,433 $421,627 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $929,807 $52,817 Accrued liabilities 593,907 103,911 Deferred revenue 25,709 - Promissory notes 401,806 - Total current liabilities 1,951,229 156,728 Promissory notes 150,000 - Deferred tax liability 404,817 - Total liabilities 2,506,046 156,728 Commitments and Contingencies Stockholders' Equity: Common Stock, $0.0001 par value; 150,000,000 shares authorized, 31,202,347 and 250,000 shares issued and outstanding at December 31, 2008 and December 31, 2007 3,120 25 Additional paid-in capital 13,808,966 187,475 (Accumulated deficit) retained earnings (2,295,699) 77,399 Total stockholders' equity 11,516,387 264,899 Total liabilities and stockholders' equity $14,022,433 $421,627 ADEX MEDIA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS December 31 2008 2007 Revenues: Marketing platform services $7,007,367 $1,770,338 Products 1,218,189 - Total revenues 8,225,556 1,770,338 Cost of revenues: Marketing platform services 5,537,863 1,328,322 Products 354,405 - Amortization of acquired product licenses 53,699 - Total cost of sales 5,945,967 1,328,322 Gross profit 2,279,589 442,016 Operating expenses: Product development 57,550 - Sales and marketing 2,924,654 18,438 General and administrative 1,350,250 39,823 Amortization of intangible assets 68,972 - Impairment of intangible assets 310,000 - Total operating expenses 4,711,426 58,261 Operating (loss) income (2,431,837) 383,755 Interest and other income, net 24,756 2,320 (Loss) income before provision for income taxes (2,407,081) 386,075 Provision for income tax (benefit) expense (33,983) - Net (loss) income $(2,373,098) $386,075 Net (loss) income per common share, basic and diluted $(0.12) $1.54 Weighted average common shares used in computing basic and diluted loss per share 19,447,587 250,000
SOURCE AdEx Media, Inc.