MISSION VIEJO, CA — (Marketwire) — 01/31/12 — Godfather Media, Inc. (PINKSHEETS: GFMD) today announced that it has acquired 100% of the assets of Arizona-based independent minor league baseball team Yuma Scorpions.
The Yuma Scorpions are a professional independent minor league baseball team located in Yuma, Arizona. The Scorpions are one of nine teams currently playing in the North American Baseball League. The 2012 season is the seventh year of operations for the Scorpions who play at Desert Sun Stadium which is a ballpark in Yuma, Arizona that seats 10,500 fans. During the 2011 season the Scorpions named Jose Canseco has the team manager along with his brother Ozzie Canseco as the hitting/bench coach. The Scorpions have averaged over the past 6 seasons approximately $500,000 annually in revenues and have been owned and operated by the League-s parent company Diamond Sports and Entertainment, Inc.
Godfather Media, Inc. CEO Michael Cummings stated, “This is the start to our new business strategy and our goal is to continue to grow rapidly through strategic acquisitions, such as the Yuma Scorpions. With this acquisition, we-ve achieved a significant milestone and I look forward to our continued success. We have acquired an asset, which I believe will yield a significant return to our shareholders.”
Pursuant to terms of the agreement, Godfather Media, Inc. acquired 100% of the assets of Arizona-based independent minor league baseball team Yuma Scorpions, the right of first refusal to the operating territories of Henderson, NV, San Luis Obispo, CA, San Diego, CA and Riverside, CA for the next 3 years for (i) 5 million in Godfather Media, Inc. restricted common stock. The Yuma Scorpions will continue to operate as a wholly owned subsidiary of Godfather Media, Inc.
About Godfather Media, Inc.
Godfather Media, Inc. is an American holding company headquartered in Mission Viejo, California, United States, that will take ownership with minor or 100% interest in a number of subsidiary companies. Godfather Media-s (“GFMD”) portfolio will be comprised primarily of long-term investments in small to medium market companies using cash, preferred/common stock and other equity interests. Our targeted investment will typically range between $500 thousand and $5 million, although this investment size may vary proportionately as the size of our capital base changes.
The Company-s principal focus is to invest in growth opportunities in sports, entertainment, and mobile and social media industries. Godfather Media generally seeks to target companies that generate free cash flow, have experienced management teams and possess strong competitive positions within their respective industries.
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FORWARD-LOOKING STATEMENT: This press release contains forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: the sustainability of recent growth rates in the Mobile and Social Media industry; the positioning of Godfather Media in the market; ability to integrate acquired companies and technology; ability to retain key employees; ability to successfully combine product offerings and customer acceptance of combined products; general market conditions, fluctuations in currency exchange rates, changes to operating systems and product strategy by vendors of operating systems; and whether Godfather Media can successfully gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release.
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