On Thursday, Hipso Multimedia Inc. announced that effective November 30, 2011, they completed an asset purchase agreement acquiring all of the assets of Buildablock Inc. from 3324109 Canada Inc. and 8040397 Canada Inc., both Canadian corporations. Rene’ Arbic, Hipso Multimedia’s CEO and President, stated, “We are very excited about the significant revenue generating potential that the Buildablock operations will bring the Company.”
In connection with the acquisition of the Buildablock Assets, the Company intends to file an Information Statement on Schedule 14C. Their intention is to implement a reverse split of the Company’s common stock on a one-for-eight (1:8) basis; to ratify and approve the Agreement, and, on the effective date of the Reverse Split, to appoint Gary Oberman and Bartek Bulzak, the owners of Canadian corporations, as officers and directors of the Company.
In consideration for the acquisition of the Buildablock Assets, Hipso Multimedia is to issue to Messrs. Oberman and Bulzak a total of 8,559,721 shares of the Company’s common stock, which shall equal to the total number of shares of the Company’s common stock issued and outstanding shares on the effective date of the Reverse Split.
The Buildablock Assets are in the development stage and consist of an Internet and mobile service platform. The purpose of the platform is to empower and capitalize on the growth of the neighborhood, local economy. Buildablock, as a social network platform, addresses a powerful need in social networking (creating a sense of belonging to a real community), concentrating on the neighborhood as the origin point.
Buildablock launched in 2008, with plans to launch their services in early 2012 under the name Buildablock™. In connection with the planned launch of commercial operations, Hipso Multimedia’s intention is to begin an initial round of private funding, seeking equity capital in an amount to be determined by the Company and Messrs. Oberman and Bulzak.
In addition to Buildablock’s social networking library, its new “DealWink” engine enriches the service. This new e-commerce platform combines the power of group buying, couponing, price aggregation and more. The result is a collection of the most aggressive tools known on the market to drive value to their customers and opportunity to the retailer. Buildablock’s intention is to become the “first stop” social and commercial origin point for subscriber based daily activity.
Headquartered in Quebec, Canada, Hipso Multimedia, via their wholly owned subsidiary Valtech Communications Inc. provides innovative technology and service in the triple play telecommunications industry. The Company’s intention is to become a major force in the IPTV (Internet Protocol Television Broadcasting) arena.
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