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Pixman Nomadic Media Inc.: Pixman Completes Pixnet Acquisition

^{Published on 2008-12-31 06:21:52, Last Modified on 2008-12-31 06:22:27 - Market Wire}
 

MONTREAL, QUEBEC--(Marketwire - Dec. 31, 2008) - Pixman Nomadic Media Inc. (TSX VENTURE:PMN) ("Pixman") is pleased to announce closing of the acquisition of all the shares of Pixnet Inc. ("Pixnet"), in accordance with the terms and conditions announced in a press release issued September 25, 2008.

"This acquisition allows Pixman to broaden offerings in the digital display and mobile communications sector and to develop its Pixpal dynamic community concept", said Mr. Philippe Gribeauval, President and CEO of Pixman.

The acquisition of Pixnet was approved by the disinterested shareholders of Pixman at the shareholders' meeting held on December 11, 2008. More than 99% of the disinterested shareholders' voting rights expressed approval of the offer.

On September 25, 2008, Pixman had indeed announced an agreement with Daniel Langlois Investments Inc., sole shareholder of Pixnet, concerning Pixman's acquisition of all the issued and outstanding shares of Pixnet for a consideration of $4,000,000, payable by the issuance of 22,222,222 common shares of the share capital of Pixman at a price of $0.18 per share. Pixnet specialises in the development and operation of networking applications.

As of September 30, 2008, Pixman and Pixnet's unaudited pro forma consolidated balance sheets indicate the resulting corporation's short term assets are at $5,769,088 and short term liabilities at $1,668,936. Total assets amount to $11,130,471, whereas total liabilities represent $1,837,260. Pixnet's financial statements and pro forma consolidated financial statements can be consulted in the business acquisition report available on SEDAR's website, at [ www.sedar.com ].

Pursuant to the acquisition of Pixnet, Pixman welcomes Mr. Clement Bourassa as one of its officers. Mr. Bourassa will continue to fulfill his current duties with Pixnet.

Further information on Pixnet and the transaction are available on SEDAR's website, at [ www.sedar.com ].

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) have reviewed nor accept responsibility for the adequacy or accuracy of this release.