OJSY Completes Reverse Merger with NTN
November 14 2006 - 10:38AM
PR Newswire (US)
NEW YORK, Nov. 14 /PRNewswire-FirstCall/ -- OJsys, Inc. (Pink
Sheets: OJSY) announces that, effective as of November 8, 2006, in
a reverse merger, the Company: (a) acquired 100% of NTN, Inc., a
South Korean- based corporation, in exchange for the issuance of
30,000,000 post-1-for-20 reverse split restricted common shares;
(b) changed its corporate name to OJsys, Inc., by consent of
shareholders owning a majority of the Company's shares; (c)
completed a 1-for-20 reverse split of its previously issued and
outstanding shares; (d) retired 9,100,000 pre-reverse split shares
owned by its previous principal; (e) elected new directors and
officers, who are also NTN's officers and directors; and (f)
changed its trading symbol to PINK SHEETS: OJSY. OJSY now has
issued and outstanding 33,250,000 shares, including the 30,000,000
shares issued to acquire NTN. OJSY's new management team is Mr.
Henri Joubaud, Director and CEO (Former Senior-VP of Canal+,
France), Mr. Luisito L. Canteras, Director and Chief Management
Officer. Mr. Joubaud, the CEO of OJsys, is focusing on developing
the Company's broadcasting operating businesses, such as digital
satellite, cable TV and IPTV, which is based on his experience with
Canal+, one of the largest satellite broadcasting companies in
France. The Company's website is http://www.ojsys.net/. NTN, Inc.,
which is now OJSY's wholly-owned subsidiary, was formed in 2000 and
specializes in Home Media Center technology. Based on the
Ubiquitous Value Network, it provides Home Media Center
technologies, (PC and non-PC), and consumer electronics devices
(such as DVD, VTR and TV), which are seamlessly connected to each
other and to the network, giving users access to any type of
content or service, globally. To date, the Company's major clients
have been European companies such as Canal+, Kathrein, Schwaiger,
Amstrad and Dixon, and Middle East companies, including EuroSat,
Technosat, Echostar and Mediacom. The Company now plans to broaden
its market, especially to the US. For this, NTN held an exhibition
at the "Las Vegas CES show" and the "International Broadcasting
Convention" in the Netherlands in September 2006. NTN's 2005
revenues and net earnings 2005 were $5M and $0.15M, respectively
(audited in accordance with South Korean GAAP). For the fiscal year
ending December 31, 2006, NTN projects revenues of $5.7M and net
earnings of $0.95M. As of September 30, 2006, NTN's total assets
were $6.3M and its net worth was $2.2M. DATASOURCE: OJsys, Inc.
CONTACT: A. McGough, +1-212-371-7799 Web site:
http://www.ojsys.net/
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