Social Media Firm Wyndstorm to Go Public in Reverse Merger

Authored by Mark Hefflinger on February 26, 2008 - 10:41am.

Norwalk, Conn. - Wyndstorm, a D.C.-based developer of social network technology, said on Tuesday that it will become a publicly traded company through a reverse merger with Connecticut-based Internet telephony firm PacketPort.com.

Under the deal, expected to close by Thursday, Wyndstorm's shareholders will hold 86% of the combined company and all of PacketPost.com's management and board members will resign.

The combined company will retain the Wyndstorm name, and begin trading on the Over-The-Counter Bulletin Board under a new symbol.

Marian Sabety, the founder, president and CEO of Wyndstorm, will hold the role of chairman.

Wyndstorm also said that it is working with investment banking firm Source Capital Group to raise between $5-10 million, which it will use to expand its implementation and sales support resources to meet growing demand.

Wyndstorm is beta testing RipLounge, an online entertainment platform that allows users to interact through dancing, online karaoke and downloading music, without the need to download software.

The site is expected to be launched next month.

http://www.packetpost.com

http://www.wyndstorm.com