Mooter Media-Hot Shot venture finalisedApril 7, 2010 -...

Mooter Media-Hot Shot venture finalised
April 7, 2010 - 5:04PM

Mooter Media Ltd has finalised its joint venture alliance with Hot Shot Media Group.

Mooter, which develops software products that allow websites to match relevant advertising with news or products, said the tie-up with the social networking and gaming company would put it at the "forefront of the worldwide social gaming phenomenon".

"I'm pleased that several weeks of complex negotiations have now concluded and that an outstanding deal has been reached for the benefit of all shareholders," Mooter independent director Nicholas Stavropoulos said in a statement on Wednesday.

"It is truly exciting that this agreement, if accepted by shareholders of both parties, affords Mooter the exceptional opportunity to be a key part of the Hot Shot Group."

Hot Shot Media Group, which was founded in 2009, has offices in San Francisco, Sydney, Melbourne and Singapore.

Mr Stavropoulos said Hot Shot's initial product, which would feature interactive use of photography in an online context, was expected to be launched in the second half of this year.

"As a significant shareholder in Mooter, I am extremely confident of the Hot Shot Media Group's capacity to deliver on its unique and highly significant potential from both a product development and revenue standpoint," Mr Stavropoulos said.

The deal requires 75 per cent shareholder approval.

Mooter will appoint an independent expert to prepare a report to be included in the notice of meeting for shareholders to vote on the transaction.

Mooter Media shares closed down 0.4 of a cent, or 14.29 per cent, at 2.4 cents.

http://news.smh.com.au/breaking-news-business/mooter-mediahot-shot-venture-finalised-20100407-rrsa.html

JB