LOS ANGELES -- Convenience TV Inc. recently entered into an acquisition agreement with Global Fusion Media Inc. According to the terms of the deal, it agreed to acquire all of the interest in C-Store Network LLC from Global Fusion in exchange for 36,000,000 shares of its common stock. On May 5, 2010, it closed the transactions contemplated by the agreement and acquired C-Store Network as its wholly owned subsidiary. Going forward, the company has abandoned its former real-estate business and will focus on the business operations of C-Store Network, a media and advertising company [image-nocss] which, through a network of in-location televisions installed at various convenience store locations, focuses on direct advertising to store customers throughout North America.
"We are thrilled to have successfully completed this reverse merger," said company president and CEO Norman Knowles, "as we are now able to present an exciting and quickly expanding company to North American investors. We are excited to now be a part of the digital signage industry, which is taking the advertising business to new heights. In the near term, we will focus our expansion in the Los Angeles area, then move on to the other top marketing areas."
C-Store Network is designed to deliver both entertaining content and targeted advertising on a demographic basis to each retail location. In addition, it delivers promotional advertising tied to products within the retail location. The programming can be updated quickly and is tailored to meet the specific clients' need for increased sales, customer enjoyment and brand reinforcement.
Laguna Vista, Texas-based Convenience TV (formerly known as Costa Rica Paradise Inc.) also announced that it has begun operations in Los Angeles by completing the installation of its first five locations. In addition, 10 new location agreements have been completed with installation dates slated for later this month. The company did not name the locations.
"Given the timing of our network installations, Los Angeles posed the best launching pad," said Knowles. "The digital signage Industry has created remarkable opportunities for product advertising, and that, coupled with the high in-store traffic counts throughout the Los Angeles area, should provide Convenience TV with a great marketing platform."
And Convenience TV announced that its initial advertising contract promoted the very popular TV show WWE Friday Night Smackdown on the CW.
Knowles CEO, said, "It was gratifying to complete our first advertising contract with such a high-profile network show like Smackdown. Additionally, it shows how important our network can be as an advertising vehicle, not only for retail products found in the locations carrying our network, but also for non-related companies that wish to generate awareness for their products whether those are automobiles or entertainment."
The ads were placed during ratings sweeps to help increase The CW's viewership for the program. The ad campaign aired on Convenience TV's C-Store Network; 30-second commercials promoting viewership ran during a 40-day period. The CW Commercials ran in Los Angeles and Chicago highlighting the local CW affiliate carrying the show.
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