Internet Q SA to acquier Greased Networks Inc.

Internet Q SA has entered into an assets acquisition agreement to acquire mpGreek, Musicnow, myStage Services. Greased Networks owned the biggest digital music services network for Greek music with a library of more than 2 million Greek tracks.

Athens Greece and New York, NY- Internet Q SA and Greased Networks Inc. announced today that the two companies have entered into an assets acquisition agreement for Internet Q to acquire mpGreek, Musicnow, myStage Services. Greased Networks owned the biggest digital music services network for Greek music with a library of more than 2 million Greek and International tracks. The acquisition includes mpGreek’s approximately 225,000 digital entertainment registered users , its Web-based customer service platform, and innovative mobile capabilities. Since its launch mpGreek has also acquired the biggest B2B music network with virtually no other local competition. With this move Internet Q’s global online and mobile social network , Akazoo.gr it becomes one of the most comprehensive and easy-to-use digital entertainment offerings in the industry, including streaming music, music subscriptions, the ability to purchase individual tracks, albums and mobile offers. Internet Q intends to use mpGreek’s capabilities to immediately expand with local services in United States, Poland, Turkey, Argentina, Brazil, Russia, Ukraine, Serbia, Moldavia, Kazakhstan, and continue expansion in Greece and Cyprus. Internet Q is already active in these countries and will be able to reach new customers with an enhanced experience for exploring and selecting music and other digital entertainment products over an increasing array of devices. The combined capabilities of the two companies will allow it to build stronger relationships with customers, expand the number of subscribers, and capture recurring revenue by offering ongoing value over a mobile digital platform. “We believe mpGreek brings us excellent capabilities in the mobility space, as well as international operations and an established team of technology experts,” said Panagiotis Dimitropoulos ,President and CEO of Internet Q. “We can foresee mpGreek acting as a platform for accelerating our growth in the emerging industry of digital entertainment, beyond music subscriptions. We’re very excited to add these capabilities to leverage our existing relationships with the labels, the studios, and the hardware providers. We believe mpGreek will be an outstanding addition to our already robust portfolio of partners and offerings in the digital music space.” Alex Kombogiannis and George Kontos, founders of mpGreek commented in a joint statement: “We believe Internet Q will be an ideal partner for mpGreek and are very excited by the benefits that this transaction delivers to our shareholders, partners and employees. Internet Q is uniquely positioned to benefit from mpGreek’s digital entertainment distribution platform. We are looking forward to combining our digital media capabilities with Internet Q’s resources and global network to extend our digital content platforms”. In conjunction with the definitive assets acquisition agreement, mpGreek CEO Alex Kombogiannis and mpGreek CTO George Kontos have agreed to continue as the mpGreek leadership post-acquisition. About Greased Networks, Inc. Greased Networks is a leading technology firm at the forefront of Greek music downloads with its service mpGreek. mpGreek has long been recognized as one of the largest providers of Greek digital music content in addition to being one of the largest Greek online music stores over all since February of 2005. About Internet Q S.A. Based in Athens, Greece, Internetq launched an ambitious expansion into new markets in 2005 with its first international office in New York. Since then, offices have been established in a further five countries, for a total of 7 international offices across four continents, with more planned in the near future. The company's portfolio includes an impressive array of products and services that are being continually refined, updated and tested in demanding market conditions around the globe. Tried & trusted solutions for Mobile Content Adaptation, Aggregation, Delivery and Interactive Subscriptions and Payment Gateways are at the core of several leading applications that are currently active globally.

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Greased Networks is a leading technology firm at the forefront of Greek music downloads with its service mpGreek.