SOURCE: Cinnabar Ventures

December 15, 2009 17:35 ET

Cinnabar Ventures, Inc. Signs a Definitive Agreement to Acquire Advanced Network Solutions, Inc. to Expand Network Footprint for the Yippy Cloud-Based Operating System

FORT MYERS, FL--(Marketwire - December 15, 2009) - Cinnabar Ventures, Inc. (OTCBB: CNBR), the creators of the Yippy OS; www.yippy.com, a cloud-based operating system (OS) currently in beta, signs a definitive agreement to acquire Advanced Network Solutions, Inc., www.rentagenius.com, which is doing business as Rent a Genius. According to the terms of the deal, Advanced Network Solutions, Inc. will become a wholly-owned subsidiary of Cinnabar Ventures in exchange for cash, stock warrants and an employment contract for company founders, Ike and Ann Kaplan.

"The acquisition of this 13-year profitable business by Cinnabar Ventures provides us with an expanded network footprint in the Southeast to support the burgeoning Yippy cloud-based OS," said Richard Granville, Chief Executive and Chairman, Cinnabar Ventures. "Advanced Network Solutions, Inc. shares our vision on cloud computing and believes that our technology platform represents the future of computing."

"Technology is moving towards cloud computing, in which applications and data live and run on the Internet instead of on the hard drive, to counteract the limitations of portable devices and of being tethered to a single PC," said Ike Kaplan, Chief Executive Officer, Advanced Network Solutions, Inc. "I believe that the Yippy OS will become the standard in cloud-based computing which will empower users with flexibility, power, speed and safety. We are excited about this acquisition as we look forward to growing Cinnabar Ventures into the gold standard of the sector."

About Cinnabar Ventures, Inc:

Cinnabar is a new economy technology company that develops technologies and relationships for Web-OS systems in the Cloud computing space. Interactive Media and online advertising are also a focus of Cinnabar. Cinnabar also invests in other technologies such as device and systems management platforms, as well as companies with high growth potentials in search, social networking, e-com and wireless/data communications. Cinnabar currently is in an acquisition mode to build the business model around like and kind businesses with seamless vertical integrations into its long term business plan. Cinnabar also licenses brands, domains and content for distribution across our network platforms for wireless devices and traditional content distribution channels.

About Advanced Network Solutions, Inc.

Based in Fort Meyers, Florida, Advanced Network Solutions, Inc., (DBA as Rent a Genius), founded in 1996, specializes in providing the systems and training companies require to work and maintain efficient growth.

Forward-Looking Statements

Pursuant to The Private Securities Litigation Reform Act of 1995: The statements in this press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of this release since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. We assume no obligation to publicly update or revise any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release, even if new information becomes available in the future. Additional information on risks and other factors that may affect the business and financial results of Cinnabar Ventures, Inc. can be found in the filings of Cinnabar Ventures, Inc. with the U.S. Securities and Exchange Commission. For more information on the company visit: www.cinnabarcompany.com.

Contact Information

  • CONTACT:
    Nancy Tamosaitis-Thompson
    Vorticom, Inc.
    212.532.2208
    Email Contact