SOURCE: Stronghold Industries, Inc.

November 01, 2007 06:30 ET

IMAGE Worldwide, Inc. Is Acquired by Stronghold Industries, Inc.

REDONDO BEACH, CA--(Marketwire - November 1, 2007) - Stronghold Industries, Inc. (PINKSHEETS: SGDS) announced today that it had acquired IMAGE Worldwide, Inc. ("IMAGE") concurrently with a private transaction which will create a change in control of the Company.

In addition, the Company announced that it would change its name to IMAGE Worldwide Inc. and affect a 10:1 reverse split of its outstanding common shares. The name change and reverse split will become effective in approximately two weeks. All actions were approved by the Board of Directors and the majority shareholders of the Company.

The actions taken today are the result of a change in the control of SGDS from its prior controlling shareholders to the members of the board of directors of IMAGE. IMAGE is a rapidly growing entertainment company with interests in print media and the Internet.

In connection with the acquisition, Paul Sorkin has been appointed as Chairman/CEO and Tino Corona as a Director and COO. Tony Breeden and Donald J. Moore have resigned from Stronghold's board of directors.

All of the actions described in this press release were taken by SGDS's prior management and controlling stockholders in order to attempt to bring greater value to the company and all of its stockholders than the prior business model had been able to generate over the past year.

Incoming CEO Paul Sorkin said, "We are pleased to be entering the public capital markets, and believe the rapid growth of our social networking model will resonate with the investment community. The future looks very bright for IMAGE Worldwide and we welcome all of our new shareholders."

About IMAGE Worldwide, Inc.

IMAGE Worldwide, Inc. is the parent company of several rapidly-growing entertainment subsidiaries. IMAGE has created a community that focuses on networking within the entertainment industry and operates a fashion/entertainment magazine, radio stations and nightclub/concert venues along with established promotions companies and interactive websites. IMAGE currently attracts more than 10,000 visitors to its events, 100,000 visitors to its websites and generates over 6,000,000 hits per month on its websites www.imageworldwide.com, www.IMAGEchicago.com, www.RealityIMAGE.com.

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Contact Information

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