SOURCE: Oomba, Inc.

November 07, 2013 08:30 ET

Oomba, Inc. Completes Successful Series A Round Financing

IRVINE, CA--(Marketwired - November 07, 2013) - Oomba, Inc. ("Oomba" or "the Company"), a specialized social media company that is creating an interactive social network to support tournaments, leagues and teams, today announced that it has completed a $1 million Series A private placement of its preferred stock. The Series A Preferred Stock is priced from $0.21 to $0.23 per share, 1x participating preferred, convertible to Common on a one-for-one basis. The company has also raised a $610,000 bridge loan from a group of accredited investors that will be used for working capital to fund the initial launch of their sports-related social media platform. The bridge notes have a term of one year and bear an annual interest rate of 5%. 

Michael Williams, CEO of Oomba, said, "We are happy to announce the successful close of this financing and want to thank our loyal shareholders for their support. They have been instrumental in helping us realize our vision of creating a platform that will change how people organize the sports and games that they play."

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.

About Oomba

Oomba, Inc. is a specialized social media company that is creating an interactive social network for tournaments, leagues and teams. Oomba revolutionizes how people organize sports and games by melding software as a service with a social network. Based in Irvine, CA, the Company was founded by Michael Williams, CEO, founder of Planetwide Games and Tremor Entertainment. Aiding Williams in the creative development of Oomba is co-founder and visionary, Nolan Bushnell, famed video game developer and founder of both Atari and Chuck E. Cheese restaurants. For more information on Oomba, Inc. visit www.oomba.com.

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