SOURCE: Phreadz, Inc.

Phreadz, Inc.

July 08, 2010 06:00 ET

Phreadz, Inc. (OTC BB "PHDZ") Formerly ("Atwood Mining and Minerals Corp.") Completes Reverse Merger With Phreadz USA, LLC and Universal Database of Music USA, LLC

NEW YORK, NY--(Marketwire - July 8, 2010) -  Phreadz USA, LLC, a Nevada Limited Liability Company focused on social media, and Universal Database of Music USA, LLC ("UDM"), a Limited Liability Company focused on music, completed a reverse merger on April 27, 2010 with Phreadz, Inc. (OTCBB: PHDZ), formerly Atwood Mining and Minerals Corp. ("Atwood"), a Nevada Corporation. Pursuant to certain agreements, the acquisitions are being accounted for as a reverse acquisition and recapitalization of the Company for financial accounting purposes with the exchange of 100% of the membership units of Phreadz USA, LLC, and of UDM USA, LLC for 43,318,400 common shares of Phreadz, Inc. (formerly Atwood Mining and Minerals Corp.). With the Acquisitions, we increased our Board of Directors, appointing Gordon Samson, who is serving as our CFO and Georges Daou, who is serving as our Chairman and interim Chief Executive Officer.

The Company name change to Phreadz, Inc. became effective June 18, 2010, and the symbol change to "PHDZ" became effective July 6, 2010. The Company will be headquartered in San Francisco, CA, and under the new name, Phreadz, Inc., will provide Internet and mobile phone users with multimedia social networking forums and communication channels to broadcast to worldwide audiences.

About Phreadz, Inc.

Phreadz (pronounced "freds") is a multimedia social network that is similar to Facebook and Twitter. Phreadz represents the next generation of online community, as its architecture allows members to post videos, images, texts, audio, and links (aka "VITAL") to the Phreadz network, as well as to numerous additional online social communities. Phreadz acts as an interactive entertainment platform that enables members, who create and discover content, the ability to "manage," "monitor," and "monetize" their content through specific Phreadz channels.

For information see www.phreadz.com

Cautionary Statement Regarding Forward-Looking Information
This press release may contain certain "forward-looking statements" relating to the business of Phreadz, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding the Company's short term business and operations, the general ability of the Company to achieve its commercial objectives, including the ability of the Company to sustain growth; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "intended" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Contact Information

  • Contact:
    Groupmark Financial Services
    800-796-0258