SOUTHLAKE, TX--(Marketwire - Feb 13, 2013) - Swordfish Financial, Inc. (OTCQB: SWRF), a Minnesota corporation focused on developing strategic investment opportunities, today announced that it has entered into a Letter of Intent to acquire iPoint Television, LLC ("iPoint"). The Letter of Intent sets forth the framework pursuant to which the Company, iPoint and its members will enter into a Share Exchange Agreement pursuant to which the Company will exchange preferred stock providing the members of iPoint majority voting control over the Company for 100% of the outstanding ownership interests of iPoint. The result of the transaction will be that the members of iPoint will become the Company's majority shareholders and iPoint will become a wholly-owned subsidiary of the Company. The parties plan to enter into a definitive Share Exchange Agreement within the next month, provided that the closing of the acquisition is subject to certain closing conditions, including conditions typical of acquisitions of this type and size.
iPoint Television, also known as iPoint TV, is a Smart media and entertainment company, which holds development licenses from Apple, Android, Google, Roku, Kindle and most every smart device. iPoint is a full service IPTV, media entertainment company which develops applications for mobile and TV smart devices. The Company believes that applications are the best delivery system for media streams to Smart products and iPoint's applications allow users to view LIVE media streams and content.
Mr. Clark Ortiz, President and Chief Executive Officer of the Company stated, "We are extremely excited to have entered into the Letter of Intent with iPoint and look forward to moving towards a closing of the Share Exchange Agreement. We believe iPoint and its operations will bring significant value to the Company and its shareholders."
About Swordfish Financial, Inc.
Swordfish Financial, Inc. (SFI) is a publicly held diversified financial company designed to acquire undercapitalized assets with a high level of profitability. SFI's main goals are to acquire and provide funding for organizations in the digital, entertainment and Smart technology industries. SFI strives to provide economical and efficient use of capital while providing a valuable opportunity of loans to, and or investment in, small and medium sized organizations with the goal of increasing investor value.
This press release may contain forward-looking statements, including information about management's view of SFI's future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of SFI to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents SFI files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on SFI's future results. The forward-looking statements included in this press release are made only as of the date hereof. SFI cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SFI undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by SFI.