SOURCE: Downplay, Inc.

July 05, 2005 11:00 ET

UANGEL Corp. of Korea Acquires Majority Stake in Downplay, Inc.

Leading Korean Wireless Solutions Company Enters United States Market

IRVINE, CA and KYUNGGI-DO, SOUTH KOREA -- (MARKET WIRE) -- July 5, 2005 -- UANGEL Corp., a leading Korean wireless Internet and core network company, today announced that it has acquired majority ownership of Downplay, Inc., a leading U.S. wireless entertainment solutions provider. The strategic investment by UANGEL gives the company a foothold in the U.S. market where they plan to leverage Downplay's market knowledge and relationships with carrier partners to release next-generation applications and services on UANGEL's third-generation platform. Christopher L. Pitzak will remain President and Chief Executive Officer of Downplay. Financial terms of the deal were not disclosed.

UANGEL is $300 million market cap company traded on the Korean stock exchange and is a leader in content provision, carrier-grade platforms, and ringback technology. The company boasts relationships with some of the most popular content providers and carriers including SK Telecom, MTV Korea, Microsoft and Korea Telecom. UANGEL currently has operations in Korea, China, Singapore, Taiwan, Vietnam, Malaysia, Indonesia, Thailand, Mongolia, Russia, Israel, Brazil and now the United States.

Dr. Chung-Yui Choi, CEO and founder of UANGEL Corporation, said: "We see tremendous value in combining the resources of UANGEL and Downplay. The combination allows us to deploy our industry-leading services to accelerate growth and deploy next-generation services in the American market."

"We are thrilled to be part of UANGEL and look forward to leveraging their technology, resources, and market know-how to drive profitable next-generation services for our customers," said Christopher L. Pitzak. "With UANGEL of Korea, a key player in the most advanced market in the world currently for mobile services, we have a proven partner who is at the forefront of the mobile world."

About UANGEL Corp.

UANGEL is the largest Wireless Internet and Core Network specialized company in Korea and the first venture company directly registered on the KSE (Korea Stock Exchange). An experienced leader in the telecommunications industry, UANGEL brought forth advanced technology to the world market by supplying IN (Intelligent Network), SMSC, RBT (Ring-back Tone) and Wireless Internet services to the largest domestic wireless operator SK Telecom, IMT-2000 operator KT-ICOM, and international wireless network providers such as China Mobile (China), Skytel (Mongolia), S-Telecom (Vietnam), Pelephone (Israel), APBW (Taiwan), DTAC (Thailand), Singtel (Singapore) and Celcom (Malaysia) amongst others. For more information, visit www.uangel.com/english.

About Downplay, Inc.

Downplay was one of the first companies to offer downloadable ringtones and wallpapers in North America. Formerly known as Jippii USA, Inc., Downplay entered the U.S. market in 1999 and was one of the first to launch in AT&T's widely successful mMode service. Downplay currently operates with 14 carrier partners, licensing music rights from hundreds of music publishers, artists and professional photographers. For more information, visit www.downplay.com.

Contact Information

  • MEDIA CONTACT
    David T. Oro
    For Downplay, Inc.
    415-885-9898
    Email Contact