SOURCE: ubroadcast, inc.

April 21, 2010 07:25 ET

ubroadcast Signs Letter of Intent to Acquire X2A Consulting

Seasoned Virginia-Based Firm Brings Array of Software Processes and Technology Solutions

SAN DIEGO, CA--(Marketwire - April 21, 2010) - ubroadcast, inc. (OTCBB: UBCI), a leader in Internet Broadcasting, today announced that it has signed a letter of intent to acquire X2A Consulting, LLC, a privately held, profitable business software consulting company. X2A's clients include Booz Allen Hamilton, Vodafone and employees of Microsoft, IBM, Siemens, Raytheon and Unisys and numerous other Fortune 1000 and medium-sized businesses. For 2009, X2A had revenues of under $500,000. This acquisition is to be made with ubroadcast stock. Pursuant to the letter of intent, the parties are to complete negotiations and sign a definitive agreement by the end of May 2010.

Ahmed Sidky, Managing Director of X2A Consulting, commented: "We are excited to be part of a company that has a vision of expanding its technology offering through innovation. The step ubroadcast is taking to acquire an Agile training and consulting company shows its commitment to promoting the latest technology, and ultimately its dedication to bringing value to its customers quickly through various process improvement initiatives." 

The Company further announces that it expects to complete due diligence and close the previously announced merger with Santeon, Inc. by April 30, 2010.

About ubroadcast, inc.

UBCI's allows users to produce and broadcast LIVE and On Demand television and radio in high quality. By blending this user-generated content and UBCI's own original programming in a single application, UBCI bridges the gap between Internet video and traditional network radio and television.

Rolling Stone magazine,,, and ABC News have all given ubroadcast media attention, and The San Diego Business Journal headline stated that the market for ubroadcast programs could be "Larger than MySpace and YouTube."

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Safe Harbor Statement

This press release contains statements that may constitute forward-looking statements, including the company's ability to complete a business acquisition. These statements are based on current expectations and assumptions and involve a number of uncertainties and risks that could cause actual results to differ materially from those currently expected. For additional information about UBCI's future business and financial results, refer to UBCI's Annual Report on Form 10-K for the year ended December 31, 2009. UBCI undertakes no obligation to update any forward-looking statements that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise.

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