SOURCE: Yippy, Inc.

Yippy, Inc.

April 26, 2011 16:01 ET

Yippy.com Reaches Terms for Unilateral Debt Conversion

FORT MYERS, FL--(Marketwire - Apr 26, 2011) - Yippy, Inc. (PINKSHEETS: YIPI), www.yippy.com, the providers of the world's fastest, family friendly, educational search engine and web portal, reports that it has reached unilateral terms of conversion with all debt holders.

The company announces it has reached terms with all corporate debt holders. The company's total long term debt totals $5.75 million USD which will be converted to equity at the weighted average of $.27 cents per share. The company will issue 2.8 million restricted shares ($760,000 USD) and simultaneously offer cash payouts of approximately $350,000 USD for a total of $1.1 million USD. These transactions will increase the issued and outstanding shares from 23 million to 25.8 million shares. The company is very pleased that its current debt holders have shown the confidence in the Yippy.com product achievements to date and the outlook for the future to become a significant part of the ownership of the company.

"The company has been in testing over the last few months with companies such as Yahoo, Infospace and other major search content providers. Our mission over this period has been to create a hybrid research product for learning institutions devoid of objectionable content in all forms. This new product launching in late spring 2011 will bridge the gap between standard web search and research with a free ad supported product geared initially toward grades K-12. Most research based search products are fee based such as Lexis Nexis and Gale Cencage. This new research hybrid allows us to provide a heavy research product uniquely tailored to any educational situation and at a minimal expense due in part to our licensed copy of Velocity. This focus was clearly understood by our debt holders and now we can approach our financial needs going forward with a much stronger and viable company," stated Richard Granville, CEO, Yippy, Inc.

Yippy, Inc. has established a new toll-free number for customer service and company inquiries which is 1-877-YIPPY01.

About Yippy, Inc.
Based in Fort Myers Florida, Yippy, Inc., formerly known as Cinnabar Ventures, Inc., www.yippy.com is a new economy technology company that develops technologies and application services environments for both Consumer and Commercial market segments.

Forward-Looking Statements:
Pursuant to The Private Securities Litigation Reform Act of 1995: The statements in this press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties. Words such as "expects," "intends,""plans," "may," "could," "should,""anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of this release since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. We assume no obligation to publicly update or revise any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release, even if new information becomes available in the future. Additional information on risks and other factors that may affect the business and financial results of Yippy, Inc. can be found in the filings of Yippy, Inc. with the U.S. Securities and Exchange Commission.

Contact Information

  • Contact:
    Investor Relations
    R. Granville
    Yippy, Inc.
    1-877-YIPPY01