Blue Marble Media Corp. (OTCBB:BMMCF) is pleased to announce, further to its press release dated March 8, 2010, it has completed the transaction pursuant to the definitive qualifying transaction agreement. Mr. Jin Kyung Yang, President and CEO of the Company has now successfully completed the acquisition of Blue Cree Co. Ltd. ("BCC"). As consideration for the issued and outstanding shares of BCC the Company has issued 20,000,000 shares of the Company’s common stock pro rata to the shareholders of BCC in return for 88,795 shares of BCC, representing 100% of the share capital of BCC. The total issued and outstanding shares of the Company will now be 34,372,727.
BCC is a Korean corporation that was founded in 2002 and has ramped up sales increasingly since its inception. Sales revenue for 2009 were USD $10,800,000 and management is confident that the expansion into the US capital markets will exponentially grow the sales revenue while enhancing the integrated marketing system of TV commercial, creative advertising, film production, BTL marketing, entertainment, online promotion, and overseas production. BCC will now have the ability to expand its creative marketing field into North America and to enhance its current Korean business operations with additional capital along with creating strategic alliances with major entertainment and production partners in the North American market.
YEAR ENDED
December 31
2009
Revenue
$
10,802,543
Cost of revenue
9,767,778
Gross margin
1,034,765
Administrative Expenses
Wages and benefits
438,663
Director fees
200,000
Consulting
36,343
Amortization
10,326
Transfer agent fees
89,674
Rent and maintenance
247,110
Interest on debt
50,590
Professional fees
84,290
Travel, entertainment and promotion
105,969
Vehicles and transportation
21,079
Bad debts
2,383
Office and general
58,462
Heat, light, communication and power
20,553
Miscellaneous
10,999
1,376,441
Loss from operations
(341,676)
Other Items:
Interest earned
13,742
Recovery of bad debts
4,168
Miscellaneous income
61,831
Loss on disposal of fixed assets
(15,021)
Foreign exchange gain
599
Income tax expense
(44,516)
Net loss for the year
(320,873)
Deficit, beginning of the year
(2,367,967)
Deficit, end of the year
(2,688,840)
Loss from operations per share, pro forma
(0.01)
Net loss per share, pro forma
Number of shares, pro forma
34,472,727
Prepared by Management
AdvertisingBroadcasting