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Explore Anywhere Holding Corp. Completes Merger With ExploreAnywhere, Inc.
Feb 04, 2011 (03:02 PM EST)
WABASH, Ind., Feb. 4, 2011 /PRNewswire/ -- Explore Anywhere Holding Corp. (previously known as PorFavor Corp.), a Nevada corporation (Pink Sheets: PFVR), today announced that it has completed the acquisition of the assets, including the website and intellectual property, of ExploreAnywhere, Inc., a longtime presence in the rapidly growing, computer monitoring market, specializing in computer monitoring solutions for parents, corporations, and educational facilities.
On December 20, 2010, the Company entered into a Share Exchange Agreement with ExploreAnywhere, Inc., a private Nevada corporation, and ExploreAnywhere's shareholders, whereby the Company will acquire from the Shareholders all the issued and outstanding shares of ExploreAnywhere in exchange for 2,613,750 shares of the Company's common stock. On February 4, 2011, the Company completed this transaction and ExploreAnywhere became a wholly-owned subsidiary of the Company. The Company intends to file ExploreAnywhere's last two fiscal years of audited financial statements and pro forma financial statement showing the effects of the acquisition and other information regarding ExploreAnywhere on a Form 8-K in the next few weeks. Explore Anywhere Holding Corp. signed a waiver agreeing to complete the merger while the independent audit of ExploreAnywhere, Inc. is being completed. Management anticipates completing the audit, on schedule, by the end of March.
"This milestone event is the culmination of our public company strategy, providing ExploreAnywhere with the exposure and access to capital necessary to execute our aggressive growth strategy," commented Bryan P. Hammond, ExploreAnywhere's Founder and Chairman of the Board of Directors. "The computer monitoring market is a rapidly growing industry, built on increasing demand from parents looking to protect children, spouses concerned about infidelity and business owners seeking to maximize employee productivity and protect proprietary information. We are excited to launch the next-generation of our flagship product, CyberBullyPro, during the second quarter and believe this innovative advancement in computer monitoring will enable us to rapidly grow and deliver shareholder value."
"The statistics about cyber-bullying are disturbing, and we at ExploreAnywhere believe this issue must be addressed directly by proactive parents remaining vigilant about what their children are doing on the Internet," added Mr. Hammond. "Parents cannot wait until there is an obvious problem. According to the Secretary of Education, in 2007, more than 900,000 secondary students reported being cyber-bullied, and this only accounts for those who reported the threatening behavior. The National Crime Prevention Council stated that almost half of all American teens were impacted by cyber-bullying. A 2006 survey by Harris Interactive suggested that 43% of U.S. teens had experienced some form of cyber-bullying in the past year. As children increasingly access the Internet, through websites and chat rooms, social networking, online video games, and with cell phones, the opportunity to be harassed and bullied increases. Often, children are unwilling to talk about cyber-bullying, for fear of retribution or due to shame. Too often, parents first learn of cyber-bullying when damage has been done. The growth of social networking only increases the problem."
Mr. Hammond concluded, "As these startling statistics demonstrate, Tools like SpyBuddy, our sophisticated software tool, are important resources to help parents track online activity so cyber-bullying can be identified and stopped before it becomes a life-threatening problem. The stakes have never been higher, and in today's world, parents must take every precaution to make sure their sons and daughters are safe online."
The board of Explore Anywhere Holding Corp. anticipates requesting a new ticker symbol in the coming months.
About Explore Anywhere Holding Corp.
ExploreAnywhere is a longtime presence in the rapidly growing, computer monitoring market, specializing in computer monitoring solutions for parents, corporations, and educational facilities. ExploreAnywhere's mission is to provide effective and useful computer monitoring products at affordable prices in an effort to cut down on the dangers of the Internet and the greater community at large. Its solutions implement industry leading technologies designed to address a range of emerging online threats.
Statements about our future expectations are "forward-looking statements" within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. When used herein, the words "may," "will," "should," "anticipate," "believe," "appear," "intend," "plan," "expect," "estimate," "approximate," "potential" and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties inherent in our business, including those set forth in our filings with the Securities and Exchange Commission (SEC), and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.
SOURCE Explore Anywhere Holding Corp.