FORT MYERS, Fla., Oct. 19, 2011 /PRNewswire/ -- Yippy, Inc.
(Pinksheets: YIPI) (www.yippy.com) ("Yippy" or the "Company"),
providers of the world's fastest, family friendly educational
search engine and web portal, reports today that in line with a
previous public disclosure made on, April
25, 2011, the Company has entered into an agreement dated
October 14, 2011 with Vivisimo, Inc.,
("Vivisimo") for a debt to equity conversion of two promissory
notes totaling $5,000,000.00 (Five
Million) dollars. Yippy has also paid its accrued interest
obligations in full.
The Company believes that the terms of the conversion negotiated
are highly favorable for both shareholders and Company. 2.5
million Shares of restricted common stock are to be issued to
Vivisimo at $2.00 per share to
satisfy the Notes, which represents a very reasonable valuation of
Yippy.
"Since May 31, 2011 the company
has converted $5.7 million in
Convertible Notes at $2.00 per share.
I think that says a lot about our future outlook, and will
make raising capital much easier as the Company has converted all
material debt agreements on the balance sheet," stated Rich Granville, CEO, Yippy.
Granville continues, "Our business has been public two years
this month. It's been a hard, tough road at times, but the
people at the core of Yippy are giving it their all every day.
We believe in what Yippy can be and expect Ad-tech NYC 2011
to be the launching pad for our products and Custom Search
capabilities. I think the www.football.yippy.com project has
opened many eyes to how powerful customized 'topic' oriented search
products are. It is the quality of the results and our unique
processes that make Yippy a superior product."
April 25 Disclosure:
http://www.otcmarkets.com/stock/YIPI/news/Yippy%2C-Inc.-Reaches-Terms-for-Unilateral-Debt-Conversion?id=29178&b=y
About Yippy, Inc.
Based in Fort Myers, Florida,
Yippy, 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
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.
on OTC Markets (www.otcmarkets.com).
Contact:
R. Granville
Investor Relations
Yippy, Inc.
1-877-YIPPY01
SOURCE Yippy, Inc.