ROO To Consolidate Digital Media Services Subsidiaries

Mar 18, 2008

ROO Group, a global service provider enabling businesses to leverage their digital media assets and provide an enhanced user experience, announced that it intends to streamline its ownership and management structure through several initiatives: The appointment of Gavin Campion, the managing director of Sputnik Agency Pty. Ltd., as president of the overall company; The exercise of its right to complete the purchase of 51% of its Sputnik subsidiary; The execution of an agreement in principle to acquire the remaining 49% of Sputnik and the subsequent consolidation of Sputnik and subsidiary ROO Media Corporation; Elimination of the 10 million preferred class of super-voting shares through a preferred-to-common conversion or other plan to be proposed and voted on by a majority of the common shareholders; The consolidation of all international subsidiaries into a wholly-owned Dubai subsidiary; and The relocation of its corporate headquarters/executive management from New York and Australia to Dubai. These initiatives are consistent with ROO's previously stated goals of simplifying the company's ownership structure and reducing management layers.