Cognigen Networks, Inc. , an Internet-enabled marketer of telecom services and technology solutions, announced today the signing of a Letter of Intent to buy Commission River, Inc. Under the Letter of Intent, Cognigen proposes to issue 16,000,000 shares of its common stock for the acquisition. Cognigen also signed a management services agreement with Commission River, Inc. to provide day-to-day management services for Cognigen's agent-based affiliate marketing business.
Commission River operates an online
affiliate marketing business that provides technology, tools, and products to online affiliate marketers. Commission River also creates and manages affiliate programs for select product & service vendors. C. R. currently offers affiliate programs for Jingle Networks,
VOIP.com, and
AT&T Yahoo! High Speed Internet services.
The buy out is subject to standard closing conditions, including the completion of due diligence activities, drafting and execution of a purchase agreement, and Board approval. Upon completion of the acquisition, Cognigen will enter into employment agreements with Commission Rivers' founders, Adam Edwards and Patrick Oborn.
Cognigen's new CEO, Bob Bench, stated, "We are excited to expand our business with the addition of Commission River. Commission River and its management team bring the capabilities and experience in the affiliate marketing area that enhance Cognigen's existing abilities. We anticipate that this acquisition, if completed, will also add new technologies to Cognigen that will make it easier for affiliate agents and vendors to do business with us. This is the first of several initiatives to re-establish our ability to support our agents and re-build confidence in our program. We believe Cognigen will greatly benefit from the wealth of Internet marketing and affiliate management experience of the Commission River. We also believe that Commission River will provide interim operational services while we work towards completing the acquisition. If the acquisition is completed, we anticipate that our agents will benefit from the added support resources and future product offerings."
Adam Edwards, President of
Commission River, said, "We are excited about the opportunity to combine our business with Cognigen. We share their vision to become one of the leaders in the affiliate marketing space and believe that the combination of our technology, processes, and program with Cognigen's programs and agent base will create tremendous opportunities for all involved -- including agents, vendors and both companies. Under the management services agreement, we can immediately step-in and provide management support to the business."
Source: Cognigen Networks, Inc.
