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Firesky Signs Letter of Intent to Acquire Sky Electronics, Inc., a Leading OEM Distributor With Annual Revenues of $18.5 Million

IRVINE, Calif., Dec 18, 2007 /PRNewswire-FirstCall via COMTEX/ -- Firesky Media Corp. (Pink Sheets: FSKM) http://www.fireskymedia.com, announced today that it has signed a letter of intent to acquire Sky Electronics, Inc. ("Sky") http://www.skyelec.com. Sky's revenue for 2007 will be approximately $18.5 million; they are profitable and have seen sales grow 52% since 2004. Firesky will acquire Sky for $2.5 million in cash and 38% of Firesky common stock.
Sky is a distributor of OEM original products of network gear and server products from the world's leading manufacturers. Through its network of global sources Sky distributes new OEM original packaged products without franchise distribution costs, which provides Sky's customers with access to OEM products at a reduced cost as well as with same day shipping. As a result, Sky has significant margin opportunities and a large customer base.
"Sky has demonstrated its ability to distinguish itself as a nationwide leader in providing its customers with attractive pricing and delivery of innovative technologies in this rapidly growing market segment of OEM packaged products," said John Harris, incoming Firesky President and Chief Executive Officer. "Solution providers are increasingly turning to alternative sources and specialty distributors which is making this market segment extremely attractive. Sky is poised to become a significant leader in this multi-billion market."
"Sky's future is focused on providing our Value Added Reseller customer base with superior pricing, service, and new OEM product solutions," said Dan Rickabus, CEO of Sky. "The acquisition of Sky by Firesky will allow Sky's management team to focus solely on this goal and provide a terrific platform and opportunity to consolidate this fairly fragmented industry segment."
Once the acquisition is complete, Sky will continue to have full autonomy over its day to day operations, with Sky CEO Dan Rickabus joining the Firesky Board of Directors. In addition, Firesky plans to make additional acquisitions of other similar companies. The Company also plans to change its name during the fourth quarter.
About Sky Electronics, Inc.
Sky is a non-franchised stocking distributor of OEM original products. Through its network of global sources and manufacturer's products, Sky provides its customers with new OEM original packaged products without franchise distribution costs, with greater flexibility in policies and procedures, and access to millions of products and same day shipping. Sky is recognized as the low cost distributor of new packaged products, without sacrificing quality, technology or on-time delivery.
About Firesky Media
Firesky Media Corp., currently based in Irvine, California, is focusing on the electronic hardware and computer component industry. As the Company nears completion of its restructuring activities, the company is in the process of reorganizing its management team and board of directors. The Company plans to change its name during the fourth quarter.
More information about Firesky Media can be found at: http://www.fireskymedia.com.

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Firesky Moves Name Change to January
1:31 PM ET - PR Newswire

Firesky Media Corp. (Pink Sheets: FSKM) http://www.fireskymedia.com, announced today that it will decide upon and announce its new name during January. The Company had originally planned to select a new name and announce the name change during the fourth quarter, which ended December 31, 2007. The new management team coming into Firesky requested that the final decision on the new name be postponed until after the holiday period.

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Things moving apace here.

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Posts: 5178 | From: Up North | Registered: Dec 2005  |  IP: Logged | 

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Company is Focusing on Electronic Hardware and Computer Components

ORANGE, Calif., Jan 17, 2008 /PRNewswire-FirstCall via COMTEX/ -- Firesky Media Corp. (Pink Sheets: FSKM) http://www.fireskymedia.com, announced today that it has changed its name to Sky440, Inc. The company is in the process of applying for a new CUSIP number and trading symbol.

About Sky440:

Sky440, Inc., (formerly known as Firesky Media) based in Orange, California, is focusing on the electronic hardware and computer component industry. As the Company nears completion of its restructuring activities, the company is in the process of reorganizing its management team and board of directors. The Company is also readying its disclosure updates for submittal, which have been postponed due to accounting delays.

More information about Sky440 will soon be available at: http://www.Sky440.com.

Notes about forward-looking statements:

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