US-based Simex Technologies has acquired social networking company College Tonight. As a part of the transaction, College Tonight said that it raised $1.6m in equity capital to accredited investors.
After the merger, College Tonight has become a wholly-owned subsidiary of Simex, whose common stock is traded on the pink sheets. According to Simex, College Tonight has become one of the first social networking companies to enter public marketplace.
College Tonight offers mobile features such as information on nightlife and social opportunities from student campus and within college towns. It also helps advertisers to introduce their product and brands to students.
As part of a public company, College Tonight intends to continue its mission of promoting actual social interactivity, rather than the sedentary lifestyle to which most sites relegate their users, said Zachary Suchin, founder of College Tonight and the new president and chief executive at Simex. we are leading college students across the country and the sector as a whole, towards what social networking should have evolved into by now; taking the experience from computer interface, to face-to-face.
Post-merger, Simex also filed annual and quarterly reports and reporting requirements as a public company with the US Securities and Exchange Commission.
Simex was previously engaged in the design, installation, servicing and monitoring of digital surveillance security systems for business and industrial customers.
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