More dating sites are getting into the stock market.
LA-based social net College Tonight has gone public on the OTCBB market via a reverse merger with Simex Technologies. As part of the transaction, College Tonight said it has raised $1.6 million in a private placement. College Tonight CEO Zachary R. Suchin is now the CEO of Simex, which is applying to change its name and its ticker symbol, reflecting the new business. It also plans to do a reverse stock split to lift the share price, which is currently at $0.49. The company says it’s different than other social nets in that it’s more about facilitating live events and other in-person interactions, rather than focusing on online communications.
Simex summary:
SIMEX Technologies, Inc. operates through its wholly owned subsidiaries Remote Business, Inc. (RBI) and SIMEX Digital Solutions, Inc. (SIMEX Digital). RBI is engaged in the design, installation, servicing and monitoring of digital surveillance security systems for business and industry. Simex Digital entered into a marketing agreement with Structured Data Systems, Inc. (SDS), a value-added reseller of computer hardware and software.
Yet another college-focused social network. The question remains, do we really need another? These kind of complicated transactions always make me skeptical. What does a digital surveillance security system installation company know about social networking?
SIMEX is currently trading at 36 cents.
Via Paidcontent. Press release.
