ATLANTA, Dec. 6, 2012 (GLOBE NEWSWIRE) -- Sibling Group Holdings, Inc. (OTCQB:SIBE) (the "Company"), a developer of 21st century teaching and learning solutions for the K-12 education market, announced a non-binding letter of intent to acquire Funutation Tekademy LLC.
The Company announced it had signed a non-binding letter of intent to acquire Cleveland, Ohio based Funutation Tekademy LLC, which specializes in STEM (Science, Technology, Engineering and Math) training for children, generally in the 7 to 17 age range.
Upon completion of the acquisition, Ted Jordan, the Founder of Funutation will be employed as the President of the subsidiary, and will assist in expansion of the current business, and in the evaluation and acquisition of other STEM related businesses under consideration by the Company. The transaction is subject to due diligence by both parties, and an audit of the books and records of Funutation, and is expected that the transaction could close within 60 days.
Funutation is committed to providing children in the K-12 market the finest experience in the tech education arena. As a result, computer programming, reading skills, and teamwork are integral parts of the Funutation Tek Lab experience. Students will become creative innovators and problem solvers while using technology in a productive manner. In our ever changing and fast-paced world, these skill sets will not only assist the child to become a better student, but also give them the building blocks to develop themselves into sought-after employees.
Funutation has taught more than 5000 kids how to program robots, design roller coasters, and program computer games since 2003. Based in Cleveland, OH they have expanded to 10 states and growing in this multi-billion dollar industry. Additional information about Funutation can be found at their web site, www.funutation.com.
Gerald F. Sullivan, the Chairman of Sibling Group Holdings commented, "We are pleased to announce the agreement with Funutation, as this new project will assist our company in its expansion into the education technology market, and provide for us a stepping stone to further acquisitions to build a first class player in the 'edtech' arena."
Ted Jordan, the founder of Funutation Tekademy, said, "We have a solid commitment to education, and believe with our experience and the resources of Sibling, we can expand nationally within our current market, and make a difference for thousands of today's youth."
About Sibling Group Holdings, Inc.
Sibling Group Holdings, Inc. (OTCQB:SIBE) utilizes advanced technology and education management to enhance and accelerate the delivery of 21st century learning using multiple teaching and learning modalities on a global basis. The mission will be accomplished by accessing funds from the public capital markets and melding them into a unified strategy that will help to accelerate the improvement of K-12 education across the globe. The desired result will be better educated children, a sustainable and cost effective teaching model, primarily for K-12 education, and reduced dependence on governmental funding. For a complete overview please visit the Company web site at: www.newco4education.com.
Safe Harbor: This press release may contain forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Sibling Entertainment Group Holdings, Inc. is subject to risks detailed from time to time in its publicly filed documents available at www.sec.gov. Sibling Entertainment Group Holdings, Inc. does not undertake to update any forward-looking statements that it may make to conform to actual results. All current and potential shareholders are asked to read all filings for the Company at the Securities and Exchange Commission website, www.SEC.gov.
CONTACT: Melissa J. Diaz South Street Media, Inc Phone: (917) 937-8968 Email: firstname.lastname@example.orgSource: SIBLING GROUP HOLDINGS, INC