ROK Entertainment Group has completed its share exchange transaction with Cyberfund, Inc., a US public company. The combined company will operate initially under the name of Cyberfund and will continue to be listed on the NASDs Over-the-Counter (OTC) Bulletin Board under the trading symbol, CYFD. On listing, the cCompany will have a total of 49,956,161 common shares outstanding.
Currently, ROK operates under the Companies Law of England and Wales. It is the intention of Cyberfund to reincorporate in the state of Delaware and change its corporate name to ROK Entertainment Group, Inc., upon necessary stockholder approval. In connection with the name change, the company will also obtain a new ticker symbol for quotation on the OTC Bulletin Board.
In the transaction, Cyberfund acquired substantially all of the outstanding ordinary shares of ROK through a share exchange. In the share exchange, substantially all of the shareholders of ROK tendered their shares of ROK in exchange for shares of the publicly-traded Cyberfund. In consideration of the shares of ROK, Cyberfund issued shares of its common stock to the shareholders of ROK, representing approximately 92% of its outstanding shares. As a result of the share exchange, Cyberfund owns substantially all of the outstanding shares of ROK, and ROK will be a subsidiary of Cyberfund and continue the existing operations of ROK as a publicly-traded company.
Following the share exchange, ROKs existing management assumed their same positions with the publicly-traded company.
Speaking exclusively to Mobile Marketing, ROK CEO Laurence Alexander said:
“This deal means that we are now a billion dollar company. It gives us a war chest that will enable us to roll out and implement more quickly and acquire content and application companies. You can expect to see the first deal within the next 24 hours.”
It is the intention of the Board to carry on ROKs business as the companys sole line of business. ROK was founded in May 2004 with the intention to design and develop the technology required to deliver audio-visual content to mobile phones. The company has offices in the United Kingdom, the US and China, as well as joint ventures in Russia and Brazil.
According to Wireless Intelligence, a collaboration between research firm Ovum and the GSM Association, the number of mobile phone users worldwide reached 2.5 billion subscribers in September 2006, and is expected to exceed 3 billion by 2008. The companys products and services are targeted to this large and growing mobile phone user market.
ROK currently has three registered patents and 42 additional patent applications pending for new technologies which it has developed for the delivery of video entertainment to mobile phones. The technologies facilitate delivery of services, including, on-demand Mobile TV streamed over mass-market 2.5G via GPRS, the storage of copy-protected movies stored on memory cards for play on mobile phones, Java, SMS and P2P games,  place-shifting to mobile devices and VoIP mobile calling.
The company plans to continue the roll-out of its products worldwide and maintain its investment in research and development to improve current products, and increase compatibility and user features, as well as work on new technologies and products.
A focus on technology exposes the business to risks of technological change. Wioth this in mind, ROK says it is now actively acquiring, creating and aggregating content and services to deliver across the rapidly expanding network of content distribution.
The company has a number of operational deployments as of the end of October 2007, including ROK TV with AIS (Thailand), Telenor (Pakistan), BSNL (India), Avea (Turkey) and Vodacom (South Africa), as well as ROKs Mobile TV service marketed direct to consumers. ROK Media has deployed a variety of innovative mobile entertainment applications to include ANSA, ROK Comics and Fonepark in the UK, the  US, China, Pakistan and Russia.
ROK New Net in China is providing lottery services and selling lottery tickets for the Beijing Welfare Lottery, as well as a number of other mobile value-added telecommunications service operators.
Before the end of the second quarter of 2008, ROK aims to achieve a significant global reach in mobile television through its FreeBe TV and ROK TV services, and is also seeking to expand the cmpanys product portfolio and breadth of commercial deployment of these services through cross-sales of products and services, via its existing and growing partner distribution network which includes mobile operators and handset manufacturers.