MyPhotoAlbum Inc.

  • WKN: 919383
  • ISIN: US34969P1021
  • Land: Vereinigte Staaten von Amerika

Nachricht vom 13.06.2008 | 00:55

FortuneCity.com Inc.: Announces Asset Sale and Company Name Change


FortuneCity.com Inc. / Disposal/Legal Matter

Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
----------------------------------------------------------------------

FortuneCity.com Inc. Announces Asset Sale and Company Name Change

New York, NY June 12, 2008: FortuneCity.com Inc. announced today that it
has sold the FortuneCity.com personal homepage service and has changed its
name to MyPhotoAlbum Inc.

At a Special Meeting of Stockholders today in New York, FortuneCity.com
Inc. approved the sale of the FortuneCity.com personal homepage service
website to a US based web hosting company.  The Board of Directors decided
to sell the fortunecity.com website to enable the Company to concentrate
its managerial and financial assets on its online photo service, the
fastest growing area of our business.  Proceeds from the asset sale will
allow the Company to accelerate the growth of the myphotoalbum.com website,
which experienced revenue growth of 179% in 2006 and 92% in 2007, and
currently generates approximately 40% of the Company’s revenues.

The FortuneCity.com Inc. stockholders also approved changing the company
name to MyPhotoAlbum Inc.  The Board of Directors recommended the change so
that corporate name identifies the Company with its primary business, the
MyPhotoAlbum.com photo service website.

'Peter Macnee, President and CEO stated, 'This is an exciting stage in the
redevelopment of our business.  The MyPhotoAlbum growth rates to date have
been realized without the benefit of consumer advertising and promotion. 
The capital realized from this asset sale will allow to actively market
MyPhotoAlbum’s service offering, speeding the user base and revenue
growth.'

The Company will continue to trade on the German Stock Exchange’s Regulated
Market under the symbol 'FCT'.

About MyPhotoAlbum

MyPhotoAlbum, Inc. is a photo sharing service offering the most extensive
features for creating highly-unique, personalized online photo albums and
photo keepsakes.  By taking the online photo experience beyond ordinary
uploading and printing, MyPhotoAlbum makes it easy and fun for everyone to
share and store photos within their own distinctive style and personality. 
MyPhotoAlbum was founded in 2004 and is operated by a creative team
passionate about helping people get the most out of their digital photo and
video memories.

CONTACT:

Peter Macnee
212-981-8624
investor_relations@corp.fortunecity.com



Contact:
Contact:
Peter Macnee
President & CEO
investor-relations@corp.fortunecity.com
+1-212-981-8624


13.06.2008  Financial News transmitted by DGAP
----------------------------------------------------------------------
 
Language:     English
Issuer:       FortuneCity.com Inc.
              322 8th Avenue, Suite 701
               New York, NY 10001
              Vereinigte Staaten von Amerika
Phone:        +1 212 981-8600
Fax:          +1 212 981-8125
E-mail:       investor-relations@corp.fortunecity.com
Internet:     www.fortunecity.com
ISIN:         US34969P1021
WKN:          919383
Listed:       Regulierter Markt in Frankfurt (General Standard);
              Freiverkehr in Hannover, Düsseldorf, Stuttgart
 
End of News                                     DGAP News-Service
 

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