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121Media Inc (OTO)

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Thursday 03 May, 2007

121Media Inc


121Media Inc
03 May 2007

                                                                  7am 3 May 2007

                  121Media, Inc. ("121Media" or the "Company")


121Media, Inc. (AIM: OTO and OTOM), a market leader in the field of contextual
and behavioral online advertising, announced today that its
corporate reorganisation (disclosed 2 April 2007) to a holding company
structure will be completed after the close of trading today, 3 May 2007.  As a
result of this reorganisation, the Company will become a wholly-owned subsidiary
of a newly-formed holding company to be named Phorm, Inc. In the reorganisation,
each outstanding share of capital stock of  the Company will automatically be
converted into a share of Phorm, Inc., which will be admitted to trading on the
AIM market of the London Stock Exchange plc ("AIM") at the commencement of
trading on 4 May 2007. Simultaneous with the admission of the Phorm, Inc. shares
to trading on AIM, the admission to AIM of the shares of 121Media will be
cancelled. The shares of Phorm, Inc. will be represented by the same stock
certificates that previously represented shares of 121Media prior to the
reorganization and no stockholders, including holders through CREST, need take
any action. From commencement of trading on 4 May 2007, the shares will trade
under the symbols PHRM (previously OTO) and PHRX (previously OTOM), and have
been assigned new CUSIP and ISIN numbers, which are set forth below:

PHRM (previously OTO)      CUSIP: U7171X 102        ISIN: USU7171X1029

PHRX (previously OTOM)     CUSIP: 71922A 103        ISIN: US71922A1034

The reorganisation will be accomplished by a merger of a wholly-owned
acquisition vehicle with and into the Company pursuant to Section 251(g) of the
Delaware General Corporation Law.  121Media shareholders are not required to
take any action in connection with this reorganization and will automatically
become shareholders of Phorm, Inc. in exactly the same proportions as their
current holdings.

For Enquiries

121 Media, Inc.                                      +44 870 405 7722
Kent Ertugrul (Chief Executive)

Edelman Financial PR                                 +44 20 7344 1325
Paul Lockstone                                       +44 7876 685200

Canaccord Adams Limited                              +44 20 7050 6500
Nominated Adviser                                    
Mark Williams                                        +44 20 7050 6758
Andrew Chubb                                         +44 20 7050 2744

                      This information is provided by RNS
            The company news service from the London Stock Exchange