Feb 22, 2011

Kensington Leasing to Acquire Social Media Company Wikifamilies

Kensington Leasing, Ltd. has entered into a non-binding Letter of Intent to acquire Wikifamilies and Wikifamilies.com. Wikifamilies.com is an Internet-based social media property designed to be a leading collaborative website.

The Letter of Intent contemplates Kensington Leasing acquiring all of the outstanding securities of Wikifamilies and Wikifamilies.com in exchange for the shareholders of Wikifamilies receiving an amount of common stock representing a controlling interest in Kensington Leasing. The transaction is subject to satisfactory completion of due diligence by Kensington Leasing and Wikifamilies, the execution of a definitive acquisition agreement approved by the Boards of Directors of Kensington Leasing and Wikifamilies, and other material conditions.

“Social networks represent a significant opportunity for those companies that know how to aggregate audiences, provide value to their users and monetize the interactions taking place,” said Angelique de Maison, CEO of Kensington Leasing. “We believe Wikifamilies and its experienced management team and software developers have the right combination to take advantage of the amazing growth in social media.”

Kensington Leasing, Ltd. is a development-stage company specializing in leasing information processing and communications equipment, principally to customers, primarily in the real estate profession. It is focused on supporting the legal, medical and real estate professional with computer hardware and software.