Monday, November 5, 2007

Commission River to be Acquired by Cognigen

It's true - Commission River is joining forces with Cognigen Newtworks (CGNW) to take over the world (j/k)! No seriously, Adam and I are very happy to be part of the next generation of online affiliate marketing programs. Commission River brings the technology and leadership to the alter, while Cognigen brings 200,000+ affiliates who are in need of new products and direction. It's a great fit - both companies get what they need to survive, thrive, and grow.

Below is the official press release that just went out this afternoon:

Cognigen Networks Signs a Letter of Intent to Acquire Commission River, Inc.

Monday November 5, 4:45 pm ET

ENGLEWOOD, Colo., Nov. 5 /PRNewswire-FirstCall/ -- Cognigen Networks, Inc. (OTC Bulletin Board: CGNW - News), an Internet-enabled marketer of communications services and technology solutions, announced today the signing of a Letter of Intent to acquire Commission River, Inc. Under the Letter of Intent, Cognigen proposes to issue 16,000,000 shares of its common stock for the acquisition. Cognigen also signed a management services agreement with Commission River, Inc. to provide day-to-day management services for Cognigen's agent-based affiliate marketing business effective immediately.

Commission River operates an online affiliate marketing business that provides technology, tools, and products to affiliate marketers. Commission River also creates and manages affiliate programs for select product vendors. Commission River currently offers affiliate programs for Jingle Networks,, and AT&T Yahoo! High Speed Internet.

The acquisition is subject to standard closing conditions, including the completion of due diligence activities, drafting and execution of a definitive purchase agreement, and Board of Director approval. Upon completion of the acquisition, Cognigen intends to enter into employment agreements with Commission Rivers' founders, Adam Edwards and Patrick Oborn.

Cognigen's new CEO, Bob Bench, stated, "We are excited to expand our business with the addition of Commission River. Commission River and its management team bring the capabilities and experience in the affiliate marketing area that enhance Cognigen's existing abilities. We anticipate that this acquisition, if completed, will also add new technologies to Cognigen that will make it easier for agents and vendors to do business with us. This is the first of several initiatives to re-establish our capabilities to support our agents and re-build confidence. We believe Cognigen will greatly benefit from the wealth of Internet marketing and affiliate management experience of the Commission River management team. We also believe that Commission River will provide interim operational services while we work towards completing the acquisition. If the acquisition is completed, we anticipate that our agents will benefit from the added support resources and future product offerings."

Adam Edwards, President of Commission River, said, "We are excited about the opportunity to combine our business with Cognigen. We share their vision to become one of the leaders in the affiliate marketing space and believe that the combination of our technology, processes, and program with Cognigen's programs and agent base will create tremendous opportunities for all involved -- including agents, vendors and both companies. Under the management services agreement, we can immediately step-in and provide management support to the business."