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AUSTIN, Texas, Sept. 18 /PRNewswire/ -- Varsity Media Group Acquisition Corp, a wholly owned subsidiary of Varsity Media Group, Inc, (VMG), announced today that it has completed its merger with the Wireless Grids Corporation (WGC). WGC, a Delaware Corporation, based in Syracuse New York was spun out of Syracuse University to commercialize the research concepts and intellectual property produced in its labs. The WGC software based solution is a next generation application that transforms computer networking and wireless infrastructures' (all devices) ability to interact seamlessly with zero to little configuration. WGC has been recognized as one of the '9 Wireless Companies to Watch' (Network World, 8/2008). Along with its four pending patents, WGC's planned software products will allow devices to function interchangeably and some of the most recent highlights include:

• Intel(R) Certified Program Partner
• Nokia - Academic Research Support Partner
• Syracuse University - Academic Research Partner
• National Science Foundation (NSF) - Academic Research Support Partner
  

"I am excited at the tremendous opportunity for WGC partners, employees, and shareholders that the merger with VMG represents," said former CEO and Professor Lee McKnight, Ph.D. ""The combination of VMG's management and financial expertise with WGC's ground-breaking software will create a world market leader." Kelly Hoffman, VMG Chairman, adds, "This union furthers our mission to revolutionize the way the world utilizes the impressive features on new devices, as well as newly generated value from versatile access to existing devices and the content that resides on them." The merger forges together the software expertise and significant academic research accomplishments of WGC with the extensive corporate relationships and proven successful professional management of VMG. In summary, the ultimate goal of the combined entity is to provide the next generation software communication platform, for mobile and wireless electronic devices.

VMG is also very close to finalizing several announcements as it relates to leadership, product development and other significant relationships. Upon successful business integration of WGC in the VMG structures, VMG intends to expand beta testing of its software solution beginning late in the fall of 2009 with corporate and government agencies in the U.S., which could include partnerships with Intel, Sprint, Newhouse/Brighthouse, Twitter, Qualcomm, Clear Channel, National Science Foundation (NSF) and Syracuse Research Corporation.

Safe Harbor Statement: Forward-Looking Statements

This press release contains certain "forward-looking statements". Such statements include statements relating to the recent merger by Varsity Media Group and the Wireless Grids Corporation and other statements relating to future events or to the company's future financial performance and are not historical facts, including statements which may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the control of the company. Actual results may differ materially from the expectations contained in the forward- looking statements. Factors that may cause such differences include the risks that: (i) the company may be unsuccessful in commercially developing its products or in achieving market acceptance of new and relatively unproven technologies; (ii) the company will need to raise additional capital to meet its business requirements in the future and the company may not be able to do so on reasonable terms or at all; (iii) the company's proprietary intellectual property rights may not adequately protect its products and technologies; and (iv) the company expects intense competition in its target markets, including from companies that have much greater resources than the company, and there can be no assurance that the company will be able to compete effectively. More detailed information about the company and the risk factors that may affect the realization of forward-looking statements is set forth in the company's Private Placement Memorandum. The company does not undertake to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise