Sahara Media Holdings closes $10M deal for Web version of Honey magazine

(October 15, 2008) Sahara Media Holdings, Inc. and Sahara Media, Inc. have successfully completed private placements of securities for gross proceeds of $10,024,960. Sahara Media Holdings, Inc. recently acquired Sahara Media, Inc., a development stage multimedia company. The deal will enable the multimedia company to revive Honey Magazine as an online magazine and social network  through Honeymag.com. [See previous Target Market News story]

Sahara Media, Inc. became a wholly owned subsidiary of Sahara Media Holdings, Inc. in September 2008. Sahara Media, Inc. purchased the Honey Magazine trademark from Vanguard Media in 2005. Honey Magazine was a unique newsstand magazine that experienced a successful decade of growth targeting the 18-34 year-old urban female multi-cultural demographic.

Sahara Media, Inc. was founded by Philmore Anderson IV, a former music executive with Columbia Music/Sony Music, who has extensive branding experience, including the marketing of many female multi-platinum artists such as Brandy, Aaliyah, Lil' Kim, and Beyonce.

The acquisition of Honey Magazine gave Sahara proprietary access to the library of all original evergreen content from the magazine's ten years of publication.

Recently, the Company has acquired the names, addresses, and zip codes of approximately four million African-American and Latino urban men and women in the 18-34 year old demographic. This database is a targeted list that has the potential to help build Sahara's online readership while providing additional marketing and list-rental opportunities.

Sahara plans to launch the previously successful print magazine as an online magazine and complementary social network at HoneyMag.com, which will consist of four major components that support the empowerment of females: community, communication, career, and connection. Thehivespot.com will be a robust social networking component of HoneyMag.com at launch.

Philmore Anderson IV, Founder and CEO of Sahara Media, Inc. said, "With the closing of these private placements, Sahara Media is now prepared to launch our multimedia platform with the sole purpose of targeting the needs and interests of today's urban female community. We would like to thank John Thomas Financial for its efforts in successfully completing this raise in this very challenging economic environment, and we now look forward to the official launch of our website, unique online magazine, and social networking product."

Mr. Anderson elaborated, "Honey is a great brand with a strong connection to an important audience. Given the shift in the publication and advertising worlds from traditional print to alternative web-based outlets, we are positioned to take the Honey brand to the next level as an online magazine and social network."

In private placements to accredited investors, the Company sold $9,924,960 of Units at a price of $125,000 per unit. Each Unit consisted of 100,000 shares of the Company's common stock and warrants to purchase 100,000 shares of the Company's common stock for $2.50 per share. If the warrants sold in the offerings are exercised for cash, the Company would receive an additional $19,850,000. Prior to the acquisition of Sahara Media, Inc. by the Company, Sahara Media, Inc. received gross proceeds of $100,000 from private placements of its common stock to an accredited investor. John Thomas Financial, Inc. acted as the exclusive investment banker.

Thomas Belesis, Founder and CEO of John Thomas Financial, Inc. said, "Sahara's established brand and experienced management team combined with the company's core market segment created a tremendous opportunity for our retail investors. I'm very confident in Sahara's ability to carry out its business plans and I am confident that Philmore's vast amount of experience in the marketing and entertainment business will only enhance Sahara's overall success."

"We are pleased to have had the opportunity to work with Sahara Media and look forward to its continued success in the marketplace," concluded Mr. Belesis.

Marc Ross, of Sichenzia Ross Friedman Ference, LLP, the law firm for Sahara commented, "We are happy to add Sahara to our more than one hundred public company clients. This is an exciting new company and we consider ourselves fortunate to be part of the effort."


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