GoFish Corporation Closes $10.3 Million Fixed Price Convertible Debt Financing

GoFish Corporation (OTCBB:GOFH), the leading Internet Video Network showcasing original, Made-for-Internet ('MFI') programming, today announced that it has closed its $10.3 million private placement of convertible notes, together with warrants to purchase 3,862,500 shares of GoFish common stock.

The notes have a fixed conversion price of $1.60 per share and the warrants have a fixed exercise price of $1.75 per share. The conversion price of the notes and exercise price of the warrants will remain fixed, regardless of fluctuations in the market price of GoFish common stock, except in the event of any future equity issuances below the conversion price or exercise price. The notes have a term of three years and bear interest at a rate of 6 percent per annum, payable semi-annually in cash or registered GoFish common stock, at the company's option. The warrants are exercisable after one year from the date of issuance.

GoFish has the right to force conversion of a specified amount of the notes at the then-applicable conversion price so long as GoFish common stock trades at or above $2.06 per share for the preceding twenty consecutive trading days and certain other conditions are satisfied.

About GoFish Corporation

GoFish Corporation, (OTCBB:GOFH) headquartered in San Francisco, is a leading Internet Video Network that, in two years, has grown to deliver millions of videos per month to a rapidly growing audience of enthusiasts. The first publicly traded company in the space and a pioneer in the development of original, Made-for-Internet programming, GoFish is a destination on the web where millions of people come to watch, create, upload and share the best in online video entertainment. For more information about the company, go to www.gofish.com.