Cornerworld Corporation has signed a letter of intent to purchase Sway, Inc., a social media marketing company that sells digital media tools to advertisers. The terms of the Letter of intent states that Cornerworld would acquire 100 percent of Sway for $30 million through a combination of cash and Cornerworld Corporation stock.

Sway’s products and tools allow you to control and administer marketing campaigns across a number of platforms.

Sway pioneered technology that helps brands build social networks. Their flagship product is called Shoutlet, described as a “comprehensive social media marketing tool that allows content distribution across multiple Web 2.0 platforms”. Shoutlet gives real-time results tracking to advertisers so they can monitor campaigns. The Shoutlet platform includes HTML email, RSS, video syndication, HTML email, and SME mobile phone text messaging.

Cornerworld is a free, business management and social networking platform that allows independent content creators to share and profit from their skills, offering a mash-up of the best Web 2.0. Cornerworld adds live video feeds and video capture to enhance the social networking aspects of content sharing, and inserts new functionality that displays, rates and encourages interaction. Cornerworld is easy to visit and free to join in four levels of membership: amateurs, rated amateurs, instant professionals and professionals.

TechCrunch has also mentioned the acquisition, and points to a demo.