LOS ANGELES, CA — (Marketwired) — 06/23/15 — Global Gaming Network, Inc. (OTC PINK: GBGM), , (“Company”) announced today that it has signed a binding merger agreement with Innovativ Media Group, Inc., , (“Innovativ”) dated June 23, 2015, and the transaction is expected to close within the next two weeks.
The principal terms of the agreement calls for GBGM to acquire 100% of Innovativ–s stock and assets in exchange for restricted preferred and common shares of GBGM, valued at $4 million, the redemption of the majority of GBGM–s outstanding series B preferred shares and the retirement of $456,350 in GBGM debt. Tom Coleman will replace Stephen Kern as CEO and the Company–s name will be changed to Innovativ Media Group, Inc.
“I–m pleased to hand over the GBGM operations to Tom Coleman, who has a long and successful track record running both public and private companies. I–m confident this merger will accelerate the near term growth of the company and produce outstanding, sustained results as well,” said Stephen Kern.
“We believe that this reverse merger transaction will afford us the opportunity to more rapidly develop our assets and scale operations which will create substantial, future shareholder value,” said Innovativ President, Tom Coleman.
Global Gaming Network, Inc. is a developer, distributor and aggregator of digital entertainment and sports information for online and mobile platforms.
Innovativ Media Group (Innovativ) is a developer, producer and distributor of multi-media content.
This press release contains certain “forward-looking” statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company–s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such.
Contact:
Stephen Kern
President
323-967-7900
You must be logged in to post a comment Login