GLOBAL GAMING NETWRK (OTCMKTS:GBGM) reported that it finalized a binding merger deal with Innovativ Media Group, Inc., dated June 23, 2015. The deal is expected to conclude within the next two weeks.
The terms
As per the definitive merger deal terms, Global Gaming need to buy 100% of Innovativ’s assets and stock in exchange for restricted common and preferred shares of company, valued at $4 million. Also, the terms include the redemption of the majority of Global Gaming’s series B outstanding preferred shares and the closure of $456,350 in company’s debt. Tom Coleman will be the new CEO and the name of company will be changed to “Innovativ Media Group, Inc.”
The management view
Stephen Kern, the CEO said that he is delighted to hand over the Global Gaming operations to Mr. Coleman. He has a successful and long track record of running both private and public companies. The CEO added that he is confident that this merger deal will boost the near term growth of the firm and result in outstanding, sustained performance. Tom Coleman, the President of Innovativ, said that they believe that the reverse merger deal will provide them an opportunity to develop assets and boost operations which will enhance shareholder value.
The profile
GLOBAL GAMING NETWRK (OTCMKTS:GBGM) is a leading name in the industry of digital entertainment. It is an aggregator, developer and distributor of digital entertainment and sports news for mobile and online platforms. Also, Innovativ Media is a distributor, developer and producer of multi-media content.
In last trading session, the stock price of Global Gaming jumped more than 33% to close the trading session at $0.00040. The gains came at a share volume of 61.63 million compared to average share volume of 64.88 million. The market capitalization of Global Gaming stands at 1.29 million.
