Reverse takeover transaction contemplated
Global Gaming Network, Inc., a California-based developer and aggregator of digital sports information for online and mobile platforms, has announced plans to merge with the Innovativ Media Group, Inc., a Los Angeles-based producer and distributor of digital entertainment.
The two companies has signed a letter of intent that envisages a reverse takeover transaction, whereby the GGN proposes to acquire all of the issued and outstanding securities of Innovativ in exchange for common shares of the company.
Upon the completion of the reverse merger Innovativ will operate the newly structured company primarily as a digital entertainment enterprise. Innovativ will also continue to operate the GGN's business-to-business online gaming division focused on licensing customised fantasy sports games to casinos, restaurants and sports bars nationwide.
Online Casino News Courtesy of Infopowa