GLOBAL GAMING NETWRK (OTCMKTS:GBGM) reported that it has completed the acquisition process of Innovativ Media Group, Inc. After the approval of FINRA, Company’s name and ticker will be changed and the consideration for the deal issued. The Chief Executive Officer of the newly formed entity will be Mr. Tom Coleman.
The company reported that the combined financial statements of new entity will first be reflected in the third quarter report. The new entity now owns more diversified digital entertainment operations with exhilarating growth prospects in a number of different mediums and various platforms. Mr. Coleman said that they are looking forward to further use these opportunities with company’s global entertainment partners.
The acquired firm Innovativ Media is a producer, distributor and designer of digital entertainment and related multi-media content. It has bought numerous assets of Lux Digital Pictures such as a library of feature motion films. Also in association with New Broadway Cinema, it develops adaptations of stage shows using “DigiTheater™” green screen procedure.
GLOBAL GAMING reported that Innovativ runs The Alien Channel on YouTube, together with FullScreen, Inc., and is working on the new web series known as “Just Smart People”.
In unrelated news, Global Gaming last month informed that it has fully retired and paid the convertible ‘Note’ held by Carebourn Capital LP. The Company has no other convertible notes in its books but will continue to look out for appropriate forms of debt and/or equity to properly support the company’s operations. The acquisition of Innovative Media will help the company to increase shareholder value. It will help Global Gaming to expand its digital entertainment business while retaining an active segment focused on licensing fantasy sports games to restaurants, casinos and sports bars nationwide.
In last trading session, the stock price of Global Gaming consolidated and closed flat at $0.00040. The traded share volume was 251.81 million compared to average share volume of 65.97 million.