Ascend Acquisition to merge with Andover Games.
M2 EQUITYBITES-January 5, 2012-Ascend Acquisition to merge with Andover Games(C)2012 M2 COMMUNICATIONS http://www.m2.com
Ascend Acquisition Corp (OTCBB: ASCQ.OB) announced on Wednesday that it has signed a definitive merger agreement with Andover Games LLC, a mobile games company.
Andover owns interests in several mobile gaming properties and is directed by Ben Lewis, Lee Linden and Craig dos Santos, who are its co-founders. dos Santos will continue to serve as Andover's president and CEO following the merger.
Under the terms of the agreement, the owners of Andover will exchange their membership interests for 75% common stock ownership in Ascend following a private placement of up to USD4.0m in new Ascend securities.
It is expected that the private placement financing will be used to organically accelerate Andover's mobile gaming platforms and game engines that are built around a reusable code base. The financing may also be used to make strategic investments in human capital and select acquisitions to further its growth.
As part of the transaction, Ascend will provide Andover with USD250,000 in bridge financing in part to complete the testing and market research of the company's first wholly-owned property, 'Dino Park'. It is anticipated that Dino Park will be introduced on the Android platform in the first quarter of 2012.
Andover Games will also help launch the game 'Spacecraft' in which it owns a 46% equity interest. Andover Games also owns minority equity stakes in four other gaming companies, Rotvig Labs (developer of Spacecraft), Game Closure, Ecko Code and Tumbleweed Technologies. These companies have reportedly developed a series of mobile games on both the iOS and Android platforms.
The transaction is expected to close on or before 28 February 2012.
((Comments on this story may be sent to firstname.lastname@example.org)).END.PUB430>PDJanuary 5, 2012>JNM2 EQUITYBITES.PRICEDATENOT APPLICABLE.DAY
|Printer friendly Cite/link Email Feedback|
|Publication:||M2 EquityBites (EQB)|
|Date:||Jan 5, 2012|
|Previous Article:||American Water Works Company Inc expands water & sewer footprints in Georgia, Kansas, North Carolina & Texas.|
|Next Article:||Newfield Exploration Company enters into Uinta Basin crude oil supply agreement with HollyFrontier Corporation.|