Global Gaming Network to merge with Innovativ Media
Under the agreement, GBGM will acquire 100% of Innovativ’s stock and assets in exchange for restricted, preferred and common shares of GBGM, valued at $4 million (€3.6 million), the redemption of the majority of GBGM's outstanding series B preferred shares and the retirement of just over $456,300 in GBGM debt.
As part of the deal, Innovativ president Tom Coleman will become chief executive of the combined company, replacing Stephen Kern, who currently oversees operations as president of GBGM.
In addition, the company will change its name to the Innovativ Media Group.
“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,” Kern said.
“I'm confident this merger will accelerate the near-term growth of the company and produce outstanding, sustained results as well.”
Coleman added: “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.”
New Jersey: Online gambling revenue surges to record $197 million in March, in-person revenue dips
BMM accredited to test and certify products for the Payment Card Industry Data Security Standard
Inspired announces new slot Spin 2 Riches with Mystery symbols, Fortune Spins mechanic
CT Interactive signs deal with GR8 Tech, strengthening presence in key regions
Chinese Basketball League and Sportradar extend global broadcast and integrity partnership
European Gaming Congress 2024 edition to share insights on iGaming and affiliate sector trends
