InterCasino voted Best of Gaming Winner 2005!
Free Contests
Back to WINNERonline
Friday, August 29
MSG Boards Casinos Bingo Sports Contests Poker Games


Get Started

Beginner's Guide



Ask Max

Play a Casino

Top Picks



Directory



Reviews



Slide Show



Random Pick

News & Features

Articles

Player Resources

Best Bonuses



Best Payouts



Biggest Jackpots



Tournaments



Message Boards

Free Games

Play Now!

Rules & Strategies

Blackjack



Slots



more...

Free Contests

Win Prizes!

More Channels

Bingo



Sports



Poker


Newsletter


Get free gambling tips and info! Subscribe to Gambling Newsletter


Visit BetUK


Big Stick Media Announces Closing of Don Best Sports Acquisition
29 April, 2008

SPORTS

SOURCE: Press Release

(Vancouver, B.C.) — Big Stick Media Corporation (“BSM” or the “Company”) is pleased to announce that, effective as of today’s date, it has consummated the transaction which was announced on March 27, 2008 involving the purchase of all of the issued and outstanding shares of Corcom, Inc. (“Corcom”), a Nevada-based corporation, which operates the Don Best Sports information service business (the “Corcom Transaction”) from SkillJam technologies Corporation (“SkillJam”).

BSM’s CEO, Christopher Kape, stated:

We are very excited to have completed the acquisition of Don Best Sports. The transaction represents an ideal purchase for BSM in that it will allow us to assume a commanding position in the market for the sale of live sports information and we expect that the revenues will be immediately and materially accretive to our bottom line. Once we combine Don Best Sports with our existing Linetracker product, we anticipate that the combined operations will generate very healthy operating cash flow that can be used to fuel future growth initiatives. The Don Best acquisition clearly represents a significant milestone in our company’s history.

The Corcom Transaction represents an arm’s length transaction with no related party issues associated therewith.

As well, no finder’s fee was payable in association with the Corcom Transaction. Following the acquisition, Corcom is now a wholly owned subsidiary of BSM and it is envisioned that Corcom will be self-sufficient in terms of managerial direction, financing and accounting.

In conjunction with the closing of the Corcom Transaction, the Company closed a nonbrokered private placement in the aggregate amount of USD $9.25 million. The private placement consisted of the issuance of two forms of securities as follows:

1. the issuance of 26,250,000 common shares each at a price of USD $0.20 per share to five (5) unrelated placees; and

2. the issuance of USD $4,000,000 of convertible debentures each having a term of three years, an annual interest rate of 5 percent and conversion rights into common shares of BSM at a per share conversion price of USD$0.25 for the term of the debentures.

In addition, BSM issued to the purchasers of the debentures a total of 4,000,000 warrants to purchase common share of BSM at a price of USD$0.30 per share for a term of two years.

The debentures have a first priority security interest in all of the assets and undertakings of Corcom.

Three (3) unrelated placees purchased such debentures.

The gross proceeds of the private placement have been used to satisfy the cash consideration of the Corcom Transaction payable upon Closing as well as for required working capital purposes.

Pursuant to contractual arrangements with all of the placees, in conjunction with any hold periods required by law, the securities issued pursuant to the private placement will have a hold period of twelve months from the closing of the Corcom Transaction and any shares issued on exercise of any common share purchase warrant will similarly have a lock-up period of twelve months from the closing of the Corcom Transaction.

BSM has obtained Exchange approval for the Corcom Transaction as well as for the private placements.

Prior to the close of the Corcom Transaction, BSM had 70,263,240 issued and outstanding common shares and with the closing of the equity portion of the private placement, it now has 96,513,240 issued and outstanding common shares (not including the common share purchase warrants issued to SkillJam at Closing which provide for the issuance of an additional 22,500,000 common shares upon payment to BSM of nominal exercise consideration).

The Exchange has in no way passed upon the merits of the proposed transactions described herein and has neither approved nor disapproved the contents of this press release.

Email this page to a friend
Go to the Message Boards
Contact the editor


Click Here!

Click Here!

Click Here!


Click Here!





About Us - Search - Advertise - Webmasters - Feedback



Back to Top Copyright © 1999-2003 ALI Online Inc. All rights reserved. Service Terms | Editorial Policy