Ise Blu Equity Corp (ISBL.PK) has announced the sale of their wholly owned subsidiary, LGN Entertainment, Inc, to Banx and Green, Inc. (BGGR). According to the terms of this agreement, BGGR is to pay ISBL 1 share of their common stock for every 30 shares of ISBL stock outstanding by the close of business on February 18, 2008. Investors will have access to these shares after BGGR files an effective registration statement.
Specifically, the expected opening trading price of BGGR stock will be between the range of $1.80 to $2.00 per share. There will be approximately 18,000,000 shares outstanding in BGGR after the issuance of these shares. This agreement will also grant BGGR the option to purchase all remaining ISBL assets on or before May 31, 2009.
ISBL is to nominate three BGGR members to be seated on their Board of Directors by February 19, 2008. Several ISBL corporate officers will still hold several key subcommittee positions after this agreement is executed.
Steve Lane, president of ISBL, stated, “This agreement is a tremendous benefit to each shareholder of Ise Blu and represents management’s desire to bring the maximum benefit to its shareholders while providing flexibility for management to pursue additional acquisitions that will further enhance the value of the company. Management continues to explore all of its options. It is rare, indeed, that such as an amazing benefit can be offered to the shareholders of any company let alone a developing company trading on Pink Sheets.”
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