IC Places Inc. (PINK: ICPA), a new media company producing weekly entertainment content for several different mediums, recently announced the signing of a Letter of Intent to acquire Punch Television Network.
As per the terms of the agreement, IC Places will acquire all the assets of Punch Television Network, which includes all Television Station Licenses, all re-broadcast agreements, rights to all television shows on its roster and all existing advertising contracts. The acquisition is expected to be completed in the first week of July.
On completion of the transaction, Punch TV Network President Joseph Collins will join ICPA in the capacity of CEO. He will also become joint chairman of ICPA’s Board of Directors.
Steven Samblis, President of IC Places, said that combining new media with traditional level on this level has not been done in recent history in the way ICPA and Punch TV Network are doing it.
ICPA shares are seeing huge activity today. At last check, the stock was trading at $0.0300 on volume of 2.73 million.
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