PlayBOX (US) Inc. Proposes to Acquire Leading UK Music Entertainment Distributor, Delta Leisure Group Plc. and has Appointed a New Director to its Board of Directors
PlayBOX (US) Inc. Proposes to Acquire Leading UK Music Entertainment Distributor, Delta Leisure Group Plc. and has Appointed a New Director to its Board of Directors PlayBOX (US) Inc.
(OTCBB: PYBX) is pleased to announce the signing of a letter of intent dated December 14, 2007 for the proposed acquisition of 100% of the issued capital of U.K based Delta Leisure Group Plc (”Delta”) an established distributor of an extensive catalogue of major music CD’s, DVD’s and video’s throughout the UK and Europe. Playbox is also pleased to announce the appointment of Mr Harry Maloney to its Board of Directors from December 14, 2007.
Pursuant to the terms of a letter of intent, Playbox and Delta have agreed that PlayBOX will acquire 100% of the issued capital of Delta for a combination of cash and stock.
The completion of the transaction is subject to, inter alia, completion of satisfactory due diligence by Playbox; the execution of a formal share purchase agreement; the receipt of all necessary approvals; and the completion by Playbox of a minimum of $7m of debt or equity financing, which funds will be used to pay the cash component of the acquisition and provide working capital to allow Playbox to execute on its business plan.
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