ROHSTOFF INTERNATIONAL |
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17:25 | 06.01.2012
TransGaming Closes Acquisition of Oberon Media’s Interactive TV & Connected TV Division
TORONTO, ONTARIO–(Marketwire – Jan. 6, 2012) – TransGaming Inc. (TSX VENTURE:TNG), the global leader in the multiplatform deployment of interactive entertainment, today announced that it has closed the acquisition of the Interactive TV (iTV) & Connected TV division of Oberon Media, Inc. (Oberon), previously announced on January 4, 2012. The aggregate purchase price of the assets is US $6,738,800, consisting of cash of US $2,200,000 and 3,780,000 million common shares of TransGaming issued on closing (valued at CAD $0.46 based on the closing market price on January 5, 2012), cash of $0.8 million due on the achievement of certain milestones, and US $2.0 million in cash earn outs based on the achievement of revenue thresholds. The 3,780,000 TransGaming shares issued to Oberon will be held in escrow and released on the following schedule: 25% on each of January 6, 2013 and June 6, 2013 and 50% on January 6, 2014. In connection with the acquisition and as part of their new terms of employment, TransGaming also agreed to issue an aggregate of 220,000 common shares to certain employees in March 2012. The assignments of certain content license agreements remain subject to consent of the license and brand owners. About TransGaming Inc. TransGaming Inc. (TSX VENTURE:TNG), is the global leader in the multiplatform deployment of interactive entertainment. TransGaming works with the industry’s leading developers and publishers to enable and distribute games for Smart TV set-top boxes, Mac computers, and Linux/CE platforms. TransGaming is headquartered in Toronto, Canada, with offices in Ottawa and Atlanta. To learn more about TransGaming visit www.transgaming.com. About Oberon Media, Inc. Oberon Media is one of the world’s leading multi-platform casual games companies, delivering global, integrated games solutions across online, mobile/Smartphone, and retail categories. Oberon Media game solutions have been adopted by the world’s leading digital and media companies, such as Microsoft, AT&T, Yahoo!, Orange (France Telecom) and more. Oberon Media’s top-selling casual games are played across multiple gaming platforms in more than a dozen languages. Founded in 2003, Oberon Media is headquartered in New York with offices in North America and Europe, and is backed by Goldman Sachs, Infinity Equity and Morgan Stanley. |
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