TORONTO, ONTARIO--(Marketwire - 07/07/11) - InterAmerican Gaming Inc. ("the Company") (OTC.BB:IAGM - News) announced today that it has entered into a letter of intent with Baron Group Ventures ("BGV") to acquire an 80.1% interest in NOWPHIT (www.nowphit.com). NOWPHIT is a new social gaming platform and smartphone application that empowers and inspires people to improve their personal health and fitness and makes it easier to achieve healthy lifestyle goals. The NOWPHIT app will be available for the iPhone via the iTunes Store at launch (expected Q4 2011), with Blackberry and Android versions to follow.
NOWPHIT syncs with gym or at-home fitness machines and allows "NOWPHIT athletes" to track, train and compete with each other over the NOWPHIT network in real time for virtual and real-life rewards such as trophies, medals and location-based coupons and special offers. NOWPHIT also features a charitable and event function. NOWPHIT athletes can raise donations for a charity of their choice, and virtually train and compete in real athletic events anywhere around the world (i.e. the New York City Marathon).
InterAmerican Gaming is acquiring NOWPHIT by issuing sixty-five million (65,000,000) of its common shares. The terms also require IAGM to exclusively fund the development of NOWPHIT through recourse loans to a maximum of five million dollars (US$5,000,000). At closing, Mr. Marc Askenasi, the founder of NOWPHIT and principal shareholder of BGV, will enter into a management agreement to become Chief Executive Officer of the Company. The closing of the acquisition is subject to mutual due diligence, the completion of the formal purchase and sale documents, and settlement of certain liabilities of the Company. Closing is anticipated to occur in August 2011.
"With our existing business in IAGM having suffered significantly from the global financial crisis, NOWPHIT presents an exciting opportunity for the company to rebuild value for its shareholders," said Mr. John G. Simmonds, President and CEO of InterAmerican Gaming Inc. "Marc is an excellent Internet entrepreneur and the NOWPHIT solution he has developed meets a real need. Health and fitness have become critical social issues due to an aging North American population and increased pressure on our health care system. I believe the NOWPHIT solution will be embraced by health and fitness professionals and become a valuable service for people looking to live a healthier and more active lifestyle."
"It was evident early on to me and my team that a public company structure would provide increased value to our employees, our channel and strategic partners, and it would position us to make other acquisitions in the future. The structure would also facilitate increased exposure for the NOWPHIT brand," stated Mr. Marc Askenasi, founder of NOWPHIT. "The partnership with InterAmerican Gaming provides that structure, but we recognize there is still a lot of work to do. We are working on the Company's public company filings and financial statements and we will begin cleaning up InterAmerican's corporate affairs immediately. We intend to work diligently to close the acquisition this summer so we are well prepared for our launch later this year."
