Ise Blu Equity Corp. Announces a Dividend on the Sale of Its LGNEntertainment, Inc. Subsidiary
Feb 4, 2008 10:30:47 (ET)
ORLANDO, FL, Feb 04, 2008 (MARKET WIRE via COMTEX) -- Ise Blu Equity Corp. (PINKSHEETS: ISBL) announced today the sale of its LGN Entertainment, Inc. subsidiary to Banx and Green, Inc. (BGGR). The agreement requires BGGR to pay ISBL 1 share of its common stock for every 30 shares of ISBL stock outstanding at the close of business on February 18, 2008, and to issue these shares in total to ISBL shareholders of record on that date as a dividend. No fractional shares will be computed or issued in this transaction. These shares are expected to begin trading upon the effectiveness of a registration statement that BGGR expects to file, as expeditiously as possible, for their resale. Our expected opening trading price on the Over The Counter Bulletin Board Quotation System (OTCBB) is committed to be in the range of $1.80 to $2.00 per share per the agreement. There will be approximately 18,000,000 shares outstanding in BGGR after the issuance of these shares based on the current share structures of each company.
The agreement further gives BGGR the option to purchase all of the remaining assets of ISBL or to merge with it on or before May 31, 2009 with BGGR being the survivor. BGGR also has first right of refusal to match or exceed the economic value on any potential sale of ISBL or its assets during this period. ISBL retains the right to file a registration statement and move to the bulletin board on its own merit with the completion of its own December 31, 2008 audit.
ISBL will nominate three members of a five member board of directors of BGGR to be seated February 19, 2008. Members of Ise Blu management and its consultants will be members of the sub committee overseeing all compliance and regulatory issues for this transaction.
"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," Steve Lane, President of ISBL said.
AI
