ORGANIZATION
Sobe Life, LLC ("Sobe"), an Illinois limited liability company was formed in April 2004. Sobe enter into a publishing agreement with Trump World Publications LLC to publish Trump World magazine on a national basis. Trump World magazine was initially published, beginning in September 2004. Premiere Publishing Group, Inc. ("PPG") is a Nevada corporation organized on March 25, 2005. In April 2005, Sobe entered into an agreement with PPG whereby PPG acquired all of the outstanding membership interests of Sobe in exchange for 5,350,000 shares of PPG's common stock. As a result of the transaction, Sobe's sole member owned 100% of the combined company and the sole owner and executive officer of Sobe became a director and executive officer of the PPG. Accordingly, the transaction has been accounted for as a reverse acquisition of PPG by Sobe resulting in a recapitalization of Sobe rather than as a business combination. Sobe is deemed to be the purchaser and surviving company for accounting purposes. Accordingly, its assets and liabilities are included in the balance sheet at their historical book values and the results of operations of Sobe have been presented for the comparative prior period. The historical cost of the net assets of PPG was $0. The combined companies of PPG and Sobe are thereafter referred to as the "Company."
The Company's principal business activities are the publishing of the national magazine "Trump World" on a quarterly basis, and "Poker Life" on a bi-monthly basis. The Company also offers custom publishing services to companies and is presently publishing two custom published titles, PartyLife and World Player and expects three more issues of PartyLife over the next 12 months and five more issues of World Player over the next 12 months. The Company has also received barter credits and maintains several accounts with major barter companies who place advertising in the Company's publications in exchange for goods and services.
