Global Gaming Network Forms a New Company with Innovative Media Group

The two companies will bind their assets and form a combined company in the following two weeks

Global Gaming Network (GBGM) a leader in digital entertainment and distribution of sports information for online sportsbooks in the US, signed a contract with Innovative Media Group. According to the agreement a binding of the two companies should be accomplished in the following two weeks.

The contract grants GBGM to take into possession all of the Innovative Group’s assets. In return Global Gaming Network is obliged to provide restricted, preferred and common shares for Innovative Group whose value is estimated at more than USD 4 million. Additional obligations from the contract include: redemption of the majority of GBGM’s series B preferred shares and retirement of a debt of over USD 456,300.

Tom Coleman to become CE of the new company

The agreement between the two companies prescribes that Tom Coleman, current president of Innovative Media Group, takes the responsibility for the newly formed company as its chief executive. News is that the name of the newly formed company will also be Innovative Media Group.
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The now former president of GBGM, Stephen Kern, said that he is confident in the abilities of Coleman to successfully run the combined company. According to him the merger of the two companies will provide rapid development of the company on a short period and will give extraordinary result on a long one.