TORONTO, May 11 /PRNewswire-FirstCall/ - New Wave Media Inc. (OTC: NWWV.PK - News) - is pleased to announce the framework for an agreement with Playstar Corp. (OTC: PLYCF.PK - News) to merge the 2 entities. Playstar shareholders will receive .8 of a share and New Wave shareholders 1 full share in the merged entity
The merged entity would fall under the New Wave umbrella and all financial audited statements of New Wave would be filed and the merged entity will file for an OTCBB listing once all paperwork is complete. Once the merger is complete the new entity will have a corporate structure of 334 million shares outstanding. There will be a shareholder meeting to increase the authorized to 400 million with no further increase needed for the foreseeable future. An Executive Stock Options Plan, Warrants, and a Performance Based Options Plan will also be announced after the merger is complete.
Stewart Garner, President of Playstar stated: "These are exciting times upon us, what we have created is the ability to take Playstar's multiple proprietary platforms and merge it with New Wave's joint venture partners throughout the world and create a substantial player in this growing sector. This merged entity will be worked on by our lawyers and we aim to close in the next 60 days. A New Wave, Playstar merger would allow both companies to operate under one roof resulting in streamlined processes, shared resources and a reduction in overhead."
When asked to comment on the merger Marc Askenasi, President of WagerPhone Inc. stated: "The ability to expand our global reach by adding new products to our portfolio is a great opportunity for our company. The New Wave, Playstar merger will assist us in achieving our financial and strategic growth objectives."
Any new developments within either corporation will be released jointly. Both corporations continue to work on business development and acquisition opportunities and look forward to sharing these developments in the near future.
New Wave Media Inc. currently has 137,000,000 restricted and 117,000,000 free trading shares for a total of 254,000,000 and the transfer agent is Transfer Online of Portland, Oregon. Total authorized is 260,000,000 shares. Playstar Corp. also uses Transfer Online and its authorized and issued is 100,000,000.
This press release contains 'forward looking' statements within the meaning of Section 21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 as amended, and are subject to the safe harbors created thereby. Such statements involve certain risks and uncertainties associated with an emerging company. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors discussed in New Wave Mobile reports that will be on file with the US Securities and Exchange Commission.
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