Players Network to merge

Jul 30, 2002 10:06 AM

The Las Vegas-based Players Network has entered into a binding agreement to be acquired, by REB Gaming Inc. on behalf of Northfield Inc., which will acquire the outstanding shares of Players in a share exchange transaction.

The value of the transaction is approximately $4.16 million, or $0.32 per share for all of the approximately 13,000,000 shares currently outstanding. The prospective price of the Northfield shares to be issued is tied to the market price for Northfield shares with a ceiling of $1.50 Canadian, or about $1 U.S.

Players will operate as a wholly-owned subsidiary of Northfield and continue its business plan to capitalize on gaming-­­oriented content for television and the Internet.

"Players and Northfield share the vision of creating an international media brand for the gaming enthusiast," said Mark Bradley, President and CEO of Players. "I am excited by our opportunities for the future and the ability to significantly expand our business."

"Players is an ideal strategic partner for our media and broadcasting properties and our commitment to launch The Gaming Channel concept in both Canada and the USA," said William Rutsey, CEO of REB Gaming and incoming CEO of Northfield.