(2007-04-19) Gaming News: Gaming Industry Growth Stock (WNED) To Merger With Mobile Gaming And Gaming Lifestyle Information Provider
Gaming industry sector leader announces merger agreement with online and mobile gaming community services provider.
LAS VEGAS, NV -- Winning Edge International, Inc. (Stock Symbol: WNED) and ProGames Network, a subsidiary of broadband telecommunications services company MobilePro Corp. (Stock Symbol: MOBL), have announced a definitive merger agreement signing. The acquisition is expected to be completed on before April 30, 2007.
As part of the merger agreement Winning Edge (WNED) shareholders will retain all their common stock and receive a 6 for 1 preferred stock dividend valued at $10,000,000. Also ProGames will arrange $2,200,000 in financing for the new combined company.
Martin Gray, CEO and president of ProGames, will serve as CEO of the combined entity. Chairman of MobilePro Corp. (Stock Symbol: MOBL), Jay Wright, will serve as chairman of the newly combined public company. He has led MobilePro from $0 revenue to nearly $100 million in revenues and expanded the company’s market capitalization. Mr. Gray led the roll out of the first fully interactive and legal gaming network in the U.S., called TVG, before it was sold to Newscorp, which ultimately sold it to Gemstar for over $1 billion.
Several leading gaming industry executives have agreed to join Winning Edge (WNED) upon the completion of the merger including Frank Catania, one of the world's leading experts regarding on-line gaming will join the board of directors. The former Director of Gaming Regulation for the State of California, Harlan Goodson, will join him. In addition, former Treasurer of the State of Nevada, Bob Seale, has agreed to serve as chairman of the company's audit committee.
About Us: America's only publicly traded sports handicapping company, Winning Edge (Stock Symbol: WNED) develops and markets sports handicapping advice and information via television, radio and Web-based content related to sports and gaming.
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