Gaming Stock News: Gaming industry sector leader Winning Edge (Stock Symbol: WNED) announces merger agreement with ProGames Network, a provider of online and mobile gaming community services.
April 10, 2007 (Press Release) --
LAS VEGAS, Nev., MIAMI, Fla. and BETHESDA, Md. – April 11, 2007 – In gaming stock news, 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. Visit http://www.emergenews.com for more information.
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. Visit http://www.emergenews.com/gaming-merger.htm for more details.
Several leading gaming industry executives have agreed to join Winning Edge (WNED) upon the completion of the merger. Frank Catania, one of the world's leading experts regarding on-line gaming will join the board of directors. He is the former Director and Assistant Attorney General of the New Jersey Division of Gaming Enforcement and the former Deputy Speaker of the New Jersey House of Representatives. 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. Visit http://www.emergenews.com/gaming-leaders.htm for further details on the new board members.
ProGames has a developed a creative business expansion plan to diversify Winning Edge (WNED) business model. They possess in-depth industry knowledge, extensive experience, infrastructure and a valuable audience of high-income young males in the burgeoning online cell phone and PDA gaming industry.
Wayne Allyn Root, the founder and chairman Winning Edge (WNED) International, has national name recognition as a leading provider of sports handicapping information. Media has dubbed Root “The Merrill Lynch of The Weekend”. Commenting on the merger agreement he stated, “I believe that this management team has the skills to turn Winning Edge International into a global market leader.” Root added, “our board is pleased that our current shareholders will receive a $10 million preferred stock dividend, providing them a significant opportunity for upside appreciation.”
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. Visit http://www.emergenews.com/gaming-merger.htm for more details.
Several leading gaming industry executives have agreed to join Winning Edge (WNED) upon the completion of the merger. Frank Catania, one of the world's leading experts regarding on-line gaming will join the board of directors. He is the former Director and Assistant Attorney General of the New Jersey Division of Gaming Enforcement and the former Deputy Speaker of the New Jersey House of Representatives. 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. Visit http://www.emergenews.com/gaming-leaders.htm for further details on the new board members.
ProGames has a developed a creative business expansion plan to diversify Winning Edge (WNED) business model. They possess in-depth industry knowledge, extensive experience, infrastructure and a valuable audience of high-income young males in the burgeoning online cell phone and PDA gaming industry.
Wayne Allyn Root, the founder and chairman Winning Edge (WNED) International, has national name recognition as a leading provider of sports handicapping information. Media has dubbed Root “The Merrill Lynch of The Weekend”. Commenting on the merger agreement he stated, “I believe that this management team has the skills to turn Winning Edge International into a global market leader.” Root added, “our board is pleased that our current shareholders will receive a $10 million preferred stock dividend, providing them a significant opportunity for upside appreciation.”
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