Feb 14, 2012 MANILA, Philippines In a Corporate Disclosure filed with the Philippine Stock Exchange today, IP E-Game Verntures (PSE: IPE), one of the Philippines biggest Online Games publisher in the Philippines, will be merging their corporate assets, operations and equity with Level Up! Inc (LUI). According to the disclosure:
IP E-Game Ventures Inc. (E-Games), the listed online gaming subsidiary
(PSE:EG) of IP Ventures, Inc., and Level Up! Inc. (LUI), have reached an
agreement to merge their Philippine online game publishing businesses. On
February 14, the parties signed an agreement stating that most of E-Game’s titles
and assets relating to its game publishing business will be transferred to LUI and
the publishing operations of said titles will be merged into LUI’s associated online
game publishing company, Playweb Games Inc.
In exchange, E-Games will receive equity in LUI, a commercial interest in Playweb
Games Inc. (game publisher and operator of all game titles and services under the
Level Up! brand in the Philippines), and a cash consideration. The parties shall
work in good faith to complete the deal. The appropriate disclosures and
comprehensive statements shall be made at the appropriate time.
E-Games and LUI, as a merged entity, is expected to strategically benefit both
companies as a result of future operational synergies and savings.
All of the titles and assets under IPE will be transferred to LUI. Operations (those involving GM, Community Management and Customer Support). Will be merged with LUI.
It is still unknown whether the new company or entity will operate under the same company name.
The timing of this announcement can never be more curious since they announced a Php 51 million revenue just last week, along with their plans to go into a different market.
Source: Philippine Stock Exchange
Edit: Added a backlink to a related article on the web.