TORONTO, July 9 /CNW/ - SilverBirch Inc. (SVB: TSXV) announced today that
it has settled definitive terms for the purchase of 100% of the issued and
outstanding shares of Lighthouse Interactive Game Publishing B.V., a
corporation incorporated under the laws of the Netherlands, a transaction
originally announced on April 29, 2008. The final closing is anticipated to
take place shortly following approval by the Toronto Stock Exchange Venture
CFO, Paul Haber said, "This acquisition brings us up market into a higher
margin, lower risk business that complements our current core development
skill. Lighthouse will provide the experience and expertise to leverage our
existing Intellectual Properties and build additional IP that will build
greater value for shareholders."
The agreed purchase price will be $3,000,000, with up to a further
$1,250,000 to be paid contingent upon agreed performance targets. The price
comprises cash of $650,000 and 3,850,000 common shares, valued at $1,350,000,
payable on closing. $400,000 will be paid in an unsecured note, payable over a
three year term bearing interest at 10%. The $600,000 remaining portion of the
purchase price is to be paid on or before November 30, 2008.
About Lighthouse Interactive
Lighthouse Interactive Game Publishing B.V. is a fast growing publisher
of interactive entertainment with offices established in Toronto and Montreal,
Canada, Haarlem, The Netherlands and London, England. The company is focused
on bringing strong titles to the worldwide market in a wide array of genres
including: RPG, Simulation, Adventure, Action and Strategy. Staffed with
industry veterans, Lighthouse is the right choice for developers looking to
bring their products to a worldwide audience. For more information visit:
About SilverBirch Inc.
Toronto-based SilverBirch Inc. is a fully integrated developer, publisher
and distributor of high quality interactive media content and, through its
Jambo Mobile division, provides mobile marketing and direct-to-consumer mobile
content. In addition, the company is a multi-platform video game developer and
operates an MMORPG (massive multiplayer online role-playing game) game called
Metin 2 (see www.metin2.us). For more information, please visit
www.silverbirchstudios.com and www.jambomobile.com.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of the content of this news release.
Forward-Looking Statements - Certain information set forth in this news
release, including management's assessment of future plans, contain
forward-looking statements that involve substantial known and unknown risks
and uncertainties. These forward-looking statements are subject to numerous
risks and uncertainties, certain of which are beyond management's control,
including the impact of general economic conditions, industry conditions, and
currency fluctuations. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance should not
be placed on forward-looking statements.
For further information:
For further information: Derek van der Plaat, Chief Executive Officer,
SilverBirch Inc., Tel: (416) 621-6711 Ext 34, Email: firstname.lastname@example.org;
Paul Haber, SVP and CFO, SilverBirch Inc., Tel: (416) 621-6711 Ext 35, Email: