More NTN tidbits- NTN is selling off all but it's core businesses. IWN and Learnstar...
"Gerald Sokol Jr., president and CEO of NTN, said: "The sale of LearnStar to NewStar is a very positive event for NTN shareholders. NTN will receive nearly $1.9 million of cash and a 17.5 percent retained interest in a re-capitalized business. "
Some of this revenue will have to be spent to realign the satellite dishes due to last weeks satellite fiasco, but that should only cost 400k TOPS! The rest is gravy. AND they keep a 17.5% interest in Learnstar.
ALSO
"On April 1, 1998, the Company reached an agreement in principle with
Omnigon, a California corporation, to sell up to 80% of the equity of IWN to Omnigon on or before May 31, 1998.
The Company is currently negotiating a definitive agreement that would have Omnigon pay $2,400,000 at closing for an 80% IWN equity interest.
Omnigon paid $100,000 in April 1998 and an additional $100,000 in May 1998 for the option to acquire IWN on the foregoing terms. Any such payments made are non-refundable and will not be applied to the purchase price of the IWN shares. The Company has agreed that IWN will use such payments from Omnigon to pay the operating expenses of IWN prior to a closing or cancellation of the proposed transaction."
This means that Omnigon has till Friday to decide. If they buy IWN, thats great news. If they don't, NTN was paid 200,000 non refundable to keep IWN going in the meantime and can sell it off elsewhere, not as good but not bad either.
Price sank recently due to satellite mishap...
I think this one will be up around $2 when either IWN sale or new advertising revenues are announced.
Any thoughts?
cheers
MG |
