E-PUB ANNOUNCES EQUITY OFFERING
LONDON, January 13, 1999 – E-Pub (Holdings) Ltd., producer of the Uproar online game show sites, announced today that it plans to raise between $7 MM and $10 MM through a private equity offering. E-Pub intends to use the proceeds from the offering to increase the sales and marketing functions of the company to fully exploit agreements reached with Pearson Television, Inc. and Cable & Wireless.
Earlier, E-Pub announced it entered into an agreement with Pearson Television, Inc. under which Pearson will receive an equity stake in E-Pub in exchange for a package consisting of in-show television promotion for Uproar, exclusive grants to use intellectual property and trade marks, and approximately $128,000 in cash. Under the agreement, Pearson will immediately be issued 50,000 shares in E-Pub representing a 10.9% fully diluted stake. The agreement also allows Pearson to earn up to 20,000 additional shares in E-Pub over the next two years contingent on the future performance of Pearson's program promoting Uproar. Additionally, the company anticipates that Pearson Television Chief Executive Greg Dyke will join the E-Pub board of directors.
E-Pub (Holdings) Ltd announced today that it also signed a series of agreements with Cable & Wireless Communications Programming Ltd. (CWC) which will allow E-Pub to deliver Uproar interactive games through CWC's digital cable television service. The products covered by this agreement will be launched in the second half of 1999.
“E-Pub is building important alliances and taking steps to further build its already significant role in the delivery of entertainment to Internet users world wide,” said Chief Executive Michael Simon. |
