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Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (1761)	5/14/2008 10:06:13 AM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3862

Even though the shareholders of Global Services Partners Acquisition (stock symbol: [t]GSPA[/t]) rejected the company's proposed acquisition of SouthPeak Interactive, triggering the distribution of the cash held in the trust account, the company and SouthPeak have found alternative financing and completed the restructured transaction. SouthPeak Interactive Goes Public and Completes Institutional Financing To Accelerate Growth Strategy Wednesday May 14, 8:30 am ET One of the Fastest-Growing Videogame Publishers Trades on OTC Bulletin Board Under Temporary Symbol "GSPA" MIDLOTHIAN, Va., May 14 /PRNewswire-FirstCall/ -- SouthPeak Interactive Corporation (OTC Bulletin Board: GSPA - News, GSPAW - News, GSPAZ - News) today announced it has gone public through the completion of its transaction with Global Services Partners Acquisition Corp. Upon closing, Global Services changed its name to SouthPeak Interactive Corporation. Concurrently with the closing, SouthPeak completed an institutional financing. "We are excited to enter the public markets and receive a very positive response from the investment community," said Melanie Mroz, CEO of SouthPeak. "The opportunity provided through this transaction positions SouthPeak to outpace the industry in terms of revenue and profit growth. We believe the combination of our strong product offering along with our unique business model will drive substantial shareholder value." SouthPeak is a fast-growing videogame publisher with a unique production model that exclusively utilizes independent studios to source and produce innovative videogames. This model allows the company to leverage leading-edge development talent and minimize fixed overhead, thereby maximizing operational flexibility and profitability. "With the videogame industry experiencing phenomenal growth, we are in a strong position to capitalize on the rapid market expansion," said Terry Phillips, Chairman of SouthPeak. "By securing lasting franchises and approaching the marketplace with a diverse platform strategy, we are able to take full advantage of every revenue opportunity." The videogame industry is growing rapidly with U.S. videogame software sales expected to grow from $6.5 billion in 2006 to $13.6 billion in 2009, according to Goldman Sachs. Global videogame software sales are expected to grow to $55 billion by 2009 as reported by PriceWaterhouseCoopers. <snip> biz.yahoo.com