iGAMBIT, Inc. signed a definitive agreement to acquire substantially all assets of igxglobal, Inc. from Thomas Duffy for $11.5 million on December 28, 2012. The purchase consideration comprises of the payment of $1.5 million will be paid in cash, $1 million by the issue of a promissory note, both at closing, assumption of liabilities of $2.5 million, an issue of 3.75 million restricted common stock of iGambit valued at $1 per share escrowed based on the future performance and payment of $3.75 million in cash over a three-year period based upon the future performance of the acquired assets. The transaction also includes the acquisition of igxGLOBAL UK Limited. Pursuant to the transaction, igxglobal, Inc. will be renamed to igxglobal Corp. and igxGLOBAL UK Limited will be renamed as Igx Emea. The cash portion and debt assumption of the purchase price was financed through asset based funding issued by Keltic Financial Partners II LLP for a $6 million revolving credit line.

Pursuant to the transaction, Thomas Duffy will serve as the President and Chief Executive Officer of igxglobal, Inc, with world headquarters in Rocky Hill, Connecticut and European headquarters in Canterbury Kent, England. The transaction will be closed when all the transaction documents are delivered and the purchase price has been paid. Jeff Ramson of ProActive Capital Group LLC acted as the public relations advisor to iGAMBIT, Inc. Gregg J. Lallier of Updike, Kelly & Spellacy, P.C. of acted as the legal advisor to igxglobal, Inc. Joel Meyersohn of Roetzel & Andress acted as the legal advisor to iGAMBIT, Inc.