IC Places Inc. (OTCPK:ICPA) signed a letter of intent to acquire all assets of Punch Television Network on May 22, 2012. On July 10, 2012, IC Places, Inc. entered into an asset purchase agreement with Punch Television Network. The total consideration for the assets would be a set amount of IC Places common shares, to be determined based on valuations of the assets being purchased. Upon completion of the transaction, Joseph Collins, President of Punch TV Network, will join IC Places as Chief Executive Officer and as joint Chairman of the Board with IC Places' current President and Chairman, Steven Samblis. The transaction is expected to close in first week of July 2012. IC Places Inc. (OTCPK:ICPA) completed the acquisition of all assets of Punch Television Network on July 10, 2012. The aggregate consideration for the assets and business was 135 million shares of restricted common shares of ICPA stock.