The Pulse Network, Inc. acquired You Everywhere Now, LLC from Michael Koenigs, Chief Executive Officer of You Everywhere Now, LLC for $2.5 million.
October 14, 2014 at 05:00 am
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The Pulse Network, Inc. (OTCPK:TPNI) entered into a securities purchase agreement to acquire You Everywhere Now, LLC from Michael Koenigs, Chief Executive Officer of You Everywhere Now, LLC for $2.5 million on October 3, 2014. As per the terms of the agreement, Pulse Network paid $1.25 million in cash and $1.25 million in promissory note which accrues interest at 6.0% per annum and matures on October 3, 2017. Pulse Network paid $1.25 million in cash through a credit facility of $2.4 million from TCA Global Credit Master Fund, LP pursuant to the terms of a Senior Secured Revolving Credit Facility agreement dated September 30, 2014. In addition, Pulse Network shall pay Michael Koenigs earnout payments not exceeding an amount equal to $3.6 million minus the aggregate amounts of commissions paid to Michael Koenigs, equal to 30% of any Net Sales in excess of $4.5 million, for a period of 3 years (the Earn-Out Period) beginning on the first day of the first calendar month following the closing date (the Earn-Out Start Date).
Michael Koenigs would be appointed as Chief Strategy Officer in The Pulse Network and would receive an initial annual base salary of $2 million commencing October 3, 2014. Closing of the transaction is conditional upon closing and funding under the credit agreement. Howard Nirken of DuBois, Bryant & Campbell, LLP acted as legal advisor to Michael Koenigs.
The Pulse Network, Inc. (OTCPK:TPNI) completed the acqusition of You Everywhere Now, LLC from Michael Koenigs on October 6, 2014.
The Pulse Network, Inc. (The Pulse Network) provides a cloud-based platform focused on content marketing and event solutions. The Company also produces its own branded content programs, including online video productions. The Company offers engage solutions, which include multi-channel lead capture, Webpage builder, newsletter builder, live event producer and e-commerce solutions. It offers ICTG Platform for software marketing tools, including simulated live webinars. The Company offers The Pulse Network (TPNI), which is an integrated campaign and event platform that helps business-to-business (B2B) organizations, business-to-consumer (B2C) organization, and associations to drive awareness, customer acquisition and loyalty across digital and face-to-face channels. It offers the Pulse Network Platform for management and support of client events or conferences. It provides ongoing development and support for client content and digital marketing programs.