Wowio, Inc. entered into a binding letter of intent to acquire Pact Enterprises, Inc.
December 11, 2017
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Wowio, Inc. (OTCPK:WWIO) entered into a binding letter of intent to acquire Pact Enterprises, Inc. on December 12, 2017. The purchase price is being paid is $0.1 million paid over thirty-six months commencing June 2018 and Convertible Preferred Stock that will convert to 1.2 billion shares in WWIO. There are currently mortgages of $0.63 million on the property and other liabilities of approximately $0.05 million which WWIO will assume. In a separate transaction, Wowio will also acquire property of the restaurant from Pact Holdings AZ, LLC. The land, building and restaurant have a value of approximately $1.1 million. Under the transaction, WWIO is purchasing the land and buildings and the restaurant business located in the building. The sellers will hold a UCC filing over the stock and member units of both Pact Enterprises and Pact Holdings until the cash portion is fully paid.
Wowio, Inc. is a digital media company with an e-book distribution platform. The Company owns a patent that allows inserting advertisements into e-books while adding both personalization and an anti-theft identifier. Its mobile application allows the insertion of mobile advertisements in e-books read on a mobile device. Through its Website wowio.com, it distributes both Company-owned and third-party-owned e-books and e-comics. Through StudioW, the Company creates and produces its own content, such as online videos, pre-roll video advertisements and additional online advertising on its content-oriented Websites TheDuck Webcomics, PopGalaxy, and its branded YouTube channels. The Company, through its digital publishing entity, Carthay Circle Publishing, intends to publish its own library of material as e-books and e-comics that it will distribute on its own wowio.com and wowioapp.com site, as well as distribute through other e-book distribution platforms.