Business
SilverBirch Signs Letter of Intent to Sell Jambo Mobile Solutions to Silverback Media
Divesture Inline with Exclusive and Strategic Focus on the Fast-Growing Gaming Sector TORONTO, No...
About this update from Silver Bull Resources, Inc.
[{"type":"text","content":"\n\n\n\nDivesture Inline with Exclusive and Strategic Focus on the Fast-Growing\nGaming Sector\n\n\nTORONTO, Nov. 12 /CNW/ - SilverBirch Inc. (TSX-V: SVB), today announced\nit has signed a non-binding letter of intent with Silverback Media Corp. to\nsell the assets and liabilities of Jambo Mobile Solutions Inc.. The proposed\nclosing is scheduled for December 15, 2008 or at such earlier date as mutually\nagreed.\n\n\nThe divesture of this non-core business unit will allow the Company to\nfocus on its core strengths and new business strategy in the gaming industry.\nThe Company's primary goal is to become a premier operator and publisher of\nMassive Multiplayer Online Games (MMOG) and video games for PCs and leading\nconsole platforms. The new corporate focus initiated recently will build upon\nSilverBirch's existing operations including video game developer SilverBirch\nStudios, Netherlands-based interactive entertainment publisher Lighthouse\nInteractive, and a co-venture to operate licensed English language online\nmultiplayer games. The company is also acquiring Red Mile Entertainment(x),\npublisher of console games Sin City and Heroes Over Europe, in a deal expected\nto close in early 2009, subject to shareholder, legal and regulatory approvals\n\n\nSilverBirch has recently initiated a restructuring plan that is expected\nto deliver significant savings and drive profitable revenue and growth.\nSilverBirch continues to review non-core operations to further reduce costs,\nimprove margins, and enable more strategic investment in online multiplayer\ngames and original game content development.\n\n\nThe contemplated transaction will be subject to final due diligence and a\nDefinitive Purchase and Sale Agreement executed by both parties. The closing\nwill also be subject to approvals required from all necessary parties and\nregulatory bodies.\n\n\nAbout SilverBirch Inc.\n\n\nToronto-based SilverBirch Inc. is a leading interactive entertainment\ncompany operating in the fastest growing sectors of the video game market. The\nCompany's video game operations include SilverBirch Studios, a video game\ndeveloper; Red Mile Entertainment, a San Francisco based publisher of console\ngames such as Heroes Over Europe and the exclusive worldwide license holder\nfor Sin City; Lighthouse Interactive, a Netherlands-based publisher of PC\ngames; ...