SilverBirch Signs Red Mile Merger Agreement

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[{"type":"text","content":"\n\n\n\nLatest addition will create one of Canada's leading video game companies\n\n\nTORONTO, Oct. 9 /CNW/ - SilverBirch Inc. (TSX-V: SVB), a leading digital\nmedia company, today announced that it has signed its merger agreement with\nRed Mile Entertainment, Inc. Red Mile is a California-based video game\npublisher with worldwide rights to established brands and intellectual\nproperties including the "Heroes" flight combat franchise. Heroes of the\nPacific sold over 600,000 copies and the sequel, Heroes Over Europe is\nexpected to ship in March of 2009.\n\n\n"We are on track in building a multi-platform world-wide video game\npublishing presence," commented Derek van der Plaat, CEO of SilverBirch. "Red\nMile is expected to contribute meaningful revenues and cashflow in this fiscal\nyear."\n\n\nThe boards of directors of both companies have approved the merger\nagreement; however the transaction is still subject to TSX-V exchange\napproval, US regulatory and Red Mile shareholder approval and is expected to\nclose in January of 2009.\n\n\nIn other news, the Company is pleased to announce that the book of orders\nfor the $500,000 financing at $0.08 per unit is completed and expected to\nclose on or about October 10, 2008. In addition, pursuant to employment\nagreements arising from the Lighthouse Interactive acquisition, the Board of\nDirectors have now approved grants of Stock Options to the former principals\nof Lighthouse, totalling 300,000 options to acquire common shares of the\ncorporation at a strike price of $0.28. The options expire on July 8, 2013 and\nare granted in accordance with the Employee Incentive Stock Option plan\napproved by shareholders on May 27, 2008.\n\n\nAbout SilverBirch Inc.\n\n\nToronto-based SilverBirch Inc. is a leading digital media company\noperating in the fastest growing sectors of the video game and mobile markets.\n The company's video game operations include SilverBirch Studios, a mobile and\nhandheld video game developer, Lighthouse Interactive, a publisher of\ninteractive entertainment based in the Netherlands, and a co-venture with\nG4Box Inc. to operate licensed English language online multiplayer games. In\nits mobile division it provides mobile marketing services through Jambo Mobile\nSolutions and mobile content by way of an investment in CrossRoad Mobile....

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