SilverBirch to Acquire Lighthouse Interactive

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[{"type":"text","content":"\n\n\n\nAccretive acquisition broadens SilverBirch's foothold in video game\n\n\nindustry\n\n\nTORONTO, April 28 /CNW/ - SilverBirch Inc. (TSX-V: SVB), a leading\ndigital media company, today announced an agreement to acquire Lighthouse\nInteractive Game Publishing B.V., a Netherlands-based international video game\npublishing company with offices in Montreal, Toronto and London, England.\n\n\nThis immediately accretive acquisition is a first step in SilverBirch's\nstated strategy of building an integrated video game company. The acquisition\nwill improve the fundamentals of SilverBirch by adding to both revenues and\nprofitability of the company.\n\n\n"The strategic significance of expanding into publishing can't be\noveremphasized," commented Derek van der Plaat, SilverBirch CEO. "Being a\ndeveloper and a publisher will allow us to further diversify our revenue\nstreams and capture a greater proportion of the video game industry value\nchain."\n\n\n"The synergies between our two companies made the decision to become part\nof SilverBirch an easy one for us. This deal will help Lighthouse to further\ndevelop our business and access vertical market opportunities as we continue\nto expand the Lighthouse brand," said Steve Wall, Executive VP and co-founder\nof Lighthouse Interactive.\n\n\nSilverBirch intends to acquire all of the outstanding shares of\nLighthouse for a purchase price of up to CAD $4.0 million payable by way of\n$1.25 million in cash, a $400,000 vendor note, 3.85 million common shares of\nSilverBirch, and an earn-out based on fiscal 2008 financial performance. The\ntransaction is subject to further due diligence and formal approval of the TSX\nVenture Exchange and SilverBirch board.\n\n\nIn other business, the company announced the cancellation and return to\ntreasury of 500,000 common shares held in escrow for ZIM Corporation, due to\nthat company's inability to deliver a customer forming part of the July 2007\nasset purchase. The Board has also approved the deferral of the previously\nannounced Hip Pocket debenture financing following mutual agreement to allow\nthat company to gain more customer traction before revisiting a funding\ndiscussion with its principals.\n\n\nAbout SilverBirch Inc.\n\n\nToronto-based SilverBirch Inc. is a fully integrated developer, publisher\nand distributo...

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