Business
Las Vegas Railway Express, Inc. (OTC PINK: XTRN) accepts offer to Sell the Company for $20 million in Cash and Stock to X Rail Entertainment
Las Vegas Railway Express, Inc. (OTC PINK: XTRN) accepts offer to Sell the Company for $20 million in Cash and Stock to X Rail Entertainment.
About this update from United Rail, Inc.
[{"type":"text","content":"\n \n \n Las Vegas Railway Express, Inc. (OTC PINK: XTRN) accepts offer to Sell the Company for $20 million in Cash and Stock to X Rail Entertainment\n \n \nLas Vegas Railway Express, Inc. (OTC PINK: XTRN) accepts offer to Sell the Company for $20 million in Cash and Stock to X Rail Entertainment\n \n LAS VEGAS, NV--(Marketwired - May 31, 2017) - Las Vegas Railway Express, Inc. (OTC PINK: XTRN) CEO Wayne Bailey announced today that the Board of Directors of XTRN has voted to accept the tender offer from XREE for $20 million in cash and stock. \"We believe this offer from X Rail Entertainment, Inc. is a good deal for our shareholders as it will bring much needed financial support to our company,\" stated CEO Wayne Bailey. \n Las Vegas Railway Express, Inc. has seen its share price plummet from $3.00 per share in early 2014 to a fraction of a penny today due in large part to active convertible debt instruments which drove the price down through massive selling. XTRN was forced to license its X Train brand to XREE in order to remain in business. The offer by XREE is a repurchase of the royalty stream from the X Train brand license.\n XTRN is to receive 5,714,285 shares of XREE in exchange for 100% of the XTRN capital stock. XTRN shareholders hold approximately 1.7 billion shares which would mean each shareholder of XTRN would receive one share of XREE common stock for approximately every 300 shares of XTRN stock they hold. The exchange of shares will be managed by Las Vegas Railway Express, Inc. The closing will occur when XREE receives a total of 60% of the outstanding XTRN shares on exchange. All shares exchanged for XREE shares shall bear a 144 restrictive legend and all XTRN shareholders will be able to exchange their shares within 30 days of closing date which is May 31, 2017. In the event they opt not to exchange their shares the shareholders will remain as shareholders of XTRN with current amount of shares. All inquiries concerning the share exchange should be sent to [email protected].\n X Rail Entertainment, Inc. (OTC PINK: XREE) www.xrailentertainment.com, owner of the X Wine Railroad, X Train, and Club X Train membership businesses, CEO Michael Barron today stated, \"This is a consolidation of all of the X Train brands still held under a royalty agreement between X Rail Entertainment, Inc. (XREE) and Las Vegas Railway...