LAS VEGAS--(BUSINESS WIRE)--Interlink Plus, Inc. (“Interlink” or the “Company”) (OTC: ITRK) is pleased to announce that it has entered into a non-binding letter of intent (“LOI”) dated December 16, 2019 with Loop Media, Inc. (“Loop Media”) pursuant to which the parties will complete a merger or some other form of business combination that will result in Loop Media becoming a wholly-owned subsidiary of the Company (the “Transaction”).
Transaction
The final structure of the Transaction will be determined by the parties following the receipt of tax, corporate and securities law advice. The Transaction is an arm’s length transaction and pursuant to the terms of the LOI the parties intend to sign a definitive agreement (the “Definitive Agreement”) in respect of the Transaction on or before December 31, 2019, with an expected closing by the end of January 2020. The Company anticipates selling its current assets and business operations prior to the closing of the Transaction.
Under the terms of the LOI, all of the issued and outstanding common stock in the capital of Loop Media (the “Loop Shares”) will be exchanged for common shares in the capital of the Company. Upon completion of the Transaction, the holders of the Company's outstanding capital stock prior to the Transaction will retain approximately 17% of the issued and outstanding capital stock of the Company post-Transaction, on a fully diluted basis. The Company intends to implement a 2 for 3 reverse split of all of its issued and outstanding securities after the Transaction closes.
Effective on the closing of the Transaction, the current members of the board of directors of Loop Media will join the board of directors of the Company, and the existing management team of Loop Media will replace the current management of the Company.
Completion of the Transaction is subject to a number of conditions, including but not limited to the following key conditions:
- execution of the Definitive Agreement;
- completion of mutually satisfactory due diligence; and
- receipt of all required regulatory, corporate and third party approvals, including the approval of the stockholders of Loop Media and the fulfillment of all applicable regulatory requirements and conditions necessary to complete the Transaction.
Loop Media
Loop Media, Inc., is an innovative premium streaming media company building products and solutions for both businesses and consumers. Loop improves the entire viewing experience for premium short-form content by focusing on venues and consumers in the evolving frontier of digital out-of-home, streamlining the public-to-private viewing experience. Loop’s growing library of over 200,000 music videos and film, game and TV trailers can be viewed in many popular hospitality, dining, and retail venues; on leading branded media and entertainment sites; and on over-the-top TV platforms and IPTV devices. To learn more about Loop products and applications, please visit online at Loop.tv
Interlink Plus
InterLink Plus is a professional Trade Show Services provider in Las Vegas offering a wide array of affordable trade show services including staffing, marketing, booth design and set up. Interlink Plus also operates various types of travel programs domestically and internationally maintaining the highest standard of credibility in the travel and tourism industry.
Learn more at www.interlinkplus.com
Forward-Looking Information
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans”, “ expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning the Transaction. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
