LOS ANGELES, March 05, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Mike The Pike Productions (OTC: MIKP) (“the Company”), an entertainment production company specializing in Intellectual Property Acquisition and Development, announces today that it has agreed to and executed a sale of certain media assets to VGTel, Inc. (OTC:VGTL) (“VGTL”), an entertainment and media holdings company with a focus on acquisitions and investments in horizontally and vertically integrated companies and technology.
The Company’s Board has authorized and executed the asset transaction to include MIKP’s participation in key intellectual property, details of which will be disclosed in a subsequent announcement.
VGTel, Inc. has issued a Senior Secured Convertible and Redeemable Promissory Note to the Company for $400,000, bearing an interest rate of eight percent (8%) per annum and due 2 years from the date of issuance as consideration for the acquisition of those certain media related assets.
VGTL has acquired the domain www.mikethepike.com for its newly formed subsidiary, Mike The Pike Entertainment LLC, which will specialize in Acquisition and Development of E&M IP. This entity is not otherwise affiliated with Mike The Pike Productions and the use of name and branding was proposed for the purpose of continuity of brand integrity.
VGTL Board has approved new management to include Mark B. Newbauer as Chairman and CEO for VGTL.
Mike The Pike Productions will actively seek 211 sponsorship, or otherwise, toward pink sheet current status alongside appointment of new officers and ownership to best serve the Company and its shareholders as it phases out of its current business model.
Newbauer states, “We are thrilled with the opportunity this transfer allows shareholders of both companies. It is my intention to issue a dividend of VGTL shares to MIKP shareholders in line with the Promissory Note amount and any accrued interest on or before its due date. I realize we have been on a very long path together and believe that this transition will bring value to all involved. I have grown as a leader, a businessman and, most importantly, as a person. This is much thanks to the leadership training and personal development I have received the past 2 plus years at another company with which I am associated. I will work tirelessly to lead by example and am humbled by the opportunity to serve shareholders in cultivating impactful fundamental growth in line with our goals.”
The Company is actively working to update OTCIQ, websites and social media to reflect its path forward.
Cautionary Statement Regarding Forward-Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to the Company, its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
Mark B. Newbauer, CEO