Planetwide Merges to Get Public Listing

Planetwide Games, the North American distributor of RYL Online and creator of the recently announced Bluetorch MOX extreme sports MMO, has announced the signature of a letter of intent to merge with SP Holding Corporation. After the merger, Planetwide will be the controlling company with 95% of the company stock, compared to 5% owned by SP. The move seems to have been transacted in order to get Planetwide listed publicly on the stock market and possibly funding continuing growth; as Planetwide CEO Marvin Winkler said, "Planetwide Games is pleased to join with SP Holding Corporation, which will establish Planetwide as a publicly traded company with a strong core shareholder base. Planetwide Games has made significant progress during the past year and we are confident that a public listing will increase our visibility with current and potential partners and better position Planetwide Games to fund and implement its growth plan." The transaction is not yet finalized, pending a definitive agreement between the two companies. Once the deal does go through, both companies will be debt-free and Planetwide, which also recently signed a deal to create a line of video games based on the dirt track racing series including the World of Outlaws Sprint Series, will have roughly $5 million in cash on hand.