Power Marketing, Inc. and TAG Entertainment, Inc. Complete Merger Transaction.
BEVERLY HILLS, Calif. -- Power Marketing, Inc. (OTC Bulletin Board: PMKT), and TAG Entertainment, Inc., headquartered in Beverly Hills, California, a fully integrated motion picture company whose mission is to provide 'branded' entertainment to a worldwide market, announced today that they have completed their previously announced transaction of the acquisition of TAG by Power Marketing. In the transaction, TAG merged with a subsidiary of Power Marketing and became a wholly-owned subsidiary of Power Marketing, now operating as a separate entity.
Power will change its corporate name to TAG Entertainment Corp. and will obtain a new trading symbol for its Common Stock within the next three to five days. Motivated by current business events in the entertainment industry, Steve Austin, President, TAG Entertainment Corp. stated "The timing was right for TAG to transform to a public entity. Today's headlines reflect a growing trend for entertainment and media companies to consolidate and leverage their respective assets thereby bringing greater value to their stockholders. TAG will follow suit and emerge as a viable company poised to capitalize on key strategic corporate partnerships that impact every phase of the delivery chain."
In connection with the acquisition, the officers and directors of Power Marketing will resign. Mr. Steve Austin, who was the majority shareholder of TAG and its Chief Executive Officer, will temporarily serve as the Chief Executive Officer, Chief Financial Officer and sole director of Power Marketing. TAG will endeavor to recruit additional qualified individuals to satisfy open officer and director positions. TAG anticipates completion of this recruitment process by the close of this calendar year.
Under the agreement announced today, TAG shareholders and warrant holders will receive approximately 21,450,000 shares of common stock of Power Marketing. As a result of the transaction, there will be approximately 23,900,000 shares of Common Stock of Power issued and outstanding on a fully diluted basis excluding approximately 2,000,000 options outstanding of TAG that will be exchanged for new options reflective of the exchange ratio.
Power Marketing has no substantive business operations. As a result of the transaction, it will become a holding company for TAG Entertainment, Inc.
About TAG Entertainment
