LOS ANGELES, CA--(Marketwired - Mar 25, 2014) - Global Gaming Network, Inc. (PINKSHEETS: GBGM), www.GlobalGamingNetwork.com, announced today that it had entered into a non-brokered Private Placement Agreement with Carebourn Capital. The funds invested by Carebourn may convert into equity only after a full fifteen (15) month vesting period and the capital raised will be used primarily to expand the company's presence in the booming online gaming industry.
"We have been working diligently to achieve several key milestones which will greatly enhance shareholder value, including collaborating with friendly financing partners who share in our long term online gaming vision. We can now move forward to execute aggressively on several key areas of newly emerging growth we have already been developing while continuing to seek out additional sources of corporate financing," said Stephen Kern, President of GBGM.
"We believe that GBGM has already established an excellent foundation for success in the online gaming sector and positioned themselves at the forefront of what we believe is going to become an explosive sector of growth. This Private Placement cash infusion represents the first tranche of our commitment to provide GBGM financial support to assist in its operational goals in 2014 and beyond," said Chip Price of Carebourn Capital.
About Global Gaming Network, Inc.:
Global Gaming Network, Inc. is a developer, distributor and aggregator of digital entertainment and sports information for online and mobile platforms. It owns and operates SportsAlert.com, the leading independent provider of sports information via digital alerts in North America, and AmpedFantasy.com, a daily/weekly fantasy league business operating in both the B2C and B2B spaces.
This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward‐looking public statements concerning its expected future operations, performance and other developments. Such forward‐looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such.