|Careers · Site Map · Contact Us|
Register to receive IPVG Stock Quotes and News alerts via SMS and/or email.
List of Press ReleasesJune 2011 IP E-Games announces plans to acquire I.T. Log brand of Internet cafes
Makati, Philippines; 29 June 2011 â€“ IP E-Game Ventures, Inc. (E-Games or the Company), the publicly listed online gaming subsidiary (PSE: EG) of technology firm IPVG Corp. (PSE: IP) has made known today its plans of acquiring I.T. Log Park Inc. (I.T. Log). The latter operates one of the fastest growing Internet Cafes in the country, with a total of 32 branches.
The parties have signed an agreement and target completion of the sale and purchase of not less than 75% of the outstanding capital stock (Majority Stock) of I.T. Log within the next 60 days. The completion is subject to a confirmatory due diligence. Today, the parties placed in escrow the Majority Stock and the indicative purchase price in anticipation of the closing of the acquisition.
I.T. Log is made up of 12 company-owned and 20 franchised branches strategically located in mixed commercial and residential areas, making them highly accessible to both pedestrians and motorists. Most of I.T. Logâ€™s Cafes are open 24 hours to better accommodate the demands of over 10,000 of its regular daily customers.
E-Games is one of the leading online games publishers in the country and holds top MMORPG (Massively Multiplayer Online Role Playing Game) titles such as: RAN Online, CABAL Online, and Granado Espada.
â€œI.T. Log services a specific segment of the market which is not served by our other Internet cafe chains,â€ CEO of E-Games, Enrique Gonzalez, states. â€œAs such, we see this acquisition as helping us complete our formula of becoming the end-to-end provider across all segments of the Internet cafe sector. We look forward to successful completion of the transaction.â€
Arch. Michael Yee, President of I.T. Log, comments, â€œI.T. Log Park believes that its partnership with E-Games will result in giving quality Internet cafes to more [people] at affordable prices. [Pending the completion of the agreement] I.T. Log Park and E-Games will continue to strive for excellence, knowing that Internet technology not only educates, informs and entertains, but likewise provides opportunities for small start-up entrepreneurs through e-commerce. Internet Cafes made all these accessible to the ordinary Pinoy and we would like to make it available to more.â€
Last April, E-Games successfully concluded its transaction to purchase the Netopia Internet cafes. More recently, the Company also signed an agreement with another i-cafÃ© company, CyberOne Technology Corp., to acquire its chain of 23 branches. E-Games intends to expand its leadership in the Internet cafÃ© space. Pending completion of the Companyâ€™s ongoing transactions, the acquisition of I.T. Log will give E-Games roughly 170 i-cafÃ© branches. The transaction is aimed at solidifying the Companyâ€™s strategy in forming a digital consumer platform.