Play LA Inc. (OTCBB: PLLAF) ("the Company"), announces that NFC Data
Inc. has withdrawn from the Share Purchase Agreement that they signed
with Play LA Inc. on December 12th, 2012, a proposed
transaction that would have seen the Company exchange shares and acquire
the business and assets of NFC Data Inc. in a deal that valued NFC Data
Inc. at $7,500,000. The Company further notes that this was a unilateral
decision made by NFC Data Inc., and that Play LA Inc. fully intended to
complete the transaction.
Geoff Cairns, CEO of NFC Data Inc., advised the Company of the
withdrawal after entering into agreements with private investors to sell
a portion of NFC Data Inc. equity that he stated would value NFC Data
Inc. at approximately $25,000,000.
The Company is currently exploring all of its legal options and recourse
in this matter in all jurisdictions that may be involved.
About Play LA Inc. ( www.playlainc.com
)
Play LA Inc. is an international online publishing company that owns and
operates a global network of multi-language websites. The Company
currently owns and operates 14 websites that reach hundreds of thousands
of people across the UK and Europe each month, who are specifically
looking for the unique sports news, advice and tournament information
published throughout Play LA’s websites for the Sports, Casino Games and
the Poker industry.
Forward-Looking Statements:
This press release includes forward-looking statements as determined by
the U.S. Securities and Exchange Commission (the "SEC"). All statements,
other than statements of historical facts, included in this press
release that address activities, events, or developments that the
Company believes or anticipates will or may occur in the future are
forward-looking statements. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors, which may
cause the actual results, performance or achievements of the Company to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
The Company does not intend (and is not obligated) to update publicly
any forward-looking statements. The contents of this press release
should be considered in conjunction with the warnings and cautionary
statements contained in the Company's recent filings with the SEC.
Company Contact:
Play LA Inc.
David Hallonquist
www.playlainc.com
246-431-0493
To view this press release as a PDF, please click on the following link:
http://www.usetdas.com/pr/playla12032013.pdf
Copyright Business Wire 2013