IC Places and Punch Television Networks Sign Letter of Intent
LOS ANGELES, June 15, 2012 /PRNewswire/ -- IC Places Inc. (OTCQB: ICPA) -- IC Places, Inc. is pleased to announce it has signed a Letter of Intent to acquire Punch Television Networks.
Under the agreement IC Places will acquire all the assets of Punch TV Network including all Television Station Licenses, All re-broadcast agreements, rights to all television shows on its roster and all current advertising contracts. The finalized deal is expected to close the first week of July 2012. Upon completion Joseph Collins, president of Punch TV Network, will join IC Places in the capacity of CEO and sit as joint Chairman of the Board with IC Places' current President and Chairman, Steven Samblis. Mr. Collins will focus on continued expansion of the TV network while Mr. Samblis will focus on expansion of the New Media area of the business.
Making a Bigger Noise
Merging new media with traditional television we will extend the Punch TV Network experience to every walk of life. Capitalizing on in-home and out-of-home touch points we will reach people from the moment they wake up until the time they fall asleep at night.
With this new immersive network, IC Places can take any advertiser's needs and market them across all the demographic profiles.
Using its distribution footprint, IC Places will introduce millions of people a month to the newest and latest shows on Punch TV Network.
Steven Samblis, President of IC Places, said, " It is a very exciting time for for both Punch TV Network and IC Places. Combining new media with traditional media on this level has not been done in recent history in the way we are doing it. The major difference is, both of our companies are at their very infancy and each ready to explode looking to be profitable for the first time this year. I am equally excited to have another entrepreneur as part of our team. Much like myself Joseph Collins built Punch from nothing and did things people would tell him where impossible. Joseph and I share the belief that nothing is impossible. If you can conceive it and believe it, you can achieve it."
About the new venture, Joseph Collins said, "We are excited to be joining with IC Places. We believe that the combination of IC Places and Punch TV Network not only joins old and new media, but also will create tremendous cross marketing of services and significant expansion of our current footprint thereby allowing more households to experience the exciting and creative shows developed by Punch TV. Naturally, with the expansion of our base, we see significant opportunities to continue to increase revenue, acquire new television and broadcast assets and continue to attract new talent to our network. We held our first Up-Front in May of 2012 and we are expecting advertising commitments of approximately $10 to $15 million dollars."
About Punch Television Networks
Launched on Wednesday, October 19, 2011, shortly after Columbus Day, Punch TV is, in many ways, also an explorer. Instead of spending the normal costs of $100 million to launch, Punch TV spent $10 million. Rather than launching by airing re-runs of popular and loved shows, Punch TV has 70% original programming.
And now, Punch TV Network extends its originality even further when in May of this year the company introduced its Fall lineup of shows to prospective advertisers and/or their representatives. The success of the Up-Front resulted in commitments of twelve million dollars in advertising dollars to Punch TV's fall line-up of shows.
At Up-Front, Punch TV Network introduce 17 of its roster of 36 new dramas, comedies, variety shows, talk shows, children's shows, and inspirational entertainment. The event was attended by a number of celebrities including Blair Underwood, Bill Duke, Dawnn Lewis, Obba Babatunde, Omar Gooding, Damian Hall, Fonzworth Bently, Kiki Shephard, Lorraine Toussaint, and many others.
Punch TV Network, with a presence this Fall in more than 100 cities, does, indeed, personify the spirit of independent television. Punch TV! "Are you thirsty yet?"
About IC Places:
IC Places is a New Media company that produces weekly entertainment content for several different mediums. In 2012 it hit a milestone of signing partnership agreements to place its content before more then 300 million people a month, giving the company one of the largest distributions foot prints on the planet. This foot print includes online partnerships with Mevio.com and terrestrial partnerships which delivers it's content to Checkout TV Network, HDTV Network, Dining Network, Bright House on demand and two upcoming new networks launching in July of this year.
At the core, IC Places is a network of 350 city based entertainment websites. This foundation allows IC Places the unique advantage having a built in fan based for the TV and New Media programs it produces.
Each IC Places City website offers a virtual keyhole view of life in each community. Every unique aspect of a city's social, business, and cultural life is available right at each city's IC Places homepage. IC Places provides the entire community a place to talk, do business and get connected. Businesses are given amazing tools to tell their stories in the best way possible and visitors get unfettered access to businesses, events and people in each city. To see one of the IC Places City sites in action, please visit http://www.icPlaces.com.com/orlando.
IC Places Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE IC Places, Inc.