Business & Finance
Business and Finance
Business and Finance
Wed, September 21, 2011
Tue, September 20, 2011 Mike the Pike Productions, Inc. Issues Notice of Default to Advanced Content Services, Inc. for ServeNation Business Model
LOS ANGELES--([ BUSINESS WIRE ])--[ Mike the Pike Productions, Inc. ] (Pink Sheets: MIKP) ([ www.mtpprods.com ]) announces today that it has submitted a formal notice of default to Advanced Content Services, Inc. (Pink Sheets: ADCS) regarding its proposed acquisition of MTPa™s ServeNation early last year.
ServeNation ([ www.servenation.com ]) is a prepaid debit card platform in a $300+ billion market, implementing a aGive while you Livea™ consumer/spending lifestyle that looks to harvest sustainable connection and awareness among consumers, corporations and charitable/non-profit organizations.
The company was to be sold to Advanced Content Services, Inc. under a friendly acquisition agreement which, to date, according to MIKP Board and its consultants, has not been paid for in line with the original agreement, which calls for payment, over time, in a combination of shares in ADCS and cash.
Though the shares have been delivered to MIKP, no cash payments to date have been made, giving MIKP the right, under the Notice of Default, to recall ownership of the ServeNation name, business model and intellectual property therein if agreed upon payment is not made by October 1st, 2011.
Mike The Pike Productions recently completed principle photography on its sci-fi thriller, a[ White Space ]a™, starring [ Holt McCallany ] (The Gangster Squad, Bullet to the Head), and is currently in post-production toward worldwide sales agreements. The film is the first on the studioa™s slate, which includes aThe Skin Tradea™ based on award winning author [ George R.R. Martin ]a™s novella by the same name. Martin is the author/creator behind HBOa™s Emmy Nominated a[ Game of Thrones ]a™.
Check out IPOdesktopa™s Mike the Pike Productions Analyst Report
[ http://www.gaskinsco.com/linkto-mikp.shtml ]
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Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
