Attached files
| file | filename |
|---|---|
| 8-K - SouthPeak Interactive CORP | v190551_8k.htm |
| EX-10.1 - SouthPeak Interactive CORP | v190551_ex10-1.htm |
SouthPeak
Secures New $10 Million Line of Credit
MIDLOTHIAN, VA – July 14, 2010 – SouthPeak
Interactive Corporation (OTC Bulletin Board: SOPK) today announced that it has
secured a $10.0 million asset-based line of credit through February 28, 2012
with Rosenthal & Rosenthal, Inc., a leading privately held financial
services and factoring firm. Under the terms of the factoring agreement, the
amount is subject to increase up to an additional $3.0 million if SouthPeak’s
stockholders’ equity increases. The new credit facility increases and replaces
the Company’s previous $8.0 million revolving line of credit with SunTrust
Banks, Inc.
Pursuant
to the new factoring agreement with Rosenthal & Rosenthal, SouthPeak repaid
in full its aforementioned SunTrust revolving credit line, which was
collateralized by gross accounts receivable, personal guarantees, and a pledge
of personal securities and assets by two Company shareholders, one of whom is
the Company’s Chairman, and certain other affiliates.
“Securing
this additional credit provides us with greater financial flexibility and
presents a clear message to our investors that we are confident of our business
prospects and growth opportunities over the near- and long-term,” said Terry
Phillips, SouthPeak’s Chairman of the Board. “We continue to execute on our
growth strategy to introduce new games that build our extensive portfolio. Our
popular titles provide us with a significant opportunity to enhance our
portfolio as well as enter new high-growth categories and expand our digital
reach to further increase our brand equity.”
About
SouthPeak Interactive Corporation
SouthPeak
Interactive Corporation develops and publishes interactive entertainment
software for all current hardware platforms including: Xbox 360® videogame and
entertainment system from Microsoft, PlayStation®3 computer entertainment
system, PSP® (PlayStation® Portable) system, PlayStation®2 computer
entertainment system, Wii™, Nintendo DS™, iPhone and Windows PC. SouthPeak's
games cover all major genres including action/adventure, role-playing, strategy,
racing, puzzle, sports and edutainment. SouthPeak's products are sold in retail
outlets in North America, South and Central America, Europe, Australia and Asia.
SouthPeak is headquartered in Midlothian, Virginia, and has offices in
Grapevine, Texas and Leicester, England.
SouthPeak’s
extensive portfolio of over 60 interactive entertainment games spans a variety
of platforms and genres including RPG, simulation, FPS, sports, strategy, puzzle
and fighting.
For
additional information, please visit SouthPeak’s corporate website:
www.southpeakgames.com