Ise Blu Equity Corp. (ISBL:PK) announced today the sale of it's subsidary, LGN Entertainment, to Banx and Green, Inc. The terms of the agreement require Banx and Green to pay Ise Blu Equity Corp. one share of BGGR common stock for every 30 shares of ISBL stock outstanding on February 18, 2008, with these shares being issued to all shareholders of record in ISBL as a dividend.
These shares are expected to begin trading upon the effectiveness of a registration statement that BGGR expects to file for their resale. Also in the agrement, BGGR has the option to purchase all of the remaining assets of ISBL or to merge with ISBL on or before May 31, 2009.
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