Orlando, FL 11/30/11 (StreetBeat) --Latitude Global, Inc., a privately-held entertainment company in Jacksonville, FL signed a definitive agreement on November 10, 2011 to merge with a publicly traded company, Blink Couture, Inc. (Pinksheets: BLKU.PK). LGI is a full service entertainment corporation founded in 2009.LGI offers the latest in cutting-edge entertainment venues that include state-of-the-art video games, luxury bowling lanes, movie screening rooms with food service, a Vegas-style showroom, a high-tech sports bar and a variety of Nuevo-American casual dining areas. On the heels of public offerings of companies offering similar, one or two dimensional venues, LGI continues to develop superior, next-generation family entertainment centers, where studies show that many markets are under-served for revolutionary establishments of this type. Recent research suggests that there are as many as 60 cities in the United States alone that could support a family entertainment "Latitude-type" facility. Latitude Global plans to open ten additional venues within five years and is well positioned to take advantage of the distressed commercial real estate market. LGI has had the ability to acquire its first three locations at prices that are significantly below replacement cost (land + site development + shell) while existing competitors have higher legacy real estate costs (whether leased or owned) that reflect much higher market valuations. LGI believes it is poised to capitalize on a 'once-in-a-generation' real estate opportunity and deliver multi-dimensional entertainment destinations in desirable "A" locations that provide an upscale menu, multiple entertainment options including live shows in ultra-modern facilities.
President of Latitude Global Gregory Garson said, "We are extremely pleased with the proposed merger with Blink Couture as it affords us the significant opportunity to move forward with our plans for national expansion beyond our second and third locations in Indianapolis, IN and Pittsburgh, PA. Our goal is to expand to 10 locations over the next 3-4 years and this merger with Blink Couture and partnering with Regent is designed specifically to help us achieve these goals."
The agreement with Blink Couture was reached through negotiations with the company and Regent Private Capital, the majority shareholder of Blink Couture. The Managing Director of Regent Private Capital is Lawrence D. Field. Mr. Field commented, "We are excited to be associated with the next generation of family entertainment centers and look forward to our future relationship."
Brent Brown, Latitude Global CEO, concluded, "Our anticipated merger with Blink Couture is consistent with our growth plan. It falls in line with our plan to expand nationally and we believe will assist our company in its access to capital, national visibility and provide liquidity to our investors."
Upon closing of the anticipated merger, the current stockholders of the Blink Couture will retain ownership of 5% of the issued and outstanding shares of the company's common stock and the LGI stockholders, collectively, will acquire 95% of the issued and outstanding shares of the company's common stock, on a fully-diluted basis. Additionally, in connection with the merger, the majority of the outstanding convertible notes of Latitude Global will be converted at closing into shares of Blink Couture common stock at conversion prices dependent on certain factors as established in the merger agreement.
The closing of the merger is subject to certain deliverables by LGI as well as other customary conditions. Following the merger, LGI will seek to change the company's name and will announce the new ticker symbol as soon as practicable. In addition, LGI has agreed to use its best efforts after the closing of the merger, subject to the approval of the Board of Directors and its stockholders, to affect a forward split of the issued and outstanding shares of the company's common stock, in the range of a 4:1 to 6:1 forward split. Should a forward spilt be effected, certain convertible notes held by Regent will be exchanged for common stock in the range of $1.20 to approximately $9.00 per share. No assurances can be given, however, that a forward split will be affected in that range or at all.
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