April 27, 2010 - 11:03 AM EDT
Print Email Article Font Down Font Up
BMSV Intends to Acquire The Pirate Bay

Apr. 27, 2010 (Business Wire) -- Business Marketing Services, Inc (“BMSV” or the “Company”) a development stage company in Cambridge, MA announced its intent to acquire the domain name thepiratebay.org, and trademarks of The Pirate Bay from Global Gaming Factory X AB of Sweden (“GGF”). Consideration for the purchase is being paid with a promissory note in the principal amount of USD $10M with a maturity date of June 30, 2010. The Note must be paid, at the Company’s option, in cash or by delivery of the number of shares of the Company’s common stock established on the Issuance Date at the choice of the Buyer prior to the Closing Date based on the average volume-weighted price paid for shares in the Buyer during the five trading days immediately preceding the Issuance Date. The Company intends to use the acquired assets to launch a paid for service with licensed content based on next generation filesharing technology. The acquisition is subject to GGF's completion of its acquisition of The Pirate Bay which is also expected to occur on June 30, 2010. GGFs Director and majority shareholder is also a Director and majority shareholder of BMSV.

Source: Business Wire (April 27, 2010 - 11:03 AM EDT)

News by QuoteMedia