Mike The Pike Productions Announces Rescission of Asset Purchase Agreement with VGTel, Inc.; Assets Returned
Los Angeles, California--(Newsfile Corp. - April 17, 2020) - Mike The Pike Productions (OTC Pink: MIKP) (MIKP) ("MPP") ("the Company"), an entertainment production company specializing in Intellectual Property Acquisition and Development, announces today that it has agreed to and executed a Rescission and Termination Agreement with VGTel, Inc. (OTC Pink: VGTL) (VGTL) ("VGTL"), a holdings company with a focus on acquisitions and investments in horizontally and vertically integrated brands.
On February 18, 2019, VGTel and MPP entered into an Asset Purchase Agreement (the "APA"), pursuant to which VGTel acquired certain assets of MPP set forth on Schedule A thereto (the "Assets") in exchange for which VGTel issued to MPP an 8% Senior Secured Convertible Redeemable Promissory Note in the principal amount of $400,000 (the "Note").
In order to secure VGTel's obligations under the Note, the parties also entered into a Security Agreement, dated February 18, 2019 (the "Security Agreement" and together with the APA and the Note, the "Transaction Documents").
The Companies have since agreed to rescind the transactions in their entirety and VGTel, Inc. has returned the assets to Mike The Pike Productions, which include its interest, ownership and/or participation in the following properties:
Beyond White Space
Children of the Night
George R.R. Martin's The Skin Trade
HorrorHive (streaming/user created content)
The Company is also in discussions with rightsholder Barry Ira Geller with intent to purchase the television/film rights to Lord of Light by Roger Zelazny.
Mark B. Newbauer will serve as CEO of Mike The Pike Productions and remain on call at VGTel, Inc. toward working with new management to ensure long-term growth potential alongside VGTel's new direction announced last week.
The Company is actively working this week to update OTCIQ toward current information tier on OTC Markets. The rescission agreement(s) will be posted after the OTCIQ account is open with OTC Markets to update.
It will also begin to identify and select additional officers with expertise in the field as well as key individuals to serve as Directors and/or strategic advisors.
www.mikethepike.com will serve as the website for the Company and it is currently under reconstruction.
Newbauer comments, "We are grateful to have retained the services of the team at Bevilacqua PLLC as our securities counsel to help ensure the best path forward in executing our plans for growth In the Company. We are positioning the Company and its assets for growth and have been working diligently to do so."
The landscape for developing and exploiting intellectual property is currently robust. The demand for scripted shows may be outpacing the capacity of studios to produce them. And the hunt for juicy source material has translated to a wider search field in recent years: Buyers are often looking at backlist (read: older) book titles, popular podcasts, newspaper features, even Twitter feeds. (https://variety.com/2019/biz/news/tv-intellectual-property-1203123268/) With around 520 original series set to premiere on television in 2019, a 69% increase in the past five years, the demand for source material and existing intellectual property in Hollywood is greater than ever. (https://variety.com/2018/tv/features/intellectual-property-explosion-adaptations-film-tv-1203018514/)
Newbauer continues, "We believe that this is the best time there has ever been to be a content creator, producer and owner of media intellectual property rights. Mike The Pike's business model enables us to leverage this trend by participating in the market in a cost-effective manner, which significantly mitigates risk while allowing for significant return on multiple streams of income."
About Mike The Pike Productions:
Mike the Pike Entertainment is an IP Acquisitions and Development company with a focus that includes Feature Films, Television, New Media and Graphic Novels. The Company has ownership and/or participation in a stable of high profile intellectual property
About Mark B. Newbauer:
Mark B. Newbauer graduated from the renowned film and producer's track at Columbia College Chicago as well as The Second City Chicago Training Center. He is currently producing Image Comics' The Mice Templar by Glass/Oeming/Santos, as well as George R.R. Martin's The Skin Trade, among others.
More on Mark Newbauer and his career in film can be found at IMDB.com at https://tinyurl.com/y4ure6em.
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Cautionary Statement Regarding Forward-Looking Statements:
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to the Company, its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
Mark B. Newbauer, CEO
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