Mike The Pike Productions, Inc. Receives Interest to Purchase ServeNation™ Prepaid Reloadable Debit Program

Date : 11/01/2011 @ 9:15AM
Source : Business Wire
Stock : Mike The Pike Productions, Inc. (GM) (MIKP)
Quote : 0.0001  0.0 (0.00%) @ 2:05AM
Mike The Pike Productions, Inc. (GM) share price Chart

Mike The Pike Productions, Inc. Receives Interest to Purchase ServeNation™ Prepaid Reloadable Debit Program

Mike The Pike Productions, Inc. (GM) (USOTC:MIKP)
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Mike the Pike Productions, Inc. (Pink Sheets: MIKP) announces today that it has received interest from a qualified private party to purchase ServeNation, a company owned by MIKP, based in the rapidly growing prepaid card industry.

The company is considering the offer toward further discussion to identify the benefits of such purchase and how it would benefit Mike The Pike Productions long-term. MIKP CEO, Mark B. Newbauer states, “We’ve received a verbal offer and are confident of the party’s capability to perform. Likewise, the investor is well-poised to fast-track ServeNation’s business plan.”

He continues, “At this point, the offer is attractive in that, as stated, it involves an equity participation in the program for MIKP and its shareholders and would potentially provide sustainable cash flow to the company for its feature film projects. It’s important to note that these are early stages of discussion.”

A leading industry research and advisory firm, Mercator Advisory Group, stated in their Seventh Annual Prepaid Card Forecast that The total dollars loaded onto prepaid cards will climb to $672 billion over the next three years, which is more than double the $330.03 billion loaded onto these cards in 2009. They forecast that the market will grow to $549.7 billion by 2012.

Newbauer concludes, “If all terms are attractive toward a final negotiation, I believe a deal like this could be a very big win for Mike The Pike Productions, allowing us to maintain participation in the lucrative prepaid realm, while maximizing focus on the feature films and graphic novels as, with White Space and GRRMs The Skin Trade, the company’s opportunities in the entertainment industry are stronger than ever.”


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Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.

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