Las Vegas Railway Express, Inc. (OTC PINK: XTRN) accepts offer to Sell the Company for $20 million in Cash and Stock to X Rail Entertainment
(firmenpresse) - LAS VEGAS, NV -- (Marketwired) -- 05/31/17 -- Las Vegas Railway Express, Inc. (OTC PINK: XTRN) CEO Wayne Bailey announced today that the Board of Directors of XTRN has voted to accept the tender offer from XREE for $20 million in cash and stock. "We believe this offer from X Rail Entertainment, Inc. is a good deal for our shareholders as it will bring much needed financial support to our company," stated CEO Wayne Bailey.
Las Vegas Railway Express, Inc. has seen its share price plummet from $3.00 per share in early 2014 to a fraction of a penny today due in large part to active convertible debt instruments which drove the price down through massive selling. XTRN was forced to license its X Train brand to XREE in order to remain in business. The offer by XREE is a repurchase of the royalty stream from the X Train brand license.
XTRN is to receive 5,714,285 shares of XREE in exchange for 100% of the XTRN capital stock. XTRN shareholders hold approximately 1.7 billion shares which would mean each shareholder of XTRN would receive one share of XREE common stock for approximately every 300 shares of XTRN stock they hold. The exchange of shares will be managed by Las Vegas Railway Express, Inc. The closing will occur when XREE receives a total of 60% of the outstanding XTRN shares on exchange. All shares exchanged for XREE shares shall bear a 144 restrictive legend and all XTRN shareholders will be able to exchange their shares within 30 days of closing date which is May 31, 2017. In the event they opt not to exchange their shares the shareholders will remain as shareholders of XTRN with current amount of shares. All inquiries concerning the share exchange should be sent to .
X Rail Entertainment, Inc. (OTC PINK: XREE) , owner of the X Wine Railroad, X Train, and Club X Train membership businesses, CEO Michael Barron today stated, "This is a consolidation of all of the X Train brands still held under a royalty agreement between X Rail Entertainment, Inc. (XREE) and Las Vegas Railway Express, Inc. (XTRN)". The offer would deposit into XTRN the total of $20 million in cash and securities in exchange for 100% of the Company. The cash amount is capped at $100,000 or less to pay for legal and accounting fees associated with this transaction and to see some legal actions concluded.
XTRN will continue to trade as a public company but will be a subsidiary of X Rail Entertainment, Inc.
The company Las Vegas Railway Express, Inc. is a publicly traded company under the OTC Pink: XTRN symbol. It holds a royalty license from X Rail Entertainment, Inc. for 5% of revenue derived from the use of the X Train brand. The company has been relatively inactive since 2015 when it ran out of cash.
For further information about our company, view our website at or look up our trading symbol at : Pink: XTRN
(OTC PINK: XREE)
X Rail Entertainment, Inc. is in the rail service business and operates specialty passenger trains from metropolitan areas in the US to vineyards and resort gaming/casino destinations. XREE is a licensed IATAN travel agency, , which books excursion rail travel for passengers. or .
Contact:
Success City Online
Ms. Maria Bailey
(702) 271-0591
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Datum: 31.05.2017 - 13:30 Uhr
Sprache: Deutsch
News-ID 545489
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