SouthPeak Interactive and Global Services Partners Acquisition Corporation have announced a merger resulting in a new publicly-held entity to be known as SouthPeak Interactive Corporation.
The existing executive management, Terry Phillips and Melanie Mroz, will become Chairman and CEO, respectively, of the new company.
SouthPeak expects to achieve approximately USD 30 million in revenues for its fiscal year ending June 30, 2008, which represents 140 per cent growth over fiscal year 2007 revenues.
The transaction values SouthPeak at approximately USD 31 million based on the stock sale price as of January 15, 2008. The consideration paid at closing will be comprised of 5,000,000 shares of common stock and USD 5 million in cash.