SP Holding Corporation (OTCBB:SPHD - News) and Planetwide Games, Inc. ("Planetwide Games") a privately held innovative provider of branded online video games and proprietary software, based in Orange County, California, jointly announced today that they have signed a letter of intent to merge.

Under the terms of the letter of intent, the parties will enter into a definitive merger agreement whereby SP Holding Corporation will merge with Planetwide Games by issuing common shares of SP Holding Corporation common stock in exchange for all outstanding Planetwide Games common shares and the assumption of Planetwide stock options and warrants. Upon completion of the transaction, SP Holding Corporation stockholders will own approximately 5% of the post-merger company and Planetwide Games stockholders will own approximately 95% of the post-merger company, on a fully diluted basis. The combined companies will be renamed Planetwide Games, Inc. and continue Planetwide Games' current business.
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