HENDERSON, NV -- (Marketwire) -- 09/24/10 -- Z3 Enterprises, Inc. (OTCBB: BIBB) announced a series of transactions to provide capital for the acquisition, financing, and production of media related consumer products.
Z3 Enterprises (formerly Bibb Corp.-pending FINRA's change of name) recently announced the acquisition of Usee, Inc. for $105 million in stock of the public company, Z3 Enterprises. A wholly-owned subsidiary, Usee has agreed to sell a portion of the shares received in that transaction for $35,500,000 allowing the wholly owned subsidiary to take a tremendous step closer to its goal of $150 million in funding for its business operations.
Phoenix Productions and Entertainment Group, LLC will acquire 3,000,000 post stock split (6:1) shares of common stock and 10,000 shares of preferred stock of Z3 Enterprises Inc. for $35,500,000 ($10.15 per share). Payments are due in two installments: $2,500,000 scheduled to be made on September 24, 2010 and $33,000,000 due on or before October 27, 2010.
Usee and its assets add revenues of nearly $10 million annually to the company to be reported on upcoming 10Q filings. Upon qualification, the company intends to seek listing on the NASDAQ or American Stock Exchange.
Documents filed with the SEC provide details on these transactions.
Z3 Enterprises, Inc. (formerly Bibb Corp.-BIBB) is a development stage company in the business of entertainment and multi-media production, publishing and marketing. www.z3einc.com Usee, Inc. is a leading provider of VoIP technology. www.useeisee.com.
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