Latest Andover Games News
Jun 12, 2013
Ascend does business through subsidiary Andover Games, which will cease to exist after the merger By ALLISON COLLINS Ascend Acquisition Corp. is merging with Kitara Media LLC and New York Publishing Group Inc. in an all-stock deal. The targets will receive 30 million shares of Ascend common stock. Kitara, headquartered in Jersey City, N.J., is an online video services provider. New York Publishing, also based in New Jersey, publishes website and newsletter Adotas, which is geared towards advertising professionals. The deal includes the cancelation of about 26 million shares held by stockholders of Andover Games, a subsidiary of Ascend. Andover Games will cease operations after the deal has closed. The combined company expects revenues of roughly $20 million in 2013 and about $4 million in cash on its balance sheet with no debt. In connection with the transaction, San Francisco-based Ascend plans to change its name to Kitara Media Corp.