Player's Network, Inc. (OTCPK:PNTV) entered into a binding letter of intent to acquire substantially all assets of LCG Business Enterprises, LLC for $5 million on May 10, 2018. Under the transaction, consideration for the acquisition is $5 million in cash, of which $1 million was paid at closing, with the remaining $4 million to be paid in four monthly installments of $1 million each and assumption of LCG’s trade payables. Pursuant to the purchase agreement, Players Network and LCG entered into a management agreement pursuant to which Players Network pay LCG a percentage of Net Profits generated by the business conducted at the Facility until all four remaining installments of the cash purchase price have been paid in full. As on May 23, 2018, Players Network obtained a convertible loan in the principal amount of $1.1 million. The proceeds of the loan were used primarily to fund the closing payment due under the agreement. The transaction is subject to customary closing conditions, including Player's Network shall have executed Management Agreement and the Assignment of Lease and Mike Gregory shall have executed a consulting agreement with Player's Network. Bruce H. Seyburn of Seyburn Kahn, P.C. and Aaron Johnson of JRG Attorneys at Law, LLP acted as legal advisors for Player's Network. Paul Moncrief of Moncrief & Hart acted as legal advisor for LCG. Player's Network, Inc. (OTCPK:PNTV) completed the acquisition of substantially all assets of LCG Business Enterprises, LLC on May 24, 2018.