EX-99.1
23
v114140_ex99-1.htm
Exhibit 99.1
SouthPeak
Interactive Goes Public and Completes Institutional Financing To Accelerate
Growth Strategy
One
of
the Fastest-Growing Videogame Publishers Trades on OTC Bulletin
Board
Under Temporary Symbol "GSPA"
MIDLOTHIAN,
Va., May 14 /PRNewswire-FirstCall/ -- SouthPeak Interactive Corporation (OTC
Bulletin Board: GSPA, GSPAW, GSPAZ) today announced it has gone public through
the completion of its transaction with Global Services Partners Acquisition
Corp. Upon closing, Global Services changed its name to SouthPeak Interactive
Corporation. Concurrently with the closing, SouthPeak completed an institutional
financing.
"We
are
excited to enter the public markets and receive a very positive response
from
the investment community", said Melanie Mroz, CEO of SouthPeak. "The opportunity
provided through this transaction positions SouthPeak to outpace the industry
in
terms of revenue and profit growth. We believe the combination of our strong
product offering along with our unique business model will drive substantial
shareholder value".
SouthPeak
is a fast-growing videogame publisher with a unique production model that
exclusively utilizes independent studios to source and produce innovative
videogames. This model allows the company to leverage leading-edge development
talent and minimize fixed overhead, thereby maximizing operational flexibility
and profitability.
"With
the
videogame industry experiencing phenomenal growth, we are in a strong position
to capitalize on the rapid market expansion", said Terry Phillips, Chairman
of
SouthPeak. "By securing lasting franchises and approaching the marketplace
with
a diverse platform strategy, we are able to take full advantage of every
revenue
opportunity".
The
videogame industry is growing rapidly with U.S. videogame software sales
expected to grow from $6.5 billion in 2006 to $13.6 billion in 2009, according
to Goldman Sachs. Global videogame software sales are expected to grow to
$55
billion by 2009 as reported by PriceWaterhouseCoopers.
About
SouthPeak Interactive Corporation
SouthPeak
Interactive Corporation develops and publishes interactive entertainment
software for all current hardware platforms including: PLAYSTATION(R)3 computer
entertainment system, PSP(R) (PlayStation(R) Portable) system, PlayStation(R)2
computer entertainment system, Xbox 360(TM) videogame and entertainment system,
Wii(TM), Nintendo DS(TM) and PC. SouthPeak's games cover all major genres
including action/adventure, role playing, racing, puzzle strategy, fighting
and
combat. SouthPeak's products are sold in retail outlets in North America,
Europe, Australia and Asia. SouthPeak is headquartered in Midlothian, Virginia,
and has offices in Grapevine, Texas and London, England. http://www.southpeakgames.com
This
press release contains statements relating to future results that are
"forward-looking statements" as defined in the Private Securities Litigation
Reform Act of 1995. These may differ materially from those projected or
otherwise set forth. These risks and uncertainties include, but are not limited
to: market conditions for SouthPeak's published videogames; market performance
of SouthPeak's videogames and the related impact on revenue and funds
inflows/outflows and operational risks. These forward-looking statements
are
made only as of the date hereof, and we undertake no obligation to update
or
revise the forward-looking statements, whether as a result of new information,
future events or otherwise.
All
trademarks and copyrights contained herein are the property of their respective
holders.

EX - 99 . 1 23 v114140 _ ex99 - 1 . htm Exhibit 99 . 1 SouthPeak Interactive Goes Public and Completes Institutional Financing To Accelerate Growth Strategy One of the Fastest - Growing Videogame Publishers Trades on OTC Bulletin Board Under Temporary Symbol " GSPA " MIDLOTHIAN , Va . , May 14 / PRNewswire - FirstCall / -- SouthPeak Interactive Corporation ( OTC Bulletin Board : GSPA , GSPAW , GSPAZ ) today announced it has gone public through the completion of its transaction with Global Services Partners Acquisition Corp . Upon closing , Global Services changed its name to SouthPeak Interactive Corporation . Concurrently with the closing , SouthPeak completed an institutional financing . " We are excited to enter the public markets and receive a very positive response from the investment community " , said Melanie Mroz , CEO of SouthPeak . " The opportunity provided through this transaction positions SouthPeak to outpace the industry in terms of revenue and profit growth . We believe the combination of our strong product offering along with our unique business model will drive substantial shareholder value " . SouthPeak is a fast - growing videogame publisher with a unique production model that exclusively utilizes independent studios to source and produce innovative videogames . This model allows the company to leverage leading - edge development talent and minimize fixed overhead , thereby maximizing operational flexibility and profitability . " With the videogame industry experiencing phenomenal growth , we are in a strong position to capitalize on the rapid market expansion " , said Terry Phillips , Chairman of SouthPeak . " By securing lasting franchises and approaching the marketplace with a diverse platform strategy , we are able to take full advantage of every revenue opportunity " . The videogame industry is growing rapidly with U . S . videogame software sales expected to grow from $ 6.5 billion in 2006 to $ 13.6 billion in 2009 , according to Goldman Sachs . Global videogame software sales are expected to grow to $ 55 billion by 2009 as reported by PriceWaterhouseCoopers . About SouthPeak Interactive Corporation SouthPeak Interactive Corporation develops and publishes interactive entertainment software for all current hardware platforms including : PLAYSTATION ( R ) 3 computer entertainment system , PSP ( R ) ( PlayStation ( R ) Portable ) system , PlayStation ( R ) 2 computer entertainment system , Xbox 360 ( TM ) videogame and entertainment system , Wii ( TM ) , Nintendo DS ( TM ) and PC . SouthPeak 's games cover all major genres including action / adventure , role playing , racing , puzzle strategy , fighting and combat . SouthPeak 's products are sold in retail outlets in North America , Europe , Australia and Asia . SouthPeak is headquartered in Midlothian , Virginia , and has offices in Grapevine , Texas and London , England . http://www.southpeakgames.com This press release contains statements relating to future results that are " forward - looking statements " as defined in the Private Securities Litigation Reform Act of 1995 . These may differ materially from those projected or otherwise set forth . These risks and uncertainties include , but are not limited to : market conditions for SouthPeak 's published videogames ; market performance of SouthPeak 's videogames and the related impact on revenue and funds inflows / outflows and operational risks . These forward - looking statements are made only as of the date hereof , and we undertake no obligation to update or revise the forward - looking statements , whether as a result of new information , future events or otherwise . All trademarks and copyrights contained herein are the property of their respective holders .