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Hip Interactive Corp. has completed its acquisition of videogame publisher Arush Entertainment (aka World Entertainment Broadcasting Corp.). Hip issued 871,312 shares of its common stock to cover the purchase, 55.607 of which will be held in escrow for up to one year. During that time the principal shareholder in Arush can purchase the escrowed shares for $1.50 apiece.
Also, Hip shall be obligated to pay additional purchase price consideration based on an earn-out arrangement through the period ended March 31, 2007.
Under terms, Hip gets rights to all of Arushs projects, including the Playboy: The Mansion and Fear Factor: Unleashed properties. Previously, Hip was on-board as the North American publisher of both titles.