Play LA Inc., an international online publishing company incorporated in the British Virgin Islands, made an announcement that it has retained the services of BVI offshore firm Harney Westwood & Riegels, in order to represent company’s interests against NFC Data Inc.
In December 2013, NFC Data withdrew from the Share Purchase Agreement signed with Play LA Inc. in the previous year, and now is in default on loans owed to the BVI company and related to that agreement. By terms of the proposed transaction, Play LA would exchange shares and acquire business and assets of NFC Data Inc. in a deal that valued NFC Data Inc. at $7,500,000.
Its withdrawal was a unilateral decision made by NFC Data Inc. after entering into transaction which would value NFC Data Inc. at approximately $25,000,000.
