ICPA released this 8K Friday afternoon at 3:18pm which brought with it volume of 2.5mil shares out of the 4.3mil on the day!!!
"On May 22, 2012 IC Places, Inc. (“the Company” or “Buyer”) entered into a letter of intent with Punch Television Network (“Punch”, “Seller”). Buyer would acquire substantially all of the assets, tangible and intangible, owned by Seller that are used in, or necessary for the conduct of, its Television Network business, including, without limitation: (i) the Station Licenses, subject to any obligations contained in disclosed license agreements and all related intellectual property; (ii) the fixed assets of Seller; (iii) any and all customer lists; and (iv) the goodwill associated therewith, all free and clear of any security interests, mortgages or other encumbrances. The aggregate consideration for the assets and business to be purchased would be a set amount of IC Places Common Stock, to be determined based on valuations of the assets acquired."
This seems to be what investors were waiting on through this consolidation period. If you look into Punch Television Network one can easily see the reason for the excitement this LOI brought.
Recent Punch TV PR May 30 2012
Links to ICPA news and financials -