eAngels Buying Into E-Trend Networks27 Dec, 2001 By: Hive News
eAngels International has agreed to acquire 2 million shares of common stock in entertainment etailer E-Trend Networks from The Game Holdings, Ltd., which agreed Dec. 26 to acquire the stock from Canadian rentailer VHQ Entertainment, the companies announced today.
VHQ, which Movie Gallery is courting for acquisition, is the former parent company of E-Trend Networks, which owns and operates EntertainMe.com in the U.S. and EntertainMe.ca in Canada and Langara Distribution Inc., a worldwide distributor of movies and music to both traditional retail and online vendors.
Upon consummation of the investment, eAngels International will hold the stock in its new eAngels Small Cap Equity Fund I and will hold approximately 38.4 percent of the outstanding stock in E-Trend Networks, Inc.
E-Trend online destinations boast more than 160,000 DVDs. VHQ operates 48 stores in Canada.