X Rail Entertainment, Inc. cancelled the acquisition of Las Vegas Railway Express, Inc..
August 01, 2017
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X Rail Entertainment, Inc. (OTCPK:XREE) made an offer to acquire Las Vegas Railway Express, Inc. (OTCPK:XTRN) for $21.4 million on May 23, 2017. Shareholders of Las Vegas Railway Express will receive 5.7 million shares of X Rail Entertainment in exchange for 100% of its capital stock. Shareholders of Las Vegas Railway hold approximately 1.7 billion shares which would mean each shareholder of XTRN would receive one share of XREE common stock for approximately every 300 shares of XTRN stock they hold. The exchange of shares will be managed by Las Vegas Railway Express, Inc. The cash amount is capped at $100,000 or less to pay for legal and accounting fees associated with this transaction and to see some legal actions concluded. The closing will occur when XREE receives a total of 60% of the outstanding XTRN shares on exchange. All shares exchanged for XREE shares shall bear a 144 restrictive legend and all XTRN shareholders will be able to exchange their shares within 30 days of closing date which is May 31, 2017. In the event they opt not to exchange their shares the shareholders will remain as shareholders of XTRN with current amount of shares. XTRN will continue to trade as a public company but will be a subsidiary of X Rail Entertainment, Inc. As on May 31, 2017, the Board of Directors of Las Vegas Railway Express has voted to accept the tender offer. Maria Bailey of Success City Online acted as the public relations advisor in this transaction.
X Rail Entertainment, Inc. (OTCPK:XREE) cancelled the acquisition of Las Vegas Railway Express, Inc. (OTCPK:XTRN) on August 2, 2017. X Rail Entertainment, Inc. were unable to reach the target of 60% of Las Vegas Railway Express, Inc.'s shareholders.
United Rail Inc, formerly Las Vegas Railway Express, Inc., focuses on providing conventional passenger rail from Los Angeles to Las Vegas. The Company focuses on providing X-Train service, which traverse the route in approximately five and half hours. The proposed route of the X-Train is approximately 340 miles, starting at Los Angeles (LA) Union Station, California till the destination at Las Vegas, Nevada. The Company focuses on offering its train service as a tour package similar to how cruise lines work, with a package of train ticket, hotel, transfers and complimentary first cocktail onboard. The Company let customers book their tour package with hotels in Las Vegas, including MGM Resorts, The Wynn Resort, Caesars Resort, The Plaza Hotel and Mandalay Resorts, through the X Train Website, www.vegasxtrain.com, or through www.xtrainvacations.com7.