Loop Media, FogChain to merge
FogChain of Vancouver and Loop Media of Burbank, CA have signed a non-binding letter of intent to merge. The proposed transaction would result in Loop Media becoming a subsidiary of the new entity, which would operate under the Loop Media name. When the transaction closes, the current members of the board and the current management of the company will be replaced with board members and management from Loop Media. The deal remains subject to the execution of a definitive agreement and completion of due diligence, as well as regulatory and shareholder approval. Loop Media specializes in streaming media technology and operates a streaming media service. FogChain specializes in software monitoring and quality assurance.