Hunt Valley,
Md. – Gamers Factory, a company
that refurbishes used video games for the pre-owned market, announced on Friday
that it has secured $3.9 million through a private placement of its shares, and
completed a stock swap that will take the company public.
Gamers Factory did
the stock swap with City Language Exchange; the combined entity will be called
Game Trading Technologies (GTT) and trade on the OTC Bulletin Board under the
ticker symbol "GMTD."
Founded in 2003, Maryland-based Gamers Factory procures,
refurbishes and redistributes used video games for partners including GameStop,
Wal-Mart, Best Buy, Toys "R" Us, GameFly, Costco and Blockbuster.
The
company posted 2009 revenues of $36.7 million and net income of $1.74 million.
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