Read Bold! LOS ANGELES, June 15, 2012 /PRNewswire/

Read Bold! LOS ANGELES, June 15, 2012 /PRNewswire/ -- IC Places Inc. (OTCQB: ICPA) -- IC Places, Inc. is pleased to announce it has signed a Letter of Intent to acquire Punch Television Networks.

Under the agreement IC Places will acquire all the assets of Punch TV Network including all Television Station Licenses, All re-broadcast agreements, rights to all television shows on its roster and all current advertising contracts. The finalized deal is expected to close the first week of July 2012.

Upon completion Joseph Collins, president of Punch TV Network, will join IC Places in the capacity of CEO and sit as joint Chairman of the Board with IC Places' current President and Chairman, Steven Samblis. Mr. Collins will focus on continued expansion of the TV network while Mr. Samblis will focus on expansion of the New Media area of the business.

Making a Bigger Noise

Merging new media with traditional television we will extend the Punch TV Network experience to every walk of life. Capitalizing on in-home and out-of-home touch points we will reach people from the moment they wake up until the time they fall asleep at night.

With this new immersive network, IC Places can take any advertiser's needs and market them across all the demographic profiles.

Using its distribution footprint, IC Places will introduce millions of people a month to the newest and latest shows on Punch TV Network.

Steven Samblis, President of IC Places, said, " It is a very exciting time for for both Punch TV Network and IC Places. Combining new media with traditional media on this level has not been done in recent history in the way we are doing it. The major difference is, both of our companies are at their very infancy and each ready to explode looking to be profitable for the first time this year. I am equally excited to have another entrepreneur as part of our team. Much like myself Joseph Collins built Punch from nothing and did things people would tell him where impossible. Joseph and I share the belief that nothing is impossible. If you can conceive it and believe it, you can achieve it."

About the new venture, Joseph Collins said, "We are excited to be joining with IC Places. We believe that the combination of IC Places and Punch TV Network not only joins old and new media, but also will create tremendous cross marketing of services and significant expansion of our current footprint thereby allowing more households to experience the exciting and creative shows developed by Punch TV. Naturally, with the expansion of our base, we see significant opportunities to continue to increase revenue, acquire new television and broadcast assets and continue to attract new talent to our network. We held our first Up-Front in May of 2012 and we are expecting advertising commitments of approximately $10 to $15 million dollars."