Video game developer/publisher SouthPeak Interactive announced today that it's agreed to a transaction under which SouthPeak's shareholders will acquire a majority of the common stock of Global Services Partners Acquisition Corp. (GSPAC). This will allow SouthPeak to access the public markets and ultimately to expand its product offerings and global reach.

"SouthPeak and GSPAC anticipate that a related institutional financing along with a business consolidation will occur in May 2008, which will value SouthPeak at $35 million and result in the anticipated issuance of 35 million shares to the SouthPeak shareholders. Upon closing of these related transactions, GSPAC will change its name to SouthPeak Interactive Corporation. The existing executive management team of SouthPeak, Terry Phillips and Melanie Mroz, will then become, respectively, Chairman and CEO of the new company," officials explained.

SouthPeak also announced that it now expects to exceed its previously announced guidance of $30 million in revenue for its fiscal year ending June 30, 2008, which would represent 140 percent growth year-over-year.

"These transactions will bring SouthPeak public at an opportune moment in the video game industry. We are delighted by investor support we have been receiving for our unique operating model that leverages an expanding universe of game developers to maximize profits and creative potential," said Terry Phillips, Chairman of SouthPeak. "The capital provided under the institutional financing commitments we have received will allow us to accelerate our strategy of expanding our product portfolio and continue to outpace the industry in terms of top and bottom-line growth. SouthPeak is very well positioned to deliver unique and profitable game concepts and drive substantial shareholder value as a result."

SouthPeak has published Two Worlds, Monster Madness, Scurge: Hive, Iridium Runners, ProStroke Golf: World Tour 2007, Brave: The Search for Spirit Dancer, Dream Pinball 3D, Imperium Romanum, among others.