SearchCore, Inc. (OTCPK:SRER) acquired The Sports Asylum, Inc from Sabas Carrillo and James Pakulis for $0.5 million on December 31, 2012. Sabas Carrillo sold 25% of stake and James Pakulis sold 75% of stake in the transaction. As part of consideration SearchCore, Inc. cancelled the previous secured promissory note of approximately $0.29 million dated August 22, 2012 and issued new promissory notes of approximately $0.16 million to James Pakulis and approximately $0.05 million to Sabas Carrillo. The transaction is subject to approval of Board of Directors of SearchCore, Inc. and The Sports Asylum, Inc. Brian A. Lebrecht of Lebrecht Group APLC acted as the legal advisor for SearchCore, Inc. Kristen McNally of Financial Profiles, Inc. acted as public relations advisor for SearchCore.

SearchCore, Inc. (OTCPK:SRER) completed the acquisition of The Sports Asylum, Inc from Sabas Carrillo and James Pakulis on December 31, 2012.