Signature Devices, Inc. Signs Letter of Intent to Acquire 7th Level Entertainment Group, LLC
02 Décembre 2008 - 2:31PM
Marketwired
Signature Devices, Inc. (PINKSHEETS: SDVI) today announced that the
company has signed a letter of intent for the acquisition of the
7th Level Entertainment Group, LLC. Pursuant to the terms of the
merger agreement, 7th Level Entertainment and its subsidiaries will
become a wholly owned subsidiary of Signature Devices, Inc. upon
closing of the transaction. Current sales for 7th Level
Entertainment Group and its subsidiaries that will be part of the
acquisition are in excess of $2 million and expected to be in the
$4-6 million dollar range for 2009.
"As part of our business plan and in order to build shareholder
value, we have begun to seek acquisitions for Signature Devices,
Inc.," said Kenneth Hurley, Signature Devices, Inc. Chief Executive
Officer. "The mergers and acquisitions strategy allows us to grow
the company at a much faster rate than trying to do it organically.
The acquisition of 7th Level Entertainment Group will give us
greater strength with music and audio studios, lighting and events
in addition to artist management."
The initial agreement in the form of a letter of intent provides
the framework for a subsequent definitive agreement under which
Signature Devices, Inc. would acquire 7th Level Entertainment Group
as a wholly owned subsidiary. The details of the proposed deal will
be included in the definitive agreement. The letter of intent
outlines additional due diligence, audit work and other terms that
must be fulfilled to proceed to the definitive agreement and to
subsequently effect a close of the transaction.
The plan for 7th Level includes additional acquisitions, the
addition of new members to the management team, and the development
of additional business lines within the entertainment industry
while maintaining and growing Signature Devices, Inc.'s core
business. Graffiti Entertainment will be able to leverage the music
and audio studios for game development as well as leverage the
event and artist management for published video games.
About Signature Devices, Inc. and Graffiti Entertainment,
Inc.:
Based in Redwood City, CA, Signature Devices, Inc. creates,
develops and manufactures advanced information technology,
including computer systems, software and electronics products. One
of the Company's premiere technologies includes a blend of hardware
and software for image generation technology used in video games
and simulations. Signature Devices also owns Graffiti
Entertainment, Inc., (www.GraffitiEntertainment.com), a publisher
of interactive entertainment software for advanced entertainment
consoles.
The information in this press release includes certain
"forward-looking" statements within the meaning of the Safe Harbor
provisions of Federal Securities Laws. Investors are cautioned that
such statements are based upon assumptions that in the future may
prove not to have been accurate and are subject to significant
risks and uncertainties, including the future financial performance
of the Company. Although the Company believes that the expectations
reflected in its forward-looking statements are reasonable, it can
give no assurance that such expectations or any of its
forward-looking statements will prove to be correct. Readers are
cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date of this release, and the
Company undertakes no obligation to update publicly any
forward-looking statements to reflect new information, events, or
circumstances after the date of this release except as required by
law.
Signature Devices (CE) (USOTC:SDVI)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Signature Devices (CE) (USOTC:SDVI)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024