Vertically integrated,
technology focused media company Ubiquity Broadcasting announced it is
finalizing negotiations to acquire the assets of privately held video and film
production company Stray Angel Films.
Ubiquity’s number of studio
and film projects continues to grow, and this proposed transaction is a
strategic match – enhancing the company’s film and production revenue
capabilities and its production and distribution capacity.
The terms of the proposed
transaction state that Ubiquity will purchase all of Stray Angel’s assets for
an aggregate value of $3 million, to be paid in Ubiquity’s restricted common
stock. After the transaction has closed, Stray Angel will be integrated as a
new division of Ubiquity. Additionally, key members of the Stray Angel
management team will join Ubiquity under employment or consulting agreements.
These team members include Suren M. Seron, Howard Asher, Josh Burrows, and
Billy Civitella.
The proposed transaction is
subject to legal and confirmatory due diligence, as well as approval by
Ubiquity’s board of directors, Stray Angel’s board of directors, and a majority
of shareholders, in accordance with regulatory provisions and the execution of
definitive agreements.
For more information about
Ubiquity, visit the company’s website at www.ubiquitycorp.com
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