Aug. 12 /PRNewswire/ -- American International Industries, Inc. (OTC Bulletin Board: EDII) announced today that it has signed a letter of intent to acquire controlling interest in World Wide Net, Inc. (OTC Bulletin Board: WWNT) through the issuance of approximately 4,000,000 additional shares of WWNT to EDII.
After the acquisition of the Pacific Title/Mirage Studio ("PacTitle") operations has been completed, EDII's wholly owned subsidiary, Cinema Research Corporation ("CRC") will be merged into WWNT. This will provide access to equity markets as a separate publicly traded entity to reflect the true market value of the merged operations. EDII will hold a majority position in WWNT. The combined operations CRC and PacTitle will do business under the name "Pacific Title Research Corporation." WWNT will own the new operations, and EDII will own the majority of the shares of WWNT, and appoint its Board of Directors.
CRC has entered into a binding definitive agreement (which, to date, has not closed) to acquire 100% of the optical title, special effects and the scan and record operations of PacTitle, the largest provider of those services to major Hollywood studios. For over 80 years, PacTitle has maintained its leadership position, while CRC has over 54 years in the industry, and has enjoyed the number two ranking in the business. It is expected that consolidating the operations and support infrastructure of the companies will yield significant economies and synergies. The combination will firmly establish Pacific Title Research Corp. as the strongest player in its industry. The management team, led by Phil Feiner and David Miller, are the world's foremost experts in their field.
The merger with WWNT is expected to finalize within the next 30 days.
Mr. Jack Talan, a principal in WWNT, resigned his position as a Director of EDII, in order to avoid any conflict of interest in the proposed transaction between the companies.
Further, EDII is proud to announce the relocation of the corporate offices to 601 Cien St., Suite 235, Kemah, Galveston County, Texas. The new telephone number is 281-334-9479 and fax number is 281-334-9508.
This release may contain forward looking statements that involve risks and uncertainties, including without limitations continued acceptance of the companies products and services, increased levels of competition, new products and technology changes, the companies dependence on financing, third party suppliers and intellectual property rights and other risks detailed from time to time in the companies federal filing, annual reports, offering memorandum or prospectus.
SOURCE American International Industries, Inc.
CO: American International Industries, Inc.; World Wide Net, Inc.; Cinema Research Corporation ; Pacific Title/Mirage Studio; Pacific Title Research Corporation |
