American International Industries, Inc. (EDII) Announces That Its Wholly Owned Subsidiary, Cinema Research Has Signed a Definitive Agreement to Acquire Pacific Title/Mirage Studios Optical and Scan and Record Operations
KEMAH, Texas, July 1 /PRNewswire/ -- American International Industries, Inc. (OTC Bulletin Board: EDII - news) announced today that its wholly owned subsidiary, Modern Film Effects, Inc. (Cinema Research) has entered into a binding definitive agreement to acquire 100% of the optical title, special effects and the scan and record operations of Pacific Title/Mirage Studios, the largest provider of those services to the major Hollywood studios. For over 80 years Pacific Title 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 combined companies are projecting revenues in excess of $20 million, and profitability should be substantially increased.
Daniel Dror, Chairman and CEO commented: ''We are committed to continue with strategic mergers and acquisitions of companies which will be synergistic and complement our existing companies. This acquisition will firmly establish Pacific Title/Cinema Research as the strongest player in its industry. The combined management team led by Phil Feiner and David Miller are the world's foremost experts in their field.''
John Stump, CFO added, ''The purchase will be made for cash and debt, thus there will be no dilution of stockholders equity. The combined companies should contribute significantly to earnings and equity.''
American International Industries, Inc. is a rapidly growing holding company. The Company has holdings in Industry, Finance, Media/Communications, Real Estate, and Oil & Gas. The vision of the Company is to develop holdings in various industries through acquisition of existing companies, applying the financial resources and management expertise to foster the growth and profitability of the acquired businesses. The holding company serves as a financial and professional partner to the management of the subsidiaries. The role of the holding company is to improve each subsidiary's access to capital, achieve economies of scale by consolidating administrative functions, and utilize the financial and management expertise of corporate personnel across all units. EDII continues to work with management of the subsidiary companies to improve revenues, operations and profitability. |
