Business Services Industry
Kings Road Entertainment, Inc. Announces Terms of Transaction With Immediate Entertainment Group, Inc
Business Wire, June 7, 1999
LOS ANGELES--(BUSINESS WIRE)--June 7, 1999--
Kings Road Entertainment, Inc. (NASDAQ Small Cap Market: "KREN" and Frankfurt: "KIO") announced today that it has finalised the terms of the transaction whereby it will acquire a significant percentage of the operating assets and subsidiary companies of Immediate Entertainment Group, Inc. (NASD Bulletin Board: "IEGP"), as previously announced.
Subject to fairness opinions, total consideration for the transaction will be 9 million shares of KREN common stock which, at the closing bid price on Wednesday, June 2nd of $ 3.06 US, equates to a value of approximately $ 28 million.
This transaction is a further step towards the implementation of KREN's strategy for the expansion of its music business and the continued development of a recorded entertainment division that will focus on music and video production, publishing and distribution.
According to Phillip Cook, Chairman of Kings Road Entertainment, Inc.,: "We are pleased to have concluded this phase of the transaction with Immediate Entertainment Group, Inc. and are confident that the transaction will be beneficial to the shareholders of both companies".
Except for historical information, this press release may include forward looking statements that involve risks and uncertainties, including, but not limited to, quarterly fluctuations in results, the management of growth, competition and other risks detailed in the Company's Securities and Exchange Commission filings. Actual results may differ materially from such information set forth herein.
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