PlayBOX (US) Inc. Proposes to Acquire Leading UK Music & Entertainment Distributor, Delta Leisure Group Plc. and has Appointed a
December 14 2007 - 12:55PM
Marketwired
LONDON, UNITED KINGDOM Inc. (OTCBB: PYBX) is pleased to announce
the signing of a letter of intent dated December 14, 2007 for the
proposed acquisition of 100% of the issued capital of U.K based
Delta Leisure Group Plc ("Delta") an established distributor of an
extensive catalogue of major music CD's, DVD's and video's
throughout the UK and Europe. Playbox is also pleased to announce
the appointment of Mr Harry Maloney to its Board of Directors from
December 14, 2007.
Delta Music Acquisition
Pursuant to the terms of a letter of intent, Playbox and Delta
have agreed that PlayBOX will acquire 100% of the issued capital of
Delta for a combination of cash and stock. The completion of the
transaction is subject to, inter alia, completion of satisfactory
due diligence by Playbox; the execution of a formal share purchase
agreement; the receipt of all necessary approvals; and the
completion by Playbox of a minimum of $7m of debt or equity
financing, which funds will be used to pay the cash component of
the acquisition and provide working capital to allow Playbox to
execute on its business plan.
Delta, whose registered office is in Orpington, UK, holds 75% of
the shares in Delta Music Limited. Delta Music Limited, has two
subsidiaries: Delta Home Entertainment Ltd., and Delta Music
Merchandising Ltd. Since its inception in 1993, the Delta group of
companies (the "Group") has become one of the most recognized
manufacturers and distributors of entertainment products in the UK
with client distribution outlets including Universal, Asda, Tesco,
Aldi, Sit-Up TV, TK Maxx, Toys-R-Us and Sainsbury's. In addition,
Delta Music Limited was an early mover in the growing on-line
digital download industry. With online sales having doubled over
the last year alone, PlayBOX, by acquiring the Group, is ideally
positioned to exploit the online digital music downloads industry
by adding content to its front and back end media delivery software
solution named Playbox.
Assuming completion of the acquisition, PlayBOX's strategy is to
build a global media entertainment company through a combination of
acquisitions, organic growth and consolidation. Digital media
whether delivered through PC's; TV; Mobiles or hand held computers
is the new industrial revolution of the 21st Century, and PlayBOX
stands at the forefront of this revolution. The acquisition of
Delta, with its combination of I.P. ownership of copyrights in
music and visual media, access to the traditional marketplace, and
as an early mover in the digital download music market, positions
PlayBOX very well to take advantage of the growth in the
exploitation of IP ownership coupled with its own means of
exploitation.
Robert Burden, PlayBOX CEO comments: "This first acquisition
will provide PlayBOX with a platform for growth through the
acquisition of other complementary trading and profitable companies
in the multi media entertainment industry." Mr Burden concludes
"Playbox will combine the traditional offline distribution networks
provided by Delta with the very latest online & mobile
channels"
Appointment of Director
The company's growth has been accelerated further through the
appointment today of Harry Maloney as Director of Business
Strategy.
With in excess of 30 years industry experience, Mr Maloney has
worked in a variety of executive positions across the industry. As
Chairman of a multi national music company, Apex Entertainment
Group, he made a number of acquisitions in the media entertainment
industry significantly boosting revenues and profitability of the
organisation. Mr Maloney was Commercial Director for BMG Records,
where he delivered five new business areas to the company,
delivering 40% of the Company's profits, including catalogue
exploitations of acts such as Annie Lennox, Take That and Elvis
Presley. BMG's Commercial Division grew under Mr Maloney's guidance
to a turnover approaching US $28m. Recently, he has worked as
director of BPI (the British Record Industry's Trade
Association).
About PlayBOX
PlayBOX is a UK based technology company with over three years
experience at offering online shop facilities to the music
industry. We specifically target emerging artists and
small-to-medium sized record labels who have not got the present
knowledge or resource to set-up and manage their own online
shop/distribution channel PlayBOX offers this to them pool services
like hosting, streaming, e-commerce and digital rights management
(DRM) together with the online experience and know-how to offer a
cost-effective and professional platform on which to sell and
promote their music products from. It is fundamental for these
artists or record labels to have an online presence and PlayBOX
gives this to them and more, ensuring they can focus all their
attention on making music.
FORWARD-LOOKING STATEMENTS: Statements about PYBX's and Delta's
future expectations, including the completion of the acquisition of
Delta by PYBX, future revenues and earnings, and all other
statements in this press release other than historical facts are
"forward-looking statements" within the meaning of section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934, and as the term is defined in the Private Litigation
Reform Act of 1995. PYBX's and Delta's actual results could differ
materially from expected results. Neither PYBX or Delta undertakes
any obligation to update forward-looking statements to reflect
subsequently occurring events or circumstances. Should events occur
which materially affect any comments made within this objective;
PYBX and Delta will appropriately inform the public.
Contacts: PlayBOX (US) Inc. Robert Burden Email:
robert@play-box.com
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