Sibling Theatricals, Inc. Has Entered Into an Agreement to Acquire the Majority of Stock of Dick Foster Productions, Inc.
08 Ottobre 2007 - 1:30PM
PR Newswire (US)
NEW YORK, Oct. 8 /PRNewswire-FirstCall/ -- Sibling Entertainment
Group Holdings, Inc. (OTC:SIBE) (BULLETIN BOARD: SIBE) ["Sibling
Holdings"] announced Sibling Theatricals, Inc. ["Sibling
Theatricals"], a wholly-owned subsidiary of Sibling Entertainment
Group, Inc., has signed an agreement for acquisition of a majority
of stock of Dick Foster Productions, Inc. ["DFP"] headquartered in
Las Vegas and its wholly-owned subsidiaries. Sibling Entertainment
Group, Inc. is the company with which Sibling Holdings has
previously signed an Agreement of Acquisition and Plan of
Reorganization (see "Note to Editor" below for an explanation of
Sibling Holdings relationship to Sibling Entertainment Group, Inc.
and Sibling Theatricals). Dick Foster Productions is a world leader
in variety stage entertainment. DFP has produced over a dozen
theatrical spectaculars, performing in such entertainment meccas
as: Las Vegas, Lake Tahoe, Atlantic City and Reno. DFP shows have
also traveled across the seas to many countries including: New
Zealand, Korea, South Africa, England, France, Germany, Russia,
Romania and China. Dick Foster Productions specializes in
developing and producing new variety entertainment programming for
global distribution. DFP has pioneered numerous projects worldwide
with world famous venues including Harrah's Entertainment Inc., the
world's largest gaming company. "We are elated to add Dick Foster
Productions to Sibling Theatricals. There is great synergy between
our organizations and this acquisition is part of our long range
strategic plan to build a world-class entertainment company," said
Mitchell Maxwell, Chairman and CEO of Sibling Entertainment Group,
Inc. (and Sibling Holdings). "We are pleased that Dick Foster,
President of DFP, and David Gravatt, COO of DFP, have agreed to
stay in their positions and continue to provide outstanding
leadership and guidance to the DFP organization," he said. "We are
excited to become part of the Sibling family. Mitchell and Victoria
Maxwell have great experience on Broadway and will help bring new
product and opportunities to our company," said Dick Foster,
President of Dick Foster Productions. Note to Editor: Sibling
Holdings previously entered into an Agreement of Acquisition and
Plan of Reorganization with Sibling Entertainment Group, Inc.
(hereinafter referred to as "Sibling"). The above-referenced
agreement provides for the acquisition of Sibling's subsidiaries:
Sibling Theatricals, Inc., (STI); Sibling Pictures, Inc., (SPI);
Sibling Music Corporation (SMC); and Sibling Properties, Inc.,
(SPPI). On February 9, 2007, the shareholders of Sibling Holdings
approved the above-referenced agreement, the closing of which is
subject to the filing, and effectiveness, of a Form S-4
registration statement with the SEC. The Form S-4 was filed on
August 14, 2007 by Sibling Holdings. About Sibling Sibling, a
non-trading public company filing voluntarily with the SEC as a
1933 Securities Act company, is an entertainment development and
production company based in New York City that finances, develops
and produces plays and musicals for the live stage, independent
feature films and other entertainment projects through four
wholly-owned subsidiaries: Sibling Theatricals, Inc., (STI);
Sibling Pictures, Inc., (SPI); Sibling Music Corporation (SMC); and
Sibling Properties, Inc., (SPPI). We seek to create synergies that
will enable each subsidiary to build off one another's successes.
Additional information concerning Sibling Entertainment is
available at http://www.siblingentertainment.biz/. Investor
inquiries may be directed to or toll free 866-925-SIBE (7423).
Forward-Looking Statements We caution readers that the statements
contained in this release about our future business plans,
operations, opportunities, or prospects, including without
limitation any statements or factors regarding expected sales,
margins, or earnings, are forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements are based upon
management's current knowledge and assumptions about future events
and involve risks and uncertainties that could cause actual results
to differ materially from anticipated results. Among the factors
that could cause actual results and outcomes to differ materially
from those contained in the forward-looking statements are the
following: changes in the general U.S. or regional U.S. economy;
intense competition within our industry; our ability to acquire
suitable real estate; the significant loss of key employees; the
efficient operation of our information systems; changes in the
availability or cost of capital and working capital financing; the
regulatory environment in which we operate; the effect of various
litigation matters; the effect of new accounting requirements or
changes to generally accepted accounting principles; and the
occurrence of certain other material events. We disclaim any intent
or obligation to update our forward-looking statements. For more
details on factors that could affect expectations see our quarterly
or current reports as filed with or furnished to the Securities and
Exchange Commission. DATASOURCE: Sibling Entertainment Group
Holdings, Inc. CONTACT: Investors: 1-866-925-SIBE (7423) or Web
site: http://www.siblingentertainment.biz/
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