Knightscove Media Corp. Completes Acquisition of Ellis Entertainment Corporation
TORONTO, ONTARIO–(Marketwire – Jan. 13, 2011) - KNIGHTSCOVE MEDIA CORP. (TSX VENTURE:KC.A)(TSX VENTURE:KC.B) (“Knightscove”, “The Company” www.knightscove.com), a leading Canadian distributor of family friendly entertainment, is pleased to announce the closing of its deal to bring distinguished TV distributor and producer, Ellis Entertainment Corporation (“Ellis Entertainment”), into the Knightscove family (the “Ellis Acquisition”).
Knightscove previously announced on January 6, 2010 that it intended to acquire the assets of Ellis Entertainment (the “Ellis Assets”) for $2,820,000.00 payable in both cash and through the issuance of both subordinate and multiple voting shares in the capital of Knightscove. Together with all additional costs, the total purchase price to have been paid for the Ellis Assets by Knightscove under the original agreement would have amounted to approximately $4,600,000. Given general economic market conditions and the rapidly-changing audiovisual content marketplace over the past 18 months, Knightscove instead determined that it was in the best interests of the Company and its shareholders to complete the Ellis Acquisition and obtain the Ellis Assets through the purchase of the company’s senior debt and used this position to acquire all of the assets of Ellis Entertainment. As a result, Knightscove has now effectively completed the Ellis Acquisition at a cost of approximately $600,000.00 payable in cash thus providing significant enhancement to current shareholder value as an additional asset, free and clear of encumbrances and now within an infrastructure with reduced G&A in order to maximize future profits.
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