Vertically integrated, technology focused media company Ubiquity Broadcasting announced it is finalizing negotiations to acquire the assets of privately held video and film production company Stray Angel Films.
Ubiquity’s number of studio and film projects continues to grow, and this proposed transaction is a strategic match – enhancing the company’s film and production revenue capabilities and its production and distribution capacity.
The terms of the proposed transaction state that Ubiquity will purchase all of Stray Angel’s assets for an aggregate value of $3 million, to be paid in Ubiquity’s restricted common stock. After the transaction has closed, Stray Angel will be integrated as a new division of Ubiquity. Additionally, key members of the Stray Angel management team will join Ubiquity under employment or consulting agreements. These team members include Suren M. Seron, Howard Asher, Josh Burrows, and Billy Civitella.
The proposed transaction is subject to legal and confirmatory due diligence, as well as approval by Ubiquity’s board of directors, Stray Angel’s board of directors, and a majority of shareholders, in accordance with regulatory provisions and the execution of definitive agreements.
For more information about Ubiquity, visit the company’s website at www.ubiquitycorp.com
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