RegalWorks Announces Binding LOI to Acquire Working Element Acquisition expected to close in March 2014
SANTA MONICA, Calif., Feb. 6, 2014 /PRNewswire/ -- RegalWorks Media, Inc. (OTCBB: RWMI) ("RegalWorks" or "the Company") today announced the execution of a binding Letter of Intent ("LOI") to acquire Working Element, a transmedia production company. RegalWorks expects the transaction to close by March 2014. Terms of the deal were not disclosed.
Led by President Darren Thomas, Working Element has assembled a strong and recognizable Intellectual Property portfolio through partnership agreements with global media companies, including MGM, Random House, and CBS. Among Working Element's incredible 44-title portfolio is Brian Jacques' fantasy novel series "Redwall," which has sold over 30 million copies worldwide, as well as digital and interactive rights to such high-profile brands as "Star Trek" and "Stargate" and others to be announced at a later date.
In 2013 Working Element wrapped development on the first two episodes of "Stargate SG-1: Unleashed." Based on MGM's long running television series "Stargate SG-1," the episodic adventure game for mobile devices reunites original cast members Richard Dean Anderson, Michael Shanks, Amanda Tapping, and Christopher Judge. Marketing campaigns for the episodes will begin following the closing of the transaction with RegalWorks.
"Working Element brings revenue generating media assets that increase shareholder value," explained Dane West, the RegalWorks Chairman & CEO. "Their product management approach to transmedia production is a strong fit with our own model, a critical consideration as we add complementary assets and skillsets we can easily integrate. Expanding into video game and interactive media production augments our current focus of delivering feature films and is central to executing our transmedia strategy. When a great opportunity like Working Element comes along, it allows us to execute more elements of our core business strategy."
"The transaction with RegalWorks will bring us additional capital and expertise to seize the many business opportunities we have identified over the past several years," states Darren Thomas, President of Working Element. "We could not be more excited about joining their team to accelerate the timing and maximize the revenue potential from each of our properties."
About RegalWorks Media, Inc.
RegalWorks is a publicly traded, independent multimedia studio led by a highly regarded team of media and business executives. The initial focus of the Company is feature film production that matches worldwide audiences with stories that resonate. RegalWorks' slate of films and projects in the pipeline include projects with some of Hollywood's leading producers and directors and internationally bankable casts. The Company also intends to complete several strategic acquisitions in the area of media production for film, TV, games, and online, as well as the Internet and mobile advertising and marketing sectors to provide additional distribution, marketing channels and trans-media formats to further leverage the content the Company produces. For more information please visit www.regalworks.com.
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SOURCE RegalWorks Media, Inc.