SHELBYVILLE, Ky., Sept. 21, 2011 /PRNewswire/ -- FullCircle Registry, Inc. ("FullCircle") (OTC Bulletin Board: FLCR) today announced that it's wholly owned subsidiary, FullCircle Entertainment, Inc., is currently in the process of negotiating its second movie theatre acquisition.
On September 20, 2011, FullCircle Entertainment, Inc., entered into a non-binding letter of intent to acquire the Movie Palace, a 12-screen movie theatre complex located in Elizabethtown, Kentucky.
The company has retained an independent certified public accounting firm to audit the finances of the movie theatre, and has hired an independent appraiser to value the theatre, the property, and its assets. Movie Palace is in the process of converting from traditional film projection to digital projection with silver screens. The digital movie upgrade project is expected to be completed in late October of 2011.
Norman Frohreich, CEO, FullCircle, stated, "While many exciting challenges are still ahead, I remain optimistic about FullCircle's prospects for the future. We will continue to notify our shareholders as soon as possible once we have determined whether we will move forward with this acquisition."
Mr. Frohreich stated further, "In keeping with the business model we continue to look for profitable businesses in need of an exit strategy. We continue to be in discovery and negotiations to expand our company."
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SOURCE FullCircle Registry, Inc.