SOURCE: Stereo Vision Entertainment, Inc.
December 16, 2010 07:01 ET
Stereo Vision Acquires REZN8 Productions
HOLLYWOOD, CA--(Marketwire - December 16, 2010) - Stereo Vision Entertainment, Inc. (PINKSHEETS: SVSN), a publicly traded company focused on the 3D entertainment industry, announced today that it has entered into an agreement to acquire 100% of REZN8 Productions, Inc., the Hollywood based company (www.rezn8.com). The acquisition price for REZN8 is 20,000,000 SVSN restricted common shares.
REZN8's assets consist of computer hardware and software, media and entertainment content, ongoing contracts, industry relationships, know-how and trade secrets. In addition, REZN8 owns an interest in two spin-off companies, 18% ownership interest in Instant Effects (http://instanteffects.com) and a small minority ownership interest in EMN8 (http://emn8.com). Instant Effects has developed ground breaking real-time stereo 3D technology.
REZN8 has generated average revenues of approximately $2.3 mil a year over the last five years.
Jack Honour, Stereo Vision's Chief Executive Officer, stated, "We've made a terrific marriage of companies. For more than ten years, Stereo Vision has been a driving force in the development of the 3D entertainment industry. The REZN8 acquisition will bring the Company added resources and talent that will greatly improve production quality and lower the cost of our 3D productions. REZN8's world-class cutting edge commercial 3D applications will further broaden management's opportunities to enhance shareholder value."
Paul Sidlo, founder of REZN8 and co-founder of Instant Effects, and EMN8 said, "I am excited to enter this new phase in the emerging Stereo 3D market. I believe this technology will transform the media experience in all areas of visual communication. We are poised to drive a new era in immersive media that will dominate the way we naturally relate to the world."
REZN8 clients include: Microsoft, Sony, Intel, Compaq, Cisco, Disney, Paramount, Interscope, USA Studios, IMAX, NBC, CBS, ABC, Fox, Warner Brothers, UPN, CNN, HBO, Showtime, USA, ESPN, VH-1 and Ultra Fighting Championship.
REZN8 has won nine Emmy's, eleven BDA PROMAX awards and many other industry awards.
During this past year, REZN8's principal partners have been working on the development of an efficient production pipeline that promises to reduce production costs significantly. The new pipeline technology will be owned by the Stereo Vision.
Going forward, REZN8 will operate as a Stereo Vision wholly owned subsidiary. REZN8 founder, design genius, and driving force, Paul Sidlo, will continue as REZN8's CEO. Sidlo and his partner, Robert S. Block, have agreed to non-compete agreements in exchange for Stereo Vision options, which will be capitalized on the Stereo Vision balance sheet.
Upon the completion of the REZN8 acquisition, the Stereo Vision Board of Directors intends to move the Company from the OTC, to a listing on the AMEX, or NASDAQ Small Cap.
Since 1987, Hollywood based, REZN8 has been instrumental in creating experiences for a broad spectrum of clients, across a wide range of platforms.
REZN8 has a significant, long standing, and multifaceted business relationship with Microsoft. Over the last five years, REZN8 has become one of Microsoft's preferred outside design sources for graphical user interface (GUI) development and production. REZN8's range of work for Microsoft includes: GUI design and development for XBOX, XBOX2, XBOX LIVE, MSN 9 and 10, HOME MEDIA CENTER, Windows XP, and Silverlight.
As a recognized leader in motion graphics, and animation, as well as a pioneer in user interface design and implementation, examples of the REZN8 body of work can be seen in everything from the Super Bowl and Academy Awards, to Sony's "Digital Dream Kids" and NASCAR's "Fast Forward".
About Stereo Vision:
Located in Van Nuys, California, Stereo Vision Entertainment (http://stereovision.com) is a publicly traded company focused on the production, and delivery of high-quality, low-cost digital 3D entertainment content. Responding to the incredible growth and market acceptance of digital 3D theatrical releases and the advent of stereo 3D Television, Stereo Vision has been developing an exciting slate of commercial 3D entertainment properties for distribution to these rapidly expanding platforms.
Safe Harbor Statement: Except for historical information, this news release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended.