FONU2 Inc. Announces Definitive Agreement Signed to Acquire Applebox Productions' Production Equipment
(firmenpresse) - RINCON, GA -- (Marketwired) -- 03/31/15 -- (OTC PINK: FONU) announced today that it has signed definitive agreements to acquire Applebox Productions ("Applebox"). The acquisition is structured as an asset purchase consisting of lights, cameras, grip equipment, electrics, production vehicles, etc. The purchase price of One Million Dollars ($1,000,000) is being financed by a combination of traditional equipment loans and seller financing. The seller-financing note is both corporately guaranteed and personally guaranteed by Mr. Jake Shapiro, Chairman of the Board of FONU2. Closing is expected to take place within the next six weeks.
"Through the Applebox acquisition, we will have virtually all of the physical equipment needed to make motion pictures," stated Jake Shapiro, Chairman of the Board of FONU2 Inc. "We will be moving this equipment to our property in Effingham County, Georgia, the site of our future facility. Not only will this equipment be utilized in the upcoming film to be directed by Penny Marshall, we will also be renting the equipment out to help service the Georgia Film Industry. Since we are a Georgia-based business, any film productions in Georgia that rent from us will qualify for the thirty percent tax credit on our film equipment rentals to them. We expect this to be an immediate cash flow generator for the Company, and view this acquisition as a major milestone not only for us, but our shareholders as well. This acquisition will also help to provide a serious level of film infrastructure for coastal Georgia."
is a and company actively developing a 1,560 acre film studio complex ("Studioplex") in Effingham County, Georgia. In addition to building the Studioplex, the company has also acquired the worldwide distribution rights to Nick Cassavete's film "Yellow," and is producing a major motion picture to be directed by Penny Marshall. The company's social media division has invested in a precision sales and marketing platform that integrates into the social media networks. For additional information, visit our website at . You can also follow us on our social network, , and .
FONU2 Inc.
Corporate Relations
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Datum: 31.03.2015 - 12:00 Uhr
Sprache: Deutsch
News-ID 382322
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