MUMBAI: Direct Response Media has signed a letter of intent to acquire all of the shares of privately held entertainment company Pangea Pictures.
The letter of intent outlines that a final deal is contemplated to close no later than 15 February and contemplates issuance of one share of Direct Response Media for each share of Pangea. Prior to the close, Direct has agreed to undertake a one for three reverse split and anticipates issuing approximately 25 million shares (on a post-reverse split basis) for all of the shares of Pangea.
Pangea Pictures is a Visual Effects and Film Technology company based in Los Angeles, CA. The company is involved in various phases of Film Technology from software and hardware development to 2-D and 3-D Compositing. Pangea is also in pre-production on a number of different films with substantial visual effects content.
