Press Release Source: Sycamore Entertainment Group Inc. On Friday March 4, 2011, 9:00 am EST
HOLLYWOOD, CA--(Marketwire - 03/04/11) - Sycamore Entertainment Group, Inc. (Pinksheets:SEGI - News), is pleased to announce it has entered into an agreement with NMS Capital Partners, the Private Equity division of NMS Capital Group, to invest $1 million in a private placement of convertible preferred stock through its VIG Venture Fund ("Fund"). NMS Capital Group's Investment Banking Division is acting as the exclusive Buy-Side Advisor for the Transaction.
Under the terms of the agreement, the Fund will purchase $1M of Sycamore Entertainment Group Inc. series "B" convertible preferred stock at a price of $1.00 per share. Each series "B" preferred is convertible into 5 common shares at a price of $0.20 per share and carries a dividend of 12%. VIG also has a warrant to purchase an additional 65,000 shares at $0.15, for a term of five years.
"We are excited to work with Mr. Sylvan and the Sycamore management team. The vision and strategic outline going forward presents an opportunity to capitalize on a deliberate business plan," says Trevor M. Saliba, CEO, NMS Capital.
The proceeds of the private placement will be used to complete Sycamore's distribution financing strategy as well as for general working capital.
"This investment represents an indication of confidence in our abilities as an independent distribution company to increase shareholder value on an ongoing basis. We look forward to a long-term strategic partnership," says Mr. Sylvan, CEO of Sycamore Entertainment.
LinkedIn: Sycamore Entertainment Group
Sycamore Entertainment is a publicly traded, diversified entertainment company that specializes in the acquisition, marketing and worldwide distribution of quality finished feature-length motion pictures. Sycamores' management team has more than 50 years' experience in the entertainment industry and utilizes its long standing relationships to provide market specific publicity, promotion, media buying, theatrical placement and Print and & Advertising financing for theatrical domestic release.
NMS Capital Group through its group subsidiaries and affiliates is a global, privately held, independent, diversified financial services firm providing investment advisory, investment management and investment banking advisory services to more than $2.2 billion in assets.
This press release contains forward-looking statements that are made pursuant to the safe harbour provisions of the Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. By their nature, forward-looking statements and forecasts involve risks and uncertainties related to events dependant on circumstances that will occur in the near future. These statements involve known and unknown risks and uncertainties, which may cause Sycamore Films actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, but are not limited to, our ability to obtain rights to distribute and market films, product availability; demand and market competition, and access to capital markets. For a more complete discussion of the risks to which Sycamore Films is subject to please see our filings with the SEC, including our Current Report on Form 8-K filed May 21, 2010 and our Quarterly Report on Form 10-Q for the first quarter 2010. You should independently investigate and fully understand all risks before making investment decisions.
12/03/12 - Starz Entertainment LLC. Enters The STORM