LOS ANGELES, Nov. 18, 2005 (PRIMEZONE) -- Archer Entertainment Media Communications Incorporated (Pink Sheets:ACRM) announced today that it has issued a Letter of Intent to acquire Beverly Hills-based Superluminal Entertainment, Inc., in a tax-free exchange of shares. Pending completion of due diligence, closing date is anticipated before the end of the year.
Superluminal Entertainment, Inc., headed by Hollywood film industry veteran Michael Selsman, has advanced plans to build and operate a state-of-the-art film studio in the Southern part of the United States. Extensive intellectual property is included in the transaction valued at $5,000,000
Upon the closing of the acquisition Mr. Selsman will helm Archer as its CEO and COB.
Archer Entertainment Media Communications Incorporated has a multi-year contract to oversee the conversion of cinemas in China to digital projection format, and is also in discussions to expand its market area to include India and Southeast Asia. Archer intends to capitalize on its relationships in the burgeoning entertainment industry in China by producing and distributing digital films made through Archer/Superluminal at its studio or on locations worldwide.
About Archer Entertainment Media Communications Inc.
Archer Entertainment Media Communications Inc. is a vertically integrated entertainment and media company engaged in the acquisition, testing and installation of digital cinema equipment, including digital conversion equipment from vendors in the United States, Europe and Asia. Archer Entertainment Media conducts research and development of technology and systems conversions related to the reconstruction of movie theaters and multi-cinema complexes to digital format. Through four wholly owned subsidiaries, Archer Entertainment Media is fast becoming the world leader in eliminating piracy and violations of international intellectual property rights through the secure delivery, distribution and exhibition of digital content from domestic, Western and international providers, including film, theater, live music and sporting events.
The foregoing press release contains forward-looking statements based on the Company's beliefs as well as assumptions made by and information currently available to the Company, including statements regarding the timing of the introduction of certain products. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties which are identified and described in the Company's registration statements and periodic reports on file with the SEC, some of which are beyond the Company's control. Actual results could differ materially from these forward-looking statements as a result of a variety of factors including, among others, issues related to the travel and transportation industries, and prevailing economic conditions in general. In light of these risks and uncertainties, or should underlying assumptions prove incorrect, there can be no assurance that the forward-looking statements contained in this press release will in fact transpire or prove to be accurate.