ATLANTA, March 27, 2008 (PRIME NEWSWIRE) -- Premier Exhibitions, Inc. (Nasdaq:PRXI) today announced that it has acquired a leading full service entertainment merchandise company, MGR Entertainment. MGR Entertainment will serve as the in house merchandising agency responsible for developing an overall long term strategy for generating and maximizing sustainable retail revenue for Premier's current and future exhibition entities.
"The acquisition of MGR Entertainment is part of the Company's overall strategy to maximize retail elements and create a supplementary revenue stream for our exhibition properties," states Bruce Eskowitz, President and Chief Executive Officer of Premier Exhibitions Inc. "MGR is a proven leader in expanding brand awareness and we look forward to their assistance in enhancing Premier's image on a global basis."
"By having professional in-house merchandising capability, Premier expects to increase its product revenue through improved revenue per visitor and increased revenue per square foot which is expected to improve our operating margins on product sales at existing and new exhibition venues," added Bud Ingalls, Chief Financial Officer for Premier Exhibitions. For the year ended 12/31/07, MGR achieved gross revenue of approximately $9.3 million.
Established in 1996, MGR Entertainment is experienced in developing profitable, celebrity and lifestyle brands, with a track record of increasing annual revenue. MGR manages sales for more than 1100 events around the world and handles brand management for clients including; Michael Buble, Monterey Jazz Festival, Los Lonely Boys, The Black Crowes, Ozomatli and The Red Letters Project. MGR will also work alongside Premier to further enhance its current and future roster of clients through the Company's strong background in the entertainment industry. The Company's core merchandising competence includes: Live Event Merchandise Sales, Direct to Customer Merchandise Sales, Retail Merchandise Distribution, Third Party Licensing, Product Design and Development, Premiums and Promotional Products, on sight VIP Experiences, Visual Display Merchandising, and on site Data Collections.
"We are thrilled to enter this partnership with Premier Exhibitions, Inc. and develop a comprehensive range of services designed to achieve more significant and immediate retail sales results," states Dean Gelfand of MGR Entertainment. "We are currently a premier retail consulting firm in the US and we have established a reputation for building comprehensive brands through innovative solutions. We look forward to joining Premier Exhibitions and satisfying all merchandising needs, while providing our current and future clients with additional support and services to maximize their brand worldwide."
About Premier Exhibitions, Inc:
Premier Exhibitions, Inc. (Nasdaq:PRXI) is a major provider of museum quality exhibitions throughout the world. Premier is a recognized leader in developing and displaying unique exhibitions for education and entertainment including Titanic: The Artifact Exhibition, BODIES...The Exhibition, Bodies Revealed, Dialogue in the Dark and Sports Immortals the Traveling Exhibition. The Company's exhibitions present unique opportunities to experience compelling stories using authentic objects and artifacts in diverse environments. Exhibitions are presented in museums, exhibition centers and other entertainment venues. The Company's wholly owned subsidiary RMS Titanic, Inc. is the only entity permitted by law to recover objects from the wreck of the Titanic. The Company was granted Salvor-in-possession rights to the wreck of Titanic by a United States federal court in 1994. Premier Exhibitions, Inc. is headquartered in Atlanta, Georgia.
Forward-Looking Statements
Certain of the statements contained in this press release contain forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Premier Exhibitions have based these forward-looking statements on its current expectations and projections about future events, based on the information currently available to it. The forward-looking statements contained in this press release may also include statements relating to Premier Exhibitions' anticipated financial performance, business prospects, new developments, strategies and similar matters. Certain of the factors described in Premier Exhibitions' filings with the Securities and Exchange Commission, including the section of its Annual Report on Form 10-K for the year ended February 28, 2007 entitled "Risk Factors," may affect Premier Exhibitions' future results and cause those results to differ materially from those expressed in the forward-looking statements. Premier Exhibitions disclaims any obligation to update any of its forward-looking statements, except as may be required by law.