TORONTO, Aug. 20, 2002 (PRIMEZONE) -- Bach-Hauser, Inc. (OTCBB:BHUS) announced today it recently entered into a letter of intent to acquire all of the assets of Plan B Productions of Utah, Inc., a privately held Utah company. Plan B is in the movie production/distribution business and owns various assets being acquired by Bach-Hauser, including a feature-length motion picture titled "Bottom Dollar" and several movie scripts.
The general terms of the deal are that Plan B shareholders will exchange all 100,000 of their no par restricted common shares for 1,200,000 convertible preferred Bach-Hauser shares, with future registration and conversion rights at two new Bach-Hauser common shares for each share of convertible preferred. The following conversion schedule will apply: The conversion strike prices shall be 600,000 new common shares at $0.25 USD; 600,000 new common shares at $0.50 USD; 600,000 new common shares at $0.75 USD; and 600,000 new common shares at $1.00 USD.
Mr. Russell J. Heaton, president and director of Plan B, will be joining Bach-Hauser's board of directors and will be in charge of overseeing Bach-Hauser's entry into the film production and distribution industry. Mr. Heaton has many years of experience in the film and television industry. He managed a TV station in Salt Lake City, and coordinated the production of several made-for-television films. He is also president of DigiSat Broadcasting Corp., a privately owned company that is setting up a Brazilian television channel in North America.
Mr. Preston stated that: "the Company looks forward to Mr. Heaton's involvement with great enthusiasm. His expertise in the industry will be a great asset."
In addition to Mr. Heaton's appointment to the board of directors, the Company welcomes Mr. Terrence Rodrigues to the Board. Mr. Rodrigues is a Chartered Accountant in Toronto, Ontario and will be assisting the Company with its attempts to take advantage of the lucrative Canadian based film production tax credits.
The Company will file for a name change which will more suitably reflect its current direction and the nature of the Company's business.
A number of statements contained in this press release are forward-looking statements, which are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve a number of risks and uncertainties, including the timely development, and market acceptance conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results that the Company may achieve could differ materially from any forward-looking statements due to such risks and uncertainties.
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