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SPNI: R/M deal in 2 weeks
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[QUOTE]Originally posted by JimSC: [QB] Old news about the R/M: ****** Wednesday, November 15 2006 9:35 AM, EST -------------------------------------------------------------------------------- Sports Alumni, Inc. Announces Letter of Intent to Acquire Diversified Entertainment Properties Inc. Business Wire "US Press Releases " HENDERSON, Nev. and LAS VEGAS, Nev.--(BUSINESS WIRE)-- Sports Alumni, Inc. (Pink Sheets:SPNI) announced today that it has signed a letter of intent to purchase all of the outstanding equity of Diversified Entertainment Properties Inc. a privately held Los Angeles based integrated entertainment marketing and distribution company. Recently Sports Alumni had completed a joint marketing arrangement with Diversified Entertainment (DEP) to jointly create sports related entertainment assets for distribution to the mass retail markets and members of Sports Alumni's American Football Alumni. Stephen White, President, stated, "As a result of the strategic relationship we created with DEP our board felt that a business combination would allow Sports Alumni to round out its infrastructure and management team with the acquisition of DEP and its catalogue of assets." Mr. White added, "We believe that the combined companies will provide for accelerated growth and will allow for the expansion of both company's base of operations. In addition, Sports Alumni will now have complete access to DEP's national retail distribution channels through mass merchandisers, bookstores, and digital communication channels to bring the AFA message and products to the public at large." Mr. Robert W. Bell, Chairman and President of DEP, stated that, "We often hear the term a "Win Win" situation, and I believe this is the case with this transaction. That is why we are excited to solidify our relationship with Sports Alumni." Mr. Bell added, "That the combination of our operations will allow for the greater utilization of our marketing capabilities, our distribution channels and the ability for our combined companies to accelerate its growth rate. The entree into the sports world provided by the activities of Sports Alumni and its extensive relationships, will allow DEP to directly target the very large sports oriented consumer market." The binding letter of intent calls for the completion of definitive documentation and completion of a due diligence process that is already underway and is scheduled to be completed prior to December 10, 2006. The final terms of the transaction were not disclosed. The parties have agreed to structure the transaction to qualify as a tax free share exchange. Extensive review of the transaction has already been completed and the final closing is subject to approval of the final definitive agreements by both Boards of Directors. Additionally, all other required approvals must be obtained as needed and the transaction is subject the approval of a majority of the shareholders from both companies. There is no guarantee that the parties will reach a final agreement or that the transaction will close on the terms set forth as agreed in the letter of intent. About Diversified Entertainment Properties Inc. Diversified Entertainment Properties Inc. is an entertainment based integrated marketing company, focused on targeting, creating, packaging, producing and distributing media properties. Employing integrated marketing programs and cross-promotion tactics, DEP uses its marketing expertise to build brand recognition: marketing is the core strength that ties all of Diversified Entertainment's operations together. DEP leverages the diverse talents of its seasoned managers from the worlds of marketing, licensing, audiobooks, music publishing, animation and family entertainment, and from the business and financial community. The DEP management team's high-level industry relationships and established distribution channels provides ready access to the wide markets for the company's products and entertainment properties. About Sports Alumni, Inc. Sports Alumni, Inc., dba American Football Alumni ("AFA"), is a member-based corporation whose membership is composed of former high school varsity, collegiate and professional football players and coaches. American Football Alumni is a formulation of a fraternal group of individuals, sharing a common bond, whose foundation is based upon an intangible passion for football and all that it means to have played and lived it. AFA intends to create an Alumni voice to address current football issues. Member benefits include: Reconnecting with Friends, Coaches and Teammates, Voting in National and Regional Polls, Business Enhancement with AFAxchange Opportunities, and Participation in Celebrity Events, Golf Tourneys and other Events. Related Websites: [URL=http://www.sportsalumniinc.com,]www.sportsalumniinc.com,[/URL] [URL=http://www.americanfootballalumni.com,]www.americanfootballalumni.com,[/URL] [URL=http://www.deplink.com]www.deplink.com[/URL] Forward-Looking Statements This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors. The actual results that the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release. Source: Sports Alumni, Inc. [/QB][/QUOTE]
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