Sibling Entertainment Announces Move Into Educational Market; Completes Restructuring Of Debentures
NEW YORK and ATLANTA, Dec. 1, 2010 (GLOBE NEWSWIRE) -- Sibling Entertainment Group Holdings, Inc. (Pink Sheets:SIBE) ("the Company") today announced that it intends to reorient its business focus to the growing and important education marketplace. It intends to acquire NEWCO4EDUCATION, LLC as a means of initiating its participation in the educational services industry.
"We believe the market for educational services and the supporting technology is large in size, and key to growth in the economy going forward. This asset acquisition will be the basis for this important change in strategy," said Mitchell Maxwell, Chairman and CEO of the Company. He continued, "While in the past we focused on the entertainment area, the downturn in the economy has prevented our ability to execute. Recognizing this, we are now ready to move forward in education for the benefit of our shareholders."
NEWCO4EDUCATION, LLC (NEWCO) is a recently formed business with plans to move rapidly into the area of education management and the supporting software, systems and procedures to implement teaching, and learning, at a high level of performance. It is based in Atlanta, Georgia, and will focus on the charter school segment of the education industry, in both primary and secondary education. Under the terms of the agreement, NEWCO will be acquired and becomes a wholly owned subsidiary of the Company.In consideration of the purchase of NEWCO and its ownership assets and intellectual property for its educational strategy, NEWCO's existing members will receive shares in a newly created Series B Common Stock. The shares issued to the NEWCO members will, in aggregate, have the right to convert into eighty five percent (85%) of the common stock in the Company at a later date. Any issuance of this common stock would be subject to Rule 144 of the Securities Act of 1934. In addition to other conditions, NEWCO shall have the right to appoint three (3) directors to the Board of Directors for SIBE, and operations will be relocated to Atlanta, Georgia.
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